Everton Options to Viking Gold Four Concessions in Dominican Republic
November 06 2012 - 08:30AM
Marketwired
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
anniversary;
-- 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