02/11/2003
Everton Resources Inc. Enters into Option Agreement with GlobeStar Mining Corporation in the Dominican Republic
VANCOUVER, BRITISH COLUMBIA--Everton Resources Inc. (EVR-TSXV) is pleased to announce that it has entered into an option agreement with GlobeStar Mining Corporation (GMI_TSXV) to acquire up to a 50% interest in the Bayaguana group of gold exploration properties located in the Dominican Republic.
The Bayaguana package of properties is comprised of three contiguous exploration concessions known as Managua, Rincon Abajo and Trinidad, where two deposits and two large-scale exploration targets are hosted. The Cerro Kiosko deposit contains an indicated plus inferred resource of 4.9 M tonnes of 2.0 g/t gold, 5.06 g/t silver and 1.0% copper (Patrick, 1998) and consists of a vein-type mineralization controlled by normal faulting and alteration. Mineralization of the Dona Amanda deposit defines an inferred resource of 45 M tonnes at 0.45% copper and 0.22 g/t gold (Chenard, 2000) related to a secondary enrichment blanket. The exploration target Dona Loretta returned a drill hole intersection of 23.4 metres at 2.09% copper and 0.3 g/t gold from hole CC-01. Soil sampling survey carried out in this area suggests possible extension of mineralization. Finally, the Trinidad target area is characterized by a large (2.5 km x 1.2 km) hydrothermal alteration system comparable in size to the Pueblo Viejo world class deposit system. Values up to 24.11 g/t and 10.0 g/t gold were obtained from selected rock samples on the outcrop of Trinidad.
The properties of the Bayaguana package occupy a strike length of 18 kilometres in the Los Ranchos geological Formation which hosts the Pueblo Viejo mine, the largest high sulfidation gold deposit in the Caribbean Basin, currently under evaluation by Placer Dome. The Pueblo Viejo mine has over 5 million ounces in past production and close to 35 million ounces in remaining resources (Ruiz, 1997). The Bayaguana district is the second largest and most important sulfidation hydrothermal system discovered in the Los Ranchos Formation to date (Nelson, 2000).
GlobeStar has been conducting exploration programs in the Dominican Republic since 1997, after the company took over Falconbridge's precious and base metals properties and the Dominican-based exploration team for Latin America. Julio Espalliat, exploration manager for GlobeStar and Marc L'Heureux, "Qualified Person" and exploration manager for Everton, both former employees of Falconbridge, will be responsible for designing and implementing exploration programs for the Bayaguana project.
Under the terms of the agreement Everton can earn 50% interest in the Bayaguana group by incurring cumulative exploration expenditures of U.S.$1,500,000 within two years, of which a minimum of U.S.$500,000 in the first year; paying U.S.$50,000 and issuing 750,000 shares of Everton to Globestar (250,000 shares at signing, 250,000 shares on the first anniversary and 250,000 shares on the second anniversary).
GMI will be the operator of the project and will propose work programs and budgets for approval by the management committee. The agreement is subject to regulatory approval and the shares issued shall be subject to the mandatory hold period.
"We are very pleased to be associated with Globestar as Everton will benefit from Globestar's wealth of experience and knowledge in the Dominican Republic," says Dwane Brosseau of Everton.
ON BEHALF OF EVERTON RESOURCES INC.:
Dwane Brosseau, President
The Company's Shares are listed on the TSX Venture Exchange and trade under the symbol "EVR".
Contact:
Everton Resources Inc.
Investor Relations
Phone: (604) 838-0423
The TSX Venture Exchange neither approves nor disapproves of the information contained in this News Release.
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