Everton Resources Signs Agreement to Acquire 75% Interest in Chapais Project
TSX VENTURE: EVR
Ottawa, Ontario / TheNewswire / 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.
- 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;
- 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;
- 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;
- 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;
- 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;
- 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
- 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 Corporation (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.