Everton Resources Options Seven Claims for Copper-Gold from Albert Mining Inc.'s Chapais Project and Starts Drill Program
Ottawa, December 12, 2017 - Everton Resources Inc. ("Everton" or the "Corporation") (TSX-V:EVR) has signed an option agreement with Albert Mining ("Albert") pursuant to which Everton may acquire up to a 75-per-cent undivided interest in 7 claims located in the Chapais mining district, close to the former Perry and Springer mines in Quebec. These mines produced from 1953 to 1991, respectively, 386,046,860 pounds of copper and 790,049 ounces of gold, and 654,771,400 pounds of copper and 25,677 ounces of gold (MRN). As part of the agreement, Everton will drill three holes (650 metres) and validate two underexplored copper targets. These were generated in 2010 by the Artificial Intelligence CARDS system from Megatem geophysical surveying and topographical data.
Option Agreement:
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--Everton will either pay $30,000 or grant 1,000,000 common shares to Albert in the first 30 days following the signature of the agreement;
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--In the first option to earn 50% interest: Everton, in the first year following the signature of the agreement, will spend $120,000 in exploration;
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--In the second option to earn an additional 25% interest: Everton, in the second year following the signature of this agreement, must spend $125,000 in exploration on the Properties and in the third year, spend $125,000 in exploration properties;
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--After spending a minimum of $370,000 in exploration on the Properties over three years, Everton will grant 1.5 million common shares to Albert and will have then earned 75% interest in the Property;
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--As additional consideration for the Chapais project, Everton shall grant to Albert, as of the Closing Date, a 2% (two per cent) net smelter return royalty in respect of ores and concentrates derived from commercial production from the lands comprising the Area of interest (the "NSR"). The NSR shall be calculated and paid in accordance with the provisions of Schedule A;
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--Everton shall have the right to reduce the NSR from 2% (two percent) to 1% (one percent) at any time by paying to Albert $1,000,000 in cash at any time within five (5) years of the Economic Discovery; and
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--Albert will be the operator of exploration programs on the Property.
The scientific and technical content of this release was approved by Grigor Heba, P.Geo., a qualified person as defined by the National Instrument 43-101.
About Everton Resources Inc.
Everton is an exploration company with concessions in the Dominican Republic adjacent to the Pueblo Viejo Mine, owned by the world's two largest gold mining companies, Barrick Gold Corp. (60%) in partnership with Goldcorp Inc. (40%) ("Goldcorp"). Everton also holds an interest in the Opinaca region of James Bay, Quebec where the Company has partnered with Hecla Mining Company which is advancing Everton's interest in the Opinaca B project 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.
Andre Audet
Chairman and CEO
Tel.: 613-241-2332
Fax: 613-422-0773
andre@evertonresources.com
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 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Figure 1 - Chapais project
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