04/12/2007
Everton Granted Option from Linear Gold on the Ampliacion Concession Adjacent
to Barrick/Goldcorp's Pueblo Viejo Mine in the Dominican Republic
Everton Resources Inc. ("Everton") (TSX-V: EVR, Frankfurt: ERV) is
pleased to announce that the Company has been granted an option to acquire from
Linear Gold Corp. ("Linear") (TSX: LRR) an undivided 50% interest
in the Ampliacion & Loma Hueca Concessions plus an option to acquire an
additional undivided 15% interest in the Loma el Mate Concession.
Everton's Chairman and CEO Andre Audet comments "This agreement significantly
increases Everton's land position around Barrick/Goldcorp's world-class 18 million
ounce Pueblo Viejo gold mine and further demonstrates our strong commitment
to the Dominican Republic. I am excited about Everton's prospects and the potential
for discovering another large gold deposit in the Pueblo Viejo area". Everton
shall become the operator on all concessions and all Linear employees in the
Dominican Republic working on the concessions shall be transferred to Everton.
Ampliacion Concession
The Ampliacion Concession consists of 4045 hectares adjacent to the northern
edge of Barrick/Goldcorp's 18 million ounce Pueblo Viejo mine. In 2005, trench
work by Linear Gold encountered significant mineralization grading 11.3
g/t gold and 310 g/t silver over 18 meters.
During 1981, the government mining company, Rosario Dominicana, conducted a
shallow drill program, which intersected 12.3 g/t gold over
12 meters. For the location of the Ampliacion Concession, please
visit Everton's website. Please click
here.
A drilling program conducted in 2006 by Barrick/Goldcorp at the Pueblo Viejo
Mine has outlined new mineralized trends that define a NNW corridor. Drill intercepts
of 2.98 g/t gold over 117.7 meters (hole DPV06-04),
10.18 g/t gold over 9.87 meters (hole DPV06-12),
3.0 g/t gold over 108.4 meters (hole DPV06-03),
and 5.31 g/t gold over 23.5 meters (hole DPV06-06)
were cut in the extensions of the pits at Pueblo Viejo (Barrick presentation,
NRSA, April 2-3, 2007). Gold-in-soil anomalies from a test line located on the
Ampliacion concession north of the Pueblo Viejo mine suggests that the new mineralized
trend found by Barrick/Goldcorp may extend onto the Ampliacion concession.
The Ampliacion concession covers a portion of the entire stratigraphy of the
Los Ranchos Formation, including shallow marine/lacustrine carbonaceous sandstone
and shale that hosts the Pueblo Viejo mine. The Los Ranchos is overlain by more
recent Hatillo Limestone. A recent study by Sillitoe et al. (2006) reports that
the basal contact of the Hatillo limestone with the Los Ranchos carbonaceous
units shows clear evidence of hydrothermal activity characterized by extensive
advanced argillic and alteration. The inference is that the Hatillo limestone
may have acted as an impermeable lithocap and thus having a decisive factor
in the creation and preservation of the Pueblo Viejo deposit.
A 710-line kilometer airborne magnetic and electromagnetic survey conducted
with a 100-meter spacing was completed last week on the Ampliacion concession.
The airborne data is being processed and will be integrated in the exploration
program that is planned to begin this month.
Everton can earn an undivided 50% interest in the Ampliacion Concession by
making cash payments totaling US$700,000, work commitments of US$2,500,000 and
issuing 1,200,000 common shares over a three-year period. Everton can acquire
a 65% interest in the concession by incurring all additional expenditures on
the concession to the completion of a bankable feasibility study and by paying
Linear US$2,000,000 and issuing 1,000,000 additional common shares.
Loma Hueca Concession
The Loma Hueca Concession consists of 3450 hectares approximately 15 km east
of Everton/Linear's Loma el Mate Concession. The Loma Hueca concession is located
in the upper portion of the stratigraphic sequence of the Los Ranchos Formation.
The area includes volcanic clastic rocks and intercalated carbonaceous units
similar to the Pueblo Viejo deposit. The area has received limited mapping and
surface exploration. The occurrence of gossan and associated base metals anomalies
is known in the area. Surface sampling by Linear in 2006 returned values up
to 4.08 g/t Au and 2.3 g/t Ag.
Everton can earn an undivided 50% interest in the Loma Hueca Concession by
making cash payments totaling US$100,000, work commitments of US$600,000 and
issuing 200,000 common shares over a three-year period. Everton can acquire
a 65% interest in the concession by incurring all additional expenditures on
the concession to the completion of a bankable feasibility study and by paying
Linear US$250,000 and issuing 300,000 additional common shares.
Loma el Mate Concession
Everton has also the option to acquire an additional undivided 15% interest
in the concession which is presently subject to a 50-50 joint venture with Linear,
thereby increasing its interest to 65%, by incurring all additional expenditures
on the concession to the completion of a bankable feasibility study. Everton
is currently analyzing the data from the recently completed air-borne geophysical
survey flown over the concession before planning a work program to follow-up
on last year's discovery hole TBM-07 at the Tres Bocas
target grading 2.96 g/t Au, 104.91 g/t Ag,
2.03% Cu, and 9.41% Zn over 10.58
meters.
This press release was prepared under the supervision of Marc L'Heureux, P.Geo.,
Everton's Vice-President of Exploration, who acts as the "Qualified
Person" as described by NI 43-101.
Everton is well funded and actively exploring in the Opinaca
region of James Bay, Quebec where Everton has amassed one of
the largest land claims adjacent to the Eleonore gold discovery, and where Goldcorp
Inc. (NYSE:GG, TSX:G) is proposing to spend several hundreds of millions
of dollars developing its recent property acquisition. Everton
is also actively exploring in the Dominican Republic adjacent to where the world's
largest gold mining company, Barrick Gold (NYSE/TSX:ABX) is
partnering with Goldcorp to develop, at an estimated cost of
$2.3 billion, the Pueblo Viejo deposit, that contains 18.1 million ounces of
gold, 2.6 billion pounds of zinc, 358 million pounds of copper and 88 million
ounces of silver.
For more information, please contact:
The TSX Venture Exchange neither
approves nor disapproves of the information contained in this News Release.
The Company's Shares are listed on the TSX Venture Exchange and trade under
the symbol "EVR"
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