Everton Focusses All Quebec Exploration Activity on the Opinaca Region: Spins Off Non-Core James Bay Properties
Wed Nov 28, 10:41 AM
ca.news.finance.yahoo.com
OTTAWA, ONTARIO--(Marketwire - Nov. 28, 2007) - Everton Resources Inc. (TSX VENTURE: EVR.V)(Frankfurt: ERV.F)("Everton" or the "Company") is pleased to announce it has signed an Agreement ("Agreement") for the sale of the mineral rights on 18 of its non-Opinaca area properties in the James Bay region of Quebec to a new entity, 4421523 Canada Inc. This new vehicle will also incorporate the entire property portfolio of the Societe de developpement de la Baie James (SDBJ) and will control an impressive property portfolio in the James Bay area of Quebec. Everton Resources will be the largest shareholder in the new vehicle and will have two Board seats.
"This sale 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, Andre Audet. "Furthermore, it allows Everton shareholders to participate in the growth of the new vehicle and monetizes these assets at approximately three times Everton's acquisition and exploration costs. 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."
Pursuant to the terms of the Agreement, Everton will receive 12 million common shares of the new vehicle representing approximately 60% of the current outstanding shares, at a deemed price of $0.25 per share, for an aggregate consideration of $3 million. An IPO is planned for February 2008.
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 Goldcorp's (NYSE: GG)(TSX: G.TO) 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: ABX)(TSX: ABX.TO) 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.
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".
Contacts
Maureen Doherty
Everton Resources Inc.
Manager Corporate Communications
613-241-2332
613-241-8632 (FAX)
maureen@evertonresources.com
Todd Opalick
Everton Resources Inc.
Capital Capital Inc.
613-241-2332
613-241-8632 (FAX)
todd@evertonresources.com
Andre Audet
Everton Resources Inc.
President & CEO, Chairman
613-241-2332
613-241-8632 (FAX)
andre@evertonresources.com
www.evertonresources.com |
