EVERTON Signs a Memorandum of Understanding With Strike Minerals Inc. for the Gold Project in Schreiber, Ontario
09 December 2010 - 7:42AM
Marketwired Canada
Everton Resources Inc. ("Everton") (TSX VENTURE:EVR)(FRANKFURT:ERV) is pleased
to announce that, jointly with Canadian Star Minerals Ltd. ("Canadian Star"), a
private company, it has executed a Memorandum of Understanding to sell or
transfer ownership of options to give Strike Minerals Inc. ("Strike") (TSX.V:
STK) a 100% undivided interest in a package of gold exploration properties at
Hays Lake near Schreiber, Ontario (the "Hemlo West Properties" or "the
property") approximately 70 kilometres west along the Trans Canada Highway from
the multi million ounce Hemlo gold deposit in the Schreiber Hemlo greenstone
belt.
Subject to Regulatory Approval, necessary corporate approvals, and closing,
Strike can acquire a 100% interest in the property for $100,000 in cash,
5,700,000 common shares of Strike and 0.5% NSR on the property that can be
purchased for $500,000 by Strike at any time.
Canadian Star together with Everton have the right to jointly nominate one
position on the Board of Strike.
The transaction is subject to due diligence, receipt of requisite approval
including the approval of the TSX Venture Exchange with respect to Strike and
Everton, and the execution and delivery of a definitive purchase agreement.
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/TSX: ABX) in partnership with Goldcorp (40%) ("Goldcorp") (NYSE: GG,
TSX: G). Planned divestiture of its 100%-owned subsidiary Hays Lake Gold
containing the Shoal Lake Gold Project in Kenora, Ontario is expected to provide
internal funding to advance the Ampliacion Pueblo Viejo project. 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.
Strike
Strike Minerals is a TSX-V listed company that is engaged in the exploration and
development of precious metal properties in Canada. Its primary property is the
former producing Edwards Gold Mine property in the Goudreau - Lochalsh Gold Camp
near Wawa Ont. Historic production in the camp between 1930 and 2001 is
estimated at 500,000 ounces. Between 1996 and 2001 underground development was
completed through a decline to a depth of approximately 290 m resulting in
144,000 oz being mined from the Edwards property. More recent exploration of the
property has delineated an additional number of mineralized zones that require
follow-up.
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 from 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.
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