Everton Resources Inc., and Canadian Star Minerals Execute a Sales/Purchase Agreement With Strike Minerals Inc. for Everton's Go
May 17 2011 - 7:30AM
Marketwired Canada
Everton Resources Inc. ("Everton") (TSX VENTURE:EVR)(FRANKFURT:ERV), announced
today a contract finalized jointly with Canadian Star Minerals Ltd. ("Canadian
Star"), a private company, to sell their 100% interest in a package of gold
exploration properties located at Hays Lake, near Schreiber, Ontario, to Strike
Minerals Inc., (Strike) (TSX VENTURE:STK).
Everton's Hays Lake, Ontario, properties, a.k.a. the "Hemlo West Properties" are
some 70 kilometres west along the Trans Canada Highway from the multi-million
ounce Hemlo gold deposit in the Schreiber Hemlo greenstone belt.
Under the terms of the agreement, Everton receives $100,000 cash; 5,700,000
Strike common shares; a 0.5% NSR on the property that can be purchased for
$500,000 by Strike at any time, and; Everton's right to nominate one position on
Strike's Board of Directors. Strike acquires 100% interest in those properties
that are directly owned and optioned by Everton.
"The finalization and execution of this contract concludes another of our
planned divestitures that creates additional, long-term shareholder value by
permitting EVR's management to focus on its gold and base metal discovery
operations in the Dominican Republic," said Andre Audet, Chairman and CEO of
Everton Resources.
"We're extremely satisfied with this sale because it fits with both Everton's
and Strike's business objectives and it provides a win-win for both companies,"
Mr. Audet said.
The properties include some 35 sq.km of mining claims near Schreiber, Ontario
and three past-producing gold mines.
About Everton
Everton is partnered with Brigus Gold on actively exploring in the Dominican
Republic adjacent to the US$3 billion Pueblo Viejo project, currently being
developed by the world's largest gold mining company, Barrick Gold Corporation
(60%) (NYSE:ABX)(TSX:ABX) in partnership with Goldcorp (40%) ("Goldcorp")
(NYSE:GG)(TSX:G). Planned divestiture of its 100%-owned subsidiary Hays Lake
Gold containing the Shoal Lake Gold Project in Kenora, Ontario is expected to
provide internal funding to advance the Ampliacion Pueblo Viejo project. 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.
Strike
Strike Minerals is a TSX-V listed company that is engaged in the exploration and
development of precious metal properties in Canada. Its primary property is the
former producing Edwards Gold Mine property in the Goudreau - Lochalsh Gold Camp
near Wawa Ont. Historic production in the camp between 1930 and 2001 is
estimated at 500,000 ounces. Between 1996 and 2001 underground development was
completed through a decline to a depth of approximately 290 m resulting in
144,000 oz being mined from the Edwards property. More recent exploration of the
property has delineated an additional number of mineralized zones that require
follow-up.
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.
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