Everton Options to Viking Gold Four Concessions in Dominican Republic

Date : 11/06/2012 @ 8:30AM
Source : Marketwired

Everton Options to Viking Gold Four Concessions in Dominican Republic

Everton Resources Inc. (XE:765957)
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Everton Resources Inc. ("Everton")(TSX VENTURE:EVR)(OTCQX:EVRRF)(FRANKFURT:EVR) is pleased to announce that it has entered into an option letter agreement (the "Agreement") with Viking Gold Exploration Inc. ("Viking Gold")(TSX-V: VGC), a junior exploration company with properties in Ontario, Quebec and the Northwest Territories, whereby Viking Gold can acquire up to a 60% undivided interest in certain mining concessions (the "Jobo Claro Concessions" and the "Maimon Concessions", each a "Concession Group") located in the Dominican Republic.

Andre Audet, Chairman and CEO of Everton said, "these earn-in agreements will help Everton advance these under explored concessions. With $3 Million in exploration commitments over 3 years, Everton can greatly benefit from potential new discoveries."

The Jobo Claro Concessions comprise a 53 sq. km area situated adjacent to the recently opened Pueblo Viejo mine in the Dominican Republic. Pueblo Viejo is owned 60% by Barrick Gold Corporation and 40% by Goldcorp Inc., and Barrick, the mine operator, reports that as at December 31, 2011, the underlying property had proven and probable gold reserves of 25.3 million ounces (100% basis).

The Maimon Concessions (three polymetallic concessions) comprise a 24 sq. km area situated near the Cerro de Maimon volcanongenic massive sulphide deposit, which was discovered by Globestar Mining and subsequently acquired by Perilya (Australia) in its $184-million acquisition of Globestar in late 2011.

The two Concession Groups are currently owned 100% by Everton.

Viking Gold's payment commitment to Everton under the Agreement are as follows:

--  Pay $50,000 cash and issue 3,000,000 common shares on closing; 
--  Pay $50,000 cash and issue 2,000,000 common shares on or before the
    first anniversary; and 
--  Pay $50,000 cash and issue 2,000,000 common shares on or before the
    second anniversary. 

In addition, Viking Gold's exploration expenditure commitments under the Agreement are as follows:

--  Incur exploration expenditures of $500,000 prior to the first
--  Incur additional exploration expenditures of $1,000,000 prior to the
    second anniversary; and 
--  Incur additional exploration expenditures of $1,500,000 prior to the
    third anniversary. 

The Agreement allocates the payment and expenditure commitments above as being 90% for the Jobo Claro Concessions and 10% for the Maimon Concessions. Viking Gold may earn a 50% undivided interest in a Concession Group upon satisfying the related allocated commitments. Viking Gold may earn an additional 10% interest in a Concession Group by completing a feasibility study within five years of giving notice to Everton of completing the related 50% earn-in.

The Parties will execute a Definitive Agreement after the completion of the necessary due diligence, as outlined in the Agreement. The Agreement and the transactions contemplated therein are subject to the approval of the TSX Venture Exchange.

About Everton Resources Inc.

Everton is actively exploring in the Dominican Republic adjacent to Pueblo Viejo project, currently being mined by the world's largest gold mining company, Barrick Gold Corporation (60%) in partnership with Goldcorp Inc. (40%) ("Goldcorp") (NYSE:GG)(TSX:G). 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.

For further information on Everton Resources Inc. please visit www.evertonresources.com.

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 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts: Andre Audet, Chairman and CEOandre@evertonresources.com Tel: 613-241-2332 Fax: 613-834-7708

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