Everton & AurizonEverton and Aurizon Sign a Formal Option Agreement on Wildcat Property in Quebec and Close $250,000 Private Placement
OTTAWA, ONTARIO, Oct 19, 2010 (MARKETWIRE via COMTEX News Network) --
Everton Resources Inc. ("Everton" or the "Company") (TSX VENTURE: EVR) (FRANKFURT: ERV) is pleased to announce the signing of a formal option agreement with Aurizon Mines Ltd. ("Aurizon") (TSX: ARZ, NYSE Amex: AZK) whereby Aurizon can acquire up to an undivided 65% interest in Everton's Wildcat property located in the James Bay area, 350 kilometres north of Matagami, Quebec (terms initially announced in a news release dated September 16, 2010). The Wildcat property is 100% owned by Everton, comprises 411 mining claims, covering 21,476 hectares, and is located in the area of Goldcorp's Eleonore project.
Upon signing the option agreement, Everton closed a private placement of 1,000,000 units with Aurizon at a price of
.25 per unit for gross proceeds of $250,000. Each unit consists of one common share of the Company and one common share purchase warrant. Each warrant entitles Aurizon to acquire one additional common share in the capital of the Company at a price of
.40 for twenty-four months. All securities issued in the private placement are subject to a four month and one day hold period until February 16, 2011.
In Other News:
Pursuant to a one-year service agreement between the Company and a Consultant, whereby the consultant's services were rendered in consideration for $111,600 payable in shares of the Company at the end of the term which ended on September 17, 2010, the Board of Directors has approved the issuance of 485,625 common shares of Everton to the consultant at a deemed price of
.23 per common share. The transaction is subject to approval by the TSX Venture Exchange. The shares to be issued will be subject to a four month and one day hold period from the closing of the transaction.
Everton also announces the departure of Mr. Marc L'Heureux as Everton's Vice-President Exploration, effective October 15, 2010, to pursue other opportunities. "On behalf of the Board, as well as personally, I would like to thank Marc for his many years of dedication and hard work and wish him continued success in his future endeavours," stated Andre Audet, Chairman & CEO of Everton.
Everton is partnered with Brigus Gold on actively exploring in the Dominican Republic adjacent to the US$2.7 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.