Everton and Brigus Announce Start of 20,000 Meter Deep Drilling Program at the Ampliacion Pueblo Viejo Project, Dominican Republic
OTTAWA, ONTARIO -- (Marketwire) -- 02/16/11 -- Everton Resources Inc., (TSX VENTURE: EVR) (FRANKFURT: ERV) and its partner Brigus Gold Corp. (TSX: BRD) (NYSE Amex: BRD) are pleased to announce the start of a deep drilling program at their Ampliacion Pueblo Viejo concession, contiguous to Barrick and Goldcorp's Pueblo Viejo gold deposit, in the central Dominican Republic.
The program is in two parts. The first part has scheduled approximately 10,000 meters in holes ranging from 400 to 600 meters to test geochemical anomalies in rocks and soils for gold and other pathfinder elements associated with favorable geology and hydrothermal alteration.
The second part - the deepest drilling component - will test holes ranging between 800 and 1200 meters deep totaling over 10,000 meters to test the barren lithocap theory.
Sillitoe et al. (2006) have proposed that the lithocap, the result of the advance argillic alteration of volcanics and carbonates, may be concealing epithermal high sulphidation type mineralization similar to Pueblo Viejo.
The lithocap is also associated with a large magnetic high anomaly, which will be the target of the deeper drill holes. It is believed, based on comparisons with other deposits, that the magnetic high could be caused by a shallow level porphyritic intrusion which in turn may have associated copper-gold mineralization.
'Our decision to step up to a more robust drilling schedule was based upon test results that showed us a consistency of rising value in this project,' said Andre Audet, President and CEO of Everton Resources. 'The purpose of deep drilling is to prove the extent of the Pueblo Viejo geology or, whether our resources are a mirror to that of our Barrick/Goldcorp neighbors.'
'This property and its geology confirm and support our decision to concentrate our corporate activities on our Dominican Republic operations,' Mr. Audet said.
He said the move to add a fourth drilling unit was a business decision supported by results from Phase 1 drilling.
The shallower drill holes are to be started imminently as soon as the contractor releases the necessary drill pipe from customs. The deeper holes are planned to be started in late April as a brand new drill rig and ancillary equipment is being ordered. The drill contract was awarded to the Dominican drilling company Geocivil. To conduct this project Geocivil will partner with Cubanex which in turn is associated with Heath and Sherwood International Inc., based in Kirkland Lake, Ontario. Geocivil is a long established drilling contractor and has extensive experience in mineral exploration drilling in the Dominican Republic.
This press release was reviewed by Robert Wheatley, P. Geo. and VP Exploration of Everton, who acts as Everton's Qualified Person as defined by NI 43-101.
In Other News:
Everton has granted options to purchase up to 1,740,000 common shares of the Company to Directors, Officers, Consultants, and Employees. Each option entitles the holder to purchase one common share of the Company at a price of $0.32 per share for a period of five years ending February 15, 2016.
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). 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.
References: Sillitoe, Richard H.; Hall, David. J.; Redwood, Stewart D.; and Waddell, Alistair H. (2006) 'Pueblo Viejo High-Sulfidation Epithermal Gold-Silver Deposit, Dominican Republic: A New Model Of Formation Beneath Barren Limestone Cover'. Economic Geology, v. 101, pp. 1427-1435.
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.
Contacts:
Everton Resources Inc.
Andre Audet
Chairman and CEO
613-241-2332
613-241-8632 (FAX)
andre@evertonresources.com
Everton Resources Inc.
Wendy Pemberton
Manager, Corporate Communications
613-241-2332
613-241-8632 (FAX)
wendy@evertonresources.com
www.evertonresources.com
