Everton Acquires New Polymetallic Concession in the Dominican Republic - Everton Announces New Director
Resources Inc. (TSX-V: EVR, Frankfurt: ERV) ("Everton" or the
pleased to announce that it has signed an agreement to acquire a 100% interest
in the Fresso concession located in the north-western
Assessment work conducted by Everton during the due diligence period prior to the acquisition of the option on the property, included additional rock sampling and 6 kilometres of induced polarization (“IP”) geophysical survey. The survey indicates the presence of numerous significant IP anomalies which correlate with the geochemical results. These anomalies will be high-priority targets for the drill program planned to commence in mid-August. The drill program will consist of 5 to 10 diamond drill holes of depths ranging between 75m and 150m. Following the completion of the drill campaign, Everton will conduct a thorough surface evaluation of the property including geological mapping and geochemical sampling.
The Fresso concession (6,650 hectares) has an extensive zone of disseminated sulphides mineralization occurring within the siliceous bedded chert. The area is underlain mostly by mafic metavolcanics and cherts of the Duarte Formation (Lower Cretaceous), in contact with intrusive tonalites.
The option agreement involves a payment of US$35,000 to the concession owner ( Asesores Internacionales Especializados, S.A.) for a one-year evaluation period. At Everton’s request, this evaluation period can be extended for two additional six-month periods for a payment of US$17,500 per period. Upon conclusion of the evaluation period, Everton can acquire a 100% interest in the property for a final cash payment of US$140,000. The concession owner is entitled to a 0.50% Net Smelter Return (“NSR”). Everton will have the option to acquire 50% of this NSR at any time, for US$250,000.
This press release was prepared under the supervision of Marc L’Heureux, P. Geo. and VP Exploration of Everton, who acts as Everton’s Qualified Person as defined by National Instrument 43-101.
New Board Member
Everton is pleased to announce the nomination of Michael H. Farrant to the Board of Directors. “We are pleased to welcome Mr. Farrant as an independent Director to Everton. His knowledge and experience will be of considerable value to the Company as it advances toward its goal of becoming a premier gold and base metals exploration company” said Andre Audet, Chairman and CEO.
Mr. Farrant is a chartered accountant with over 11 years of financial management experience in the mining sector, primarily in gold. He currently serves as CFO of Explorator Resources Inc. and New Sage Energy Corp. after having served as CFO of Castle Gold Corporation and Aurogin Resources Ltd. He joined Kinross Gold Corporation in 2003 as Group Controller before assuming the responsibility for treasury operations where he was appointed to Vice President and Treasurer. Mr. Farrant entered the mining industry in 1996 with Barrick Gold Corporation and held the position of Corporate Controller from 1997 to 2002. He has also consulted to Centerra Gold Inc. Mr. Farrant holds a Bachelor of Commerce with Honours, from Queen's University, Kingston, Ontario, and earned his C.A. designation in 1995 while with Coopers & Lybrand.
Mr. Farrant fills the vacant Board seat created by the departure of Alain Krushnisky. “We would also like to take the opportunity to thank Alain Krushnisky for his significant contribution to the Board over the years.” stated Andre Audet.
Everton also announces that the Company has granted a total of 200,000 stock options to employees and directors. Each stock option entitles the holder to subscribe for one common share of the Company at a price of $0.40 per share for a five year period.
Everton is well funded and actively exploring in the Opinaca region of James Bay, Quebec where the Company has amassed one of the largest land claims adjacent to Goldcorp Inc.’s (“Goldcorp”) (NYSE: GG, TSX: G) Eleonore gold deposit which currently hosts an estimated mineral resource of 3.68 million ounces of gold (December 31, 2007 at $650/oz. Au). Everton is also actively exploring in the Dominican Republic adjacent to the US$2.7 billion Pueblo Viejo project, currently being developed by the world’s largest gold mining company, Barrick Gold Corporation (60%) (NYSE/TSX: ABX) in partnership with Goldcorp (40%). Pueblo Viejo is estimated to contain 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.