Northern Quebec & Dominican Republic
Gold & Copper discovery, Dominican Republic – High grade Gold discovery, James Bay
Message: Everton and Linear Gold Granted Renewal of Key Concession Adjacent to Mine
| May 4, 2009 |
| Everton and Linear Gold Granted Renewal of Key Concession Adjacent to World-Class Pueblo Viejo Mine, Dominican Republic |
| OTTAWA, ONTARIO--(Marketwire - May 4, 2009) - Everton Resources Inc. (TSX VENTURE:EVR)(FRANKFURT:ERV) ("Everton" or the "Company") and its partner Linear Gold Corp. (TSX:LRR) ("Linear") are pleased to announce the re-granting of a new exploration permit on the 40.4 km2 Ampliacion Pueblo Viejo II ("Ampliacion PV II") concession. The Ampliacion PV II concession is situated approximately 300 meters away from the westernmost Arroyo Hondo pit at the world-class Pueblo Viejo gold project owned by Barrick Gold Corporation (60%) and Goldcorp Inc. (40%). The US$2.7 billion project, currently in development and scheduled for late 2011 start-up, is estimated to contain 22.4 million ounces of gold in reserve, 455 million pounds of copper and 131.3 million ounces of silver. Initial permits on the Ampliacion Pueblo Viejo ("Ampliacion PV") concession had been granted under Mining Law 146 in March 2002 for a five year term. The concession owner Linear Gold Caribe had applied for a new concession under the prerogatives of the Regulation 207-98 to the Mining Law. The new concession - Ampliacion PV II - covers the same area extension as the original concession. The permit for Ampliacion PV II, which has received signature approval by the Secretary of State of Industry and Commerce of the Dominican Republic, is for an initial 3 year term and may be extended for up to 2 years on application. Field Work and Upcoming Program Following the signing of the option agreement with Linear (press release of April 12, 2007), Everton initiated an integrated and aggressive exploration program on the Ampliacion PV concession including a thorough 100-meter spaced line helicopter-borne electromagnetic and magnetic survey totalling 710 line-km, a comprehensive mapping survey including the collection of 1,760 rocks samples, a 3,000-soil sample survey, a total of 31 line-km of induced polarization ("IP") survey and 15 line-km of horizontal loop electromagnetic ("HLEM") survey, 794 meters of trenching on the La Lechoza Target and two shallow diamond drill holes in the central part of the concession. The field work carried out by Everton and Linear on Ampliacion PV allowed the delineation of several large-scale first priority drill targets, namely Silica Ridge, Colorado, Miguel de Pena, Finca Miniel and Montenegro North. Those targets are characterized by the coincidence of a strong dispersion of epithermal-related soil anomaly pathfinder elements, zones of strong gossan development and extensive zones of advanced argillic and massive silicification associated with N-S and NW-SE structures parallel to those of the mineralizing system at the Pueblo Viejo gold project. Everton and Linear are presently completing field validation work on the various Ampliacion PV anomalies in preparation for an 8,000-meter drill program that will be undertaken upon receipt of the necessary environmental approvals expected to be granted in due course. Ampliacion PV South Silica Ridge and Colorado targets are characterized by NW-SE dispersion corridors of soil anomalies in gold, silver, arsenic, tellurium and mercury of respectively 250 m x 100 m and 1 km x 400 m in size. Alteration textures and rock mineralogy suggest a strong acid leaching environment. Rock values within the corridors reach up to 400 ppb gold and 1,000 ppb silver. The Miguel de Pena Target is a multi-element epithermal pathfinder soil anomaly associated with zones of strong gossan development and IP anomalies. This area shows a good correlation between gold, silver, arsenic, tellurium and a low magnetic susceptibility as observed at the Pueblo Viejo gold project. Ampliacion PV Central Finca Miniel and Montenegro North targets are located due north of the Pueblo Viejo gold project's Montenegro pit. The Finca Miniel Target is characterized by a copper and zinc-in-soil anomaly on the edge of an IP anomaly lined up with the N-S structure at the Pueblo Viejo gold project. A shallow diamond drill hole executed by Everton and Linear and testing a surface showing associated with the N-S structure intersected 3.6% zinc / 4.75 m, including 23% zinc / 0.45 m. The Montenegro North Target consists of a mineralized showing in silicified mafic volcanics that returned 1.0 grams per tonne gold ("g/t Au") and 97.0 grams per tonne silver ("g/t Ag") over 2 meters in a channel sample. This showing straddles a N-S structure that extends onto the Pueblo Viejo gold project. Ampliacion PV North In the summer of 2007 Everton and Linear conducted a program of 8 trenches at the La Lechoza Prospect for total of 794 meters excavated (press release of September 18, 2007). The program was designed to add details to a previous program undertaken by Linear in 2004. The trenching work revealed zones of high-grade gold mineralization in strongly altered mafic volcanics. The best intercept was obtained from trench LT-11 where 6.65 g/t Au and 18.8 g/t Ag were cut over 22 meters, including 22.1 g/t Au and 48.6 g/t Ag over 4 meters. Several additional intercepts were cut in trenches LT-13 and LT-14 yielding respectively 1.13 g/t Au over 18 meters and 4.35 g/t Au over 10 meters. These grades confirm and expand the zone of mineralization discovered by Linear in previous trenching programs conducted in this area between 2003 and 2005. Qualified Person This press release was prepared under the supervision of Marc L'Heureux, P. Geo. and VP Exploration of Everton, who acts as Everton's Qualified Person as defined by National Instrument 43-101. Company Profiles Everton is well funded and actively exploring in the Dominican Republic adjacent to the US$2.7 billion world-class Pueblo Viejo gold project, currently being developed by the world's largest gold mining company, Barrick Gold Corporation (60%) (NYSE/TSX: ABX) in partnership with Goldcorp (40%) ("Goldcorp") (NYSE: GG, TSX: G). Pueblo Viejo is estimated to contain 22.4 million ounces of gold in reserve, 455 million pounds of copper and 131.3 million ounces of silver. Everton is also exploring in the Opinaca region of James Bay, Quebec where the Company has amassed one of the largest land claims adjacent to Goldcorp Inc.'s Eleonore gold deposit, which currently hosts an estimated mineral resource of 5.3 million ounces of gold. Linear is actively exploring for gold and base metal deposits through joint ventures with Everton in the Dominican Republic and Kinross Gold Corporation in Mexico. Linear is debt free has working capital of approximately $30 million. |
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