Toronto/Vancouver – 27th August 2003 - GlobeStar Mining Corporation (GMI-TSXV) and Everton Resources (EVR-TSXV) are pleased to jointly announce that they have entered into an option agreement for Everton to earn up to 70% in three gold exploration concessions covering 70.4 square kilometres in the Dominican Republic.
All the concessions are in the volcano-sedimentary Los Ranchos Formation, host to the Pueblo Viejo mine which, according to Placer Dome, contains 16 million ounces of gold in sulphide ore, in addition to the 5 million ounces of gold already mined from the overlying oxide deposit. The optioned Cuance and Los Hojanchos concessions are contiguous with Pueblo Viejo, less than 3 kilometres from the mine, and exhibit extensive argillic alteration and silicification over north-south structures associated with the Pueblo Viejo orebody. The Loma de Payabo exploration concession is situated between the Pueblo Viejo and the Bayaguana concessions, where Everton have optioned further ground from GlobeStar (see releases in April, 2003).
Everton Resources can earn 50% of GlobeStar’s interest on each concession by spending on exploration US$390,000 per property for a total of US$1,170,000 within three (3) years. Upon EVR earning a 50%, Everton Resources can elect to earn up to 70% interest on a designated project by completing a bankable feasibility study within two (2) additional years.
“These new properties position Everton Resources Inc. as a major exploration player in the Dominican Republic and strengthens our existing relationship with GlobeStar Mining”, says Dwane Brosseau, President of Everton Resources Inc.
“With active gold exploration programs at Bayaguana, Cuance, Los Hojanchos, Loma de Payabo and Poste Lemoyne, GlobeStar is highly exposed to gold, while developing the 6.5 million tonne Cerro de Maimon copper-gold project”. commented Bill Fisher, GlobeStar’s president.
In the Bayaguana concessions, where Everton Resources Inc. is funding exploration to earn a 50% interest, the first exploration phase consisting of ten trenches, detailed mapping, soil and rock sampling are now complete over coincident induced polarization geophysical and geochemical anomalies, focusing on a 2.5 km x 1.2 km gold-in-soil anomaly at Trinidad. Results received from the rock sampling program show that out of the 92 samples collected, 31 returned values over 100 ppb Au, including 7 samples over 1 g/t Au, the highest being 27.4 g/t Au. Results from the trenching program are expected from ALS Chemex laboratory of Vancouver within the next two weeks. Marc L’Heureux, P. Geo. (Quebec), a qualified person under National Instrument 43-101, supervised and directed all work associated with the exploration program.
Everton and GlobeStar are both focusing on the Dominican Republic, host to two of the largest base and precious metal mines in the Caribbean.
Bill Fisher, President
Tel: 416 868 6678
Email: [email protected]
Tel : 604 662 4955
Email : [email protected]
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