Ottawa, 18 Jan 2005. Everton Resources (TSXV: EVR) and partner, GlobeStar Mining Corporation (TSXV: GMI) are pleased to announce the granting of the Cercadillo nickel laterite concession in the Dominican Republic. This area, directly along strike of the Falconbridge Dominicana (Falcondo) nickel mine (60.9 million tonnes grading 1.18% nickel, see Falconbridge Dominicana 2003 annual report) is the largest nickel laterite occurrence in the country outside Falcondo’s mining leases (see accompanying map).
The nickel laterite concession covers an area of 42 square kilometres of which more than 60% have been mapped as peridotite. In tropical regions, peridotite can be weathered to produce an enhanced grade nickel laterite profile. The centre of the area, like Falcondo’s Loma Peguera saprolite deposit, is an upstanding massif, and is considered highly prospective for nickel laterite mineralization.
This geological setting is identical to the Dominican Republic’s Falcondo mine, and other nickel laterite deposits like Minorco’s Loma de Hierro mine in Venezuela and Camico’s Onca Puma project in Brazil. The Cercadillo Concession is linked by a sealed road to the Dominican Republic’s capital city and major port, Santo Domingo, 25 kilometres away. High voltage power lines run adjacent to the property, and Falcondo’s nickel smelter is located 60 kilometres to the northwest.
The Cercadillo nickel laterite Concession will be explored under the companies’ Strategic Alliance for metals where Everton and GlobeStar each hold 50% and GlobeStar is the operator (see release of 6 Mar. 2003). Upon completion of a review of existing data, the partners will propose an aggressive program to advance the project. The Corozal nickel laterite Concession, covering a further 18 square kilometres was applied for by the partners and is pending.
Five polymetallic concessions totalling an area of 35.7 square kilometres were also granted to Everton. The concessions Miranda, Loma Blanca, Caballero, Los Naranjos and Tocoa, held 100% by Everton, are all located within the Maimon Formation that hosts several polymetallic volcanogenic massive sulphide-type of deposit, namely the Cerro de Maimon (4.1 MT @ 2.9% Cu, 1 g/t Au, 35 g/t Ag 1.8% Zn; plus oxide of 664,000 T @ 2.5 g/t Au, 63.8 g/t Ag) and the Loma Pesada deposits (1 MT @ 2.2% Cu; source: GMI press release 13 Dec 2004). Historical exploration works in the Maimon Formation were mainly conducted by Falconbridge and consisted of an integral helicopter-borne EM survey and local follow-up ground geophysics and soil sampling. Very few targets were tested by drill holes. Four of the five polymetallic concessions granted contain airborne geophysical target that were never been tested by drilling. Three other polymetallic concessions are still pending.
The Miranda, Loma Blanca, Caballero, Los Naranjos and Tocoa polymetallic concessions will be reviewed as well prior to an exploration work proposal.
Marc L’Heureux, P. Geo., Vice President Exploration for Everton acts as the NI 43-101 Qualified Person for the Miranda, Loma Blanca, Caballero, Los Naranjos and Tocoa polymetallic Concessions.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. The Company’s Shares are listed on the TSX Venture Exchange and trade under the symbol “EVR”.
For more information, please contact
André Audet- Chairman and CEO- [email protected]
Tel: 613 241-2332 Fax: 613 241 6005