Northern Quebec & Dominican Republic
Gold & Copper discovery, Dominican Republic – High grade Gold discovery, James Bay
Message: Everton and Linear to Drill 8,000 Meters at Ampliacion Pueblo Viejo, Dominican
| June 1, 2009 |
| Everton and Linear to Drill 8,000 Meters at Ampliacion Pueblo Viejo, Dominican Republic |
| OTTAWA, ONTARIO--(Marketwire - June 1, 2009) - Everton Resources Inc. (TSX VENTURE:EVR)(FRANKFURT:ERV) ("Everton" or the "Company") and its partner Linear Gold Corp. (TSX:LRR) ("Linear") are pleased to announce the planned commencement of an 8,000 meter drill program in mid-June on the Ampliacion Pueblo Viejo II ("Ampliacion PV") concession, situated adjacent to the Barrick/Goldcorp's Pueblo Viejo gold development project in the Dominican Republic. The 40 to 50 hole drill program will test 10 to 12 newly discovered high-priority targets generated from the integrated and comprehensive surveys performed by Everton and Linear over the last two years. These targets are characterized by epithermal-related extensive composite soil anomalies in gold, silver, arsenic, tellurium, and mercury of up to 400 m x 1 km in size - one of which is located less than 300 meters from the westernmost pit of the Pueblo Viejo mine project (see news release of May 4, 2009). The soil anomalies are associated with large zones of advanced argillic alteration and massive silicification along N-S and NW-SE structures parallel to those of the Pueblo Viejo deposit mineralized system. North-South-trending chargeability anomalies are also observed on Ampliacion PV in the due north extension of the Pueblo Viejo Montenegro pit structures. Investor Relations Agreement Everton has retained Octabaan Consulting ("Octabaan") as its investor relations consultant. The agreement with Octabaan, effective June 1, 2009, is for an initial 3-month term with a performance evaluation by July 15, 2009 with the intentions of entering into a one-year agreement. Octabaan will be paid a monthly fee of $9,000. The Board has granted Octabaan 300,000 stock options priced at $0.15 per share, being the closing price of Everton's shares on the TSX Venture on May 29, 2009, for a two-year term. The stock options will vest on a quarterly-basis. In accordance with the Company's stock option plan and TSX Venture Exchange Policy 4.4, these options will expire within a period of 30 days should the agreement be terminated by Everton. Cost Sharing Agreement Everton has signed a cost sharing agreement with Adventure Gold Inc. ("Adventure Gold") (TSX VENTURE:AGE) which includes the sharing of the administrative and management costs related to their day-to-day operations. The terms of the agreement were approved by the Boards of Directors of both companies and are subject to the approval of the TSX Venture Exchange (the "Exchange"). Under the agreement, Adventure Gold will have the option to pay the Company for its share of administrative and management costs in common shares in lieu of cash, at a price per share equal to the greater of $0.11 or the Discounted Market Price (as such term is defined in the Corporate Finance Manual of the Exchange) of the shares of Adventure Gold at the end of each quarter upon which such costs are to be paid (See news release of Adventure Gold dated May 22, 2009, for more details on the Agreement). Amended and Restated Sale/Acquisition Agreement with Focus Metals Inc. (news release March 26, 2009) In reference to Everton's news release of March 26, 2009 under "Spin-off", the Company was to receive 6 million common shares of Focus Metals Inc. ("Focus Metals") at a deemed price of $0.08 per share, for an aggregate consideration of $480,000. The Company and Focus Metals have signed an amended and restated sale/acquisition agreement whereby the deemed price per share is set at $0.06 per share for an aggregate consideration of $360,000 (see news release for details). Stock Options Effective May 5, 2009, the Company has granted options to purchase up to 115,000 common shares of the Company to an officer and employees. Each option entitles the holder to purchase one common share of the Company at a price of $0.10 per share for a period of five years. The options vest over an 18-month period. Effective June 1, 2009, the Company has also granted options to purchase up to 50,000 common shares of the Company to a consultant. Each option entitles the holder to purchase one common share of the Company at a price of $0.15 per share for a period of five years. The options vest over an 18-month period. This news 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. Everton is well funded and 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%) ("Goldcorp") (NYSE: GG, TSX: G). Pueblo Viejo is estimated to contain 22.4 million ounces of gold, 455 million pounds of copper and 131.3 million ounces of silver. Everton is also 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 Eleonore gold deposit, which currently hosts an estimated mineral resource of 5.3 million ounces of gold. Linear is actively exploring for gold and base metal deposits through joint ventures with Everton in the Dominican Republic and Kinross Gold Corporation in Mexico. Linear is debt free has working capital of approximately $30 million |
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