5/1/2008
Everton Receives 12 Million Shares of NQ Exploration
Everton Resources Inc. (TSX-V: EVR, Frankfurt: ERV) ("Everton" or the "Company") is pleased to announce it has received 12 million common shares of NQ Exploration Inc. at a deemed price of $0.20 per share, for an aggregate consideration of $2.4 million. In November 2007, Everton announced the spin-out of 18 of its non-Opinaca properties to NQ Exploration which also incorporated the entire property portfolio of the Société de développement de la Baie James (SDBJ) and will control an impressive property portfolio in the James Bay area of Quebec. Everton is the largest shareholder of NQ Exploration with approximately 49.9% of the current outstanding shares and has two Board seats. NQ Exploration Inc. has completed its Initial Public Offering ("IPO") and has commenced trading on the TSX-Venture Exchange under the symbol "NQE".
"This spin-off will enable Everton to focus all of its resources in the Opinaca Reservoir Area adjacent to the Goldcorp's Eleonore gold deposit," said Everton's President & CEO, André Audet. "Furthermore, the spin-off allows Everton to participate in the growth of the new vehicle and monetizes these assets at approximately two and a half times Everton's acquisition and exploration costs and allows the new company to actively work and develop this very promising portfolio of properties. The only non-Opinaca area concession that Everton will retain is the Coulon concession which is an internal concession to Virginia Gold and Breakwater Resources' joint venture property that contains six polymetallic massive sulphide lenses and is one of Quebec's most promising exploration projects."
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 Goldcorp's (NYSE: GG, TSX: G) Eleonore gold deposit where Goldcorp recently announced an initial gold resource of 2.8 million ounces. 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 $2.7 billion, the Pueblo Viejo deposit, that contains 20.4 million ounces of gold, 2.6 billion pounds of zinc, 423.6 million pounds of copper and 117.3 million ounces of silver.
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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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