EVERTON Signs a Memorandum of Understanding with Strike Minerals Inc. for the Gold Project in Schreiber, Ontario
Everton Resources Inc . (“Everton”) (TSX-V: EVR, Frankfurt: ERV) is pleased to announce that, jointly with Canadian Star Minerals Ltd. (“ Canadian Star”), a private company, it has executed a Memorandum of Understanding to sell or transfer ownership of options to give Strike Minerals Inc. (“ Strike”) (TSX.V: STK) a 100% undivided interest in a package of gold exploration properties at Hays Lake near Schreiber, Ontario (the “Hemlo West Properties” or ‘’the property’’) approximately 70 kilometres west along the Trans Canada Highway from the multi million ounce Hemlo gold deposit in the Schreiber Hemlo greenstone belt.
Subject to Regulatory Approval, necessary corporate approvals, and closing, Strike can acquire a 100% interest in the property for $100,000 in cash, 5,700,000 common shares of Strike and 0.5% NSR on the property that can be purchased for $500,000 by Strike at any time.
Canadian Star together with Everton have the right to jointly nominate one position on the Board of Strike.
The transaction is subject to due diligence, receipt of requisite approval including the approval of the TSX Venture Exchange with respect to Strike and Everton, and the execution and delivery of a definitive purchase agreement.
Everton is partnered with Brigus Gold on actively exploring in the Dominican Republic adjacent to the US$3 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%) ("Goldcorp") (NYSE: GG, TSX: G). Planned divestiture of its 100%-owned subsidiary Hays Lake Gold containing the Shoal Lake Gold Project in Kenora, Ontario is expected to provide internal funding to advance the Ampliacion Pueblo Viejo project. Everton also holds an interest in the Opinaca region of James Bay, Quebec where the Company has partnered with Aurizon Mines Ltd. who is advancing Everton’s interest by funding 100% of all exploration work on one of the largest land packages adjacent to Goldcorp's Eleonore gold deposit.
Strike Minerals is a TSX-V listed company that is engaged in the exploration and development of precious metal properties in Canada. Its primary property is the former producing Edwards Gold Mine property in the Goudreau - Lochalsh Gold Camp near Wawa Ont. Historic production in the camp between 1930 and 2001 is estimated at 500,000 ounces. Between 1996 and 2001 underground development was completed through a decline to a depth of approximately 290 m resulting in 144,000 oz being mined from the Edwards property. More recent exploration of the property has delineated an additional number of mineralized zones that require follow-up.
For more information, please contact:
Andre Audet, Chairman and CEO
Gary Economo, Manager, Corporate Communications
This news release contains certain forward-looking statements that involve risks and uncertainties, such as statements of Everton’s plans, objectives, strategies, expectations and intentions. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to Everton, or its management, are intended to identify such forward-looking statements. Many factors could cause Everton’s actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. The forward-looking statements included in this press release represent Everton’s views as of the date of the release. While Everton anticipates that subsequent events and developments may cause its views to change, it specifically disclaims any obligation to update these forward-looking statements, except in accordance with applicable securities laws. Accordingly, readers are advised not to place undue reliance on forward-looking information. All subsequent written and oral forward-looking statements attributable to Everton or persons acting on its behalf are expressly qualified in their entirety by this notice.
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