Everton Finalizes the Linear Gold Caribe Share Purchase Agreement for Dominican Republic Concessions
March 03 2014 - 8:30AM
Marketwired
Everton Finalizes the Linear Gold Caribe Share Purchase Agreement
for Dominican Republic Concessions
OTTAWA, ONTARIO--(Marketwired - Mar 3, 2014) - Everton Resources
Inc. ("Everton" or the "Company") (TSX-VENTURE:EVR)(FRANKFURT:ERV)
is pleased to announce that it has finalized the definitive
agreement with Brigus Gold Corp. ("Brigus") pursuant to which
Brigus granted Everton the right to acquire 100% of the outstanding
shares of Linear Gold Caribe, a wholly-owned subsidiary of Brigus.
Linear Gold Caribe holds the Brigus' interest in the Ampliacion
Pueblo Viejo, Ponton and La Cueva Concessions located in the
Dominican Republic.
Under the finalized agreement, Everton will pay $175,000, of
which $25,000 has already been received by Brigus, in cash and has
issued 6,000,000 common shares (on a pre-consolidation basis).
There is also a sliding-scale net smelter returns royalty equal to
1.0% when the price of gold is less than US$1,000 per ounce, 1.5%
when the price of gold is between US$1,000 and US$1,400 per ounce,
and 2.0% when the price of gold is above US$1,400 per ounce.
Everton has also issued Brigus a promissory note for an amount
equal to the greater of CAD$5 million or the value of 5,000,000
common shares of Everton. Pursuant to an amending agreement
executed by the parties, the promissory note will be payable in
cash only upon the completion of either (i) a National Instrument
43-101 compliant measured and indicated resource estimate on the
Concessions of a minimum one million ounces of gold equivalent
("AuEq") (at an average grade of 2.5 g/t AuEq or higher for APV and
1.5 g/t AuEq or higher for Ponton and La Cueva) or (ii) the sum of
actual gold production from the Concessions plus a National
Instrument 43-101 compliant measured and indicated resource
estimate on the Concessions (at an average grade of 2.5 g/t AuEq or
higher for APV and 1.5 g/t AuEq or higher for Ponton and La Cueva)
equaling 1 million ounces of AuEq.
Linear Gold Caribe assets consist of US$ 1.4 million in mineral
rights costs capitalized to the Ampliacion Pueblo Viejo, Ponton and
La Cueva Concessions. As at November 30, 2013 Linear had a
contributed surplus of US$ 4.1 million and a deficit of US$ 2.7
million.
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 Company (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 (formerly Aurizon Mines Ltd.)
which 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.
For further information on Everton Resources Inc., please visit
www.evertonresources.com.
Everton Resources Inc.
Andre Audet, Chairman and CEO
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.
Everton Resources Inc.Andre AudetChairman and
CEO613-241-2332613-424-5682andre@evertonresources.comwww.evertonresources.com
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