EVERETT RESOURCES LTD.
710 - 890 W. Pender St - Vancouver, BC - V6C 1J9
Tel: 604.669.2151 / Fax: 604.669.2136
Website: www.everettresources.com
TSX-V: EAR
Everett Resources Commences Second Phase 2,500 Meter Drill Program on
Menarik Polymetallic Property, Quebec
VANCOUVER, BRITISH COLUMBIA - (October 11, 2011 - TSX-V: EAR) Everett
Resources Ltd. (�Everett�) is pleased to announce the start of the
second phase
Diamond drilling program at its Menarik polymetallic
property, located in the James Bay area of the province of Quebec. A
minimum of 2,500 meters will be drilled in this program, to test
multiple targets, as the property hosts stratiform chromite horizons
and magmatic massive sulphides in Menarik ultramafic intrusion,
nickel-copper concentrations in the altered zones, gold targets and
mineralized felsic volcanic on the edges. All the core samples will be
prepared and submitted to AGAT Laboratories in Sudbury, Ontario for
analysis.
Everett can earn a 50-per-cent interest in the Menarik property held
by Pro-Or Inc. (Ressources Minieres) by issuing 4.5 million common
shares to Pro-Or Inc. over two years and incurring $5-million in
exploration and development work on the property over a period of
three years.
"We are extremely pleased to have started the drill program at
Menarik, and we're very fortunate to have Magma Drilling Inc., of
Rouyn-Noranda, for the second phase of our drilling program. We have
drilled over 300 meters so far and is going well. Everett will be very
systematic and aggressive in their approach to exploration on the
property, and with its newly identified mineralized targets from the
Company�s spring VTEM program, holds tremendous potential for
exploration success." commented Mike Waggett, President.
A panoramic view of the Menarik polymetallic property, which outlines
the main areas of mineralization as well as additional defined areas
of mineralization, can be seen on the Everett Website at the following
link: http://bit.ly/MenarikMap
Please click http://bit.ly/VtemMay2011 to view the Menarik VTEM map
and http://bit.ly/EARPhotos to view a photo gallery of the Menarik
property.
A 43-101 compliant measured and indicated resource estimate of
chromite made for joint venture partner Ressources Minieres Pro-Or
Inc. in 2006 by the consultant group Roche from Quebec City and
updated in 2009 by Yvan Bussi�res, P.Eng. reports a total exceeding
6.2 million metric tons grading on average 7.69% Cr2O3. The report can
be found on SEDAR (www.sedar.com) or Company's website
www.everettresources.com
Quality Assurance/Quality Control
The exploration program and the technical information presented in
this press release have been reviewed and approved by Garry Clark, P.
Geo. of Clark Exploration, consultants to the Company. Mr. Clark is a
qualified person as defined by National Instrument 43-101. The Menarik
exploration program is conducted under the supervision of Mr. Clark.
Everett has implemented and adheres to a strict Quality
Assurance/Quality Control program. Assay samples are taken from drill
core split in half with one half sent to the laboratory and the other
half retained for future reference. Analyses will be performed by
accredited laboratory AGAT Laboratories in Sudbury, Ontario.
About Everett Resources Ltd.
Everett is a junior resource mineral exploration company with an
interest in the Menarik Property located in Quebec, Canada. To find
out more about Everett Resources Ltd., visit Everett's website at
www.everettresources.com
The Menarik Property, Quebec
The Menarik Property is located in northwestern Quebec, approximately
45 kilometers to the south east of the town of Radisson. It comprises
a contiguous group of 67 claims, for a total area of 3,062 hectares,
fully owned by Pro-Or, free of any royalties. Pro-Or, to date, has
incurred expenditures in the order of $6,900,000 on the Property.
Based on a compilation report by consultant geologist, Yvan Bussieres,
five different types of mineralization have been indentified on the
Menarik Property. The Menarik ultramafic intrusion contains stratiform
chromitites formations, massive sulphides and nickel-copper
concentrations in altered zones. A 43-101 compliant estimate of
chromite resources made for Pro-Or in 2006 by the consultant group
Roche from Quebec City and updated in 2009 by Yvan Bussi�res, P.Eng.
reports a total of measured and indicated resources exceeding 6.2
million metric tons grading on average 7.69% Cr2O3. Gold showings and
mineralized felsic volcanics were found on the edges. The chromitite
formations are similar to those of the UG2 horizon in the Bushveld
complex of South Africa, the gold bearing mineralization associated
with ultramafic intrusions are similar to the Cadillac-Larder Lake
Archean gold deposits and the mineralized felsic volcanics are similar
to Noranda's Horne Mine.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
EVERETT RESOURCES LTD.
Per: "Michael Waggett"
Michael Waggett, President
For more information, please contact:
Tribeca Capital Partners Inc.
Jamie Hyland
(604) 669-2151 Office
(778) 938-8760 Cell
E: jamie@tribecacap.com
W: www.everettresources.com
Everett Resources Ltd.
Michael Waggett
President, CEO and Director
(604) 669-2151 Office
E: mike@everettresources.com
W: www.everettresources.com
Forward Looking Statements
This news release may contain forward-looking statements.
Forward-looking statements address future events and conditions and
therefore involve inherent risks and uncertainties. Actual results may
differ materially from those currently anticipated in such statements.
Particular risks applicable to this press release include risks
associated with planned production, including the ability of the
company to achieve its targeted production outline due to regulatory,
technical or economic factors. In addition, there are risks associated
with estimates of resources, and there is no guarantee that a resource
will have demonstrated economic viability as necessary to be
classified as a reserve. There is no guarantee that additional
exploration work will result in significant increases to resource
estimates. The reader is referred to the Company's most recent annual
and interim Management's Discussion and Analysis for a more complete
discussion of such risk factors and their potential effects, copies of
which may be accessed through www.everettresources.com or the
Company's page on SEDAR at www.sedar.com.
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