Everton and Linear in joint venture of Loma El Mate
Mr. Dwane Brosseau of Everton reports
EVERTON RESOURCES AND LINEAR GOLD ENTER INTO OPTION ON LOMA EL MATE GOLD PROPERTY, DOMINICAN REPUBLIC
Everton Resources and Linear Gold have entered into an agreement for joint venture of Linear's Loma El Mate project in the Pueblo Viejo district, Dominican Republic.
The property covering 58 square kilometres, is adjacent to the world-class Pueblo Viejo mine property which has yielded five million ounces of gold in the past and reportedly still contains at least 16 million ounces of gold in a sulphide resource. Placer Dome has launched a feasibility study to bring this latter resource in production.
The Loma El Mate property contains several different targets areas, based on stream-sediment sampling and regional airborne magnetics carried out by Minera Mount Isa Panama. Most of the concession is underlain by the mid-Cretaceous Los Ranchos formation which is host to the ore deposits of Pueblo Viejo system. Large zones hydrothermal alteration have been recognized with little follow-up work to date. Additional targets indicate zones of magnetite destruction characteristic of Pueblo Viejo-type of mineralization.
Everton has the option to acquire 50-per-cent interest in the property by incurring cumulative work expenditures of $500,000 (U.S) over a two-year period, with a minimum of $200,000 (U.S.) within the first year. Everton will issue to Linear a total of 200,000 common shares and pay option fees totalling $70,000 (U.S.) during the option period. A 50/50 joint venture will be created after Dec. 8, 2005. Linear is the manager of the project.
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