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EVR Everton Resources Inc

0.025
0.00 (0.00%)
18 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Everton Resources Inc TSXV:EVR TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.025 0.095 0.095 0 01:00:00

Everton Amends Wildcat Option Agreement with Hecla Mining Receives $700,000 Option Payment

17/03/2014 12:30pm

Marketwired Canada


Everton Resources Inc. ("Everton" or the "Company")(TSX
VENTURE:EVR)(FRANKFURT:ERV) is pleased to announce that the Company has amended
the Wildcat option agreement with Hecla Quebec Inc., a wholly owned subsidiary
of Hecla Mining Company (collectively "Hecla").


The Wildcat option agreement was amended to defer the timing and the amount of
exploration commitments required by Hecla to earn a 50% interest in the Wildcat
properties. Under the original agreement, Hecla had to incur $1,470,000 of
exploration expenditures by November 2015. Under the amendment, Hecla will have
to incur $2,780,000 of exploration expenses by November 2017. Of this revised
amount, Everton will be required to incur $1,000,000 by December 31, 2014, which
will be deemed to have been incurred by Hecla. Everton will fund this amount
from its recent $1,000,000 flow-through financing (see news release March 7,
2014).


In consideration for Everton agreeing to incur $1,000,000 of exploration related
expenditures during 2014, Hecla has made a one-time option payment to Everton of
$700,000. 


The second option to allow Hecla to increase its interest from 50% to 65% was
also amended to decrease the exploration expenditure requirement from $3,000,000
to $2,500,000.


Hecla plans to drill approximately 2,900 metres, split between two targets
previously defined by till sampling and prospecting. In both cases, rock
characteristics observed in the field show similarities with the Goldcorp's
Eleonore Mine. The Wildcat 1 and Wildcat 4 targets are located 20 km west and 40
km south-east of Eleonore respectively, along the same regional gold bearing
structure. During this upcoming summer, approximately $500,000 will be spent on
till sampling and prospecting to follow up on prospective areas targeted with
gold in till anomalies. The sampling program is designed to progress the merit
of these targets to the point they require legitimate follow-up through a
drilling program. 


About Everton Resources Inc. 

Everton is actively exploring 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 (formerly Aurizon Mines Ltd.) which is
advancing Everton's interest by funding exploration work on one of the largest
land packages adjacent to Goldcorp's Eleonore Mine. 


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 in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Everton Resources Inc.
Andre Audet
Chairman and CEO
613-241-2332
613-424-5682 (FAX)
andre@evertonresources.com
www.evertonresources.com

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