Everton Amends Wildcat Option Agreement with Hecla Mining Receives $700,000 Option Payment
March 17 2014 - 8:30AM
Marketwired
Everton Amends Wildcat Option Agreement with Hecla Mining Receives
$700,000 Option Payment
OTTAWA, ONTARIO--(Marketwired - Mar 17, 2014) - 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.
Everton Resources Inc.Andre AudetChairman and
CEO613-241-2332613-424-5682andre@evertonresources.comwww.evertonresources.com
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