Everton Resources Inc.
TSX VENTURE : EVR
FRANKFURT : ERV

Everton Resources Inc.

February 04, 2010 08:30 ET

Everton Reports New Resource Estimate on Cedar Island Gold Deposit, Kenora Region, Ontario

OTTAWA, ONTARIO--(Marketwire - Feb. 4, 2010) - Everton Resources Inc. (TSX VENTURE:EVR)(FRANKFURT:ERV) is pleased to report the results of the new NI-43-101 resource estimate for the Cedar Island deposit on its KPM property, located in Shoal Lake, Ontario. The report was prepared for Everton by Gary Giroux, MASc., PEng of Giroux Consultants Ltd and Kevin Leonard, PGeo. in accordance with the CIM guidelines and the NI-43-101 requirements to update the results previously announced from a resource estimate completed in 2003 on the Cedar Island Deposit.

The update resource estimate integrates results of an additional 35 deep drill holes for 10,011 meters completed in 2004 by Amador Exploration on the Cedar Island deposit mineralized structures known as the 9 East Target. The integration of data from the 2004 drill program led to a new interpretation of the gold mineralized quartz vein system, in which 7 additional veins were adjoined to the model. Results are as follow:



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Undiluted Mineral Resources - Variable Cut-Off Grades
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Indicated Inferred
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Cut-off Grade Grade
(g/t) Tonnes (g/t) Ozs Tonnes (g/t) Ozs
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1.0 1,000,000 4.18 134,400 3,050,000 3.25 318,700
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3.0 430,000 7.56 104,500 1,080,000 5.99 208,100
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5.0 252,000 10.07 81,600 480,000 8.8 135,800
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These estimates were based on 146 drill holes totalling 35,414 meters comprising 2,159 gold assays.

The mineralization at the Cedar Island gold deposit is categorized as an Archean lode gold vein deposit-type related to solution remobilization. The host rocks to the veins include lithologies related to volcanic arcs including the ultramafic to felsic lavas, chemical sediments, younger intrusive diabases, and quartz and feldspar porphyritic rocks. Gold mineralization is related to a series of narrow en-echelon quartz veins and shear-hosted quartz veins. These parallel to sub parallel vein structures occur over a strike length of 600m and are defined within the deposit to a depth over 350m with an average width in excess of 100m. Gold occurs within, or adjacent to replacement, crack and seal, breccia or secondary shear veins containing abundant fine grained pyrite, carbonate and occasional visible gold. All veins are open at depth and along strike west of the Cedar Island deposit.

Preliminary interpretation of the geometry of the mineralized veins suggests that an open-pit can be considered as a scenario for a mining operation. This is supported by an Indicated Mineral Resource estimate of 1,000,000 tonnes grading 4.18 g/t gold for 134,400 contained ounces of gold and an Inferred Mineral Resource estimate of 3,050,000 tonnes grading 3.25 g/t gold for 318,700 contained ounces of gold, both at a 1.0 g/t gold cut-off. It is conceivable that a tighter drill pattern can more adequately define the geometry of ore shoot development and the nature of mineralization at the Cedar Island deposit.

The new resource estimate of the Cedar Island deposit complements and provides strong support to Everton's option on the Duport deposit located 2.8 km away to the west from the main land. Current Indicated Mineral Resources at Duport were estimated at 424,000 tonnes grading 13.40 g/t Au for 182,000 contained ounces of gold. In addition, Inferred Mineral Resources were estimated at 387,000 tonnes grading 10.69 g/t Au for 131,000 contained ounces of gold (press release of July 9, 2009). The combined valuation of the Cedar Island and the Duport deposits is significant since they can share a synergy through a common road network, power grid, and milling complex.

The Company is currently preparing a follow-up work program that will include definition diamond drilling at the Cedar Island deposit and follow-up testing in the vicinity of previous high-grade intersections below some workings, namely the Olympia Mine, the Mikado Mine, The Crown Point Mine, and Granozone.

This news release was prepared by Marc L'Heureux, P. Geo. and VP Exploration of Everton, who acts as Everton's Qualified Person as defined by NI 43-101. Mineral resource estimates for the Cedar Island deposit were prepared by Gary Giroux of Giroux Consultants Ltd, a Qualified Person as defined by National Instrument 43-101.

Everton recently acquired Hays Lake Gold Inc., a private company with various options to acquire a 38 km2 consolidated land package located in the Shoal Lake area, near Kenora, Ontario. The Shoal Lake Gold Project is comprised of two significant high grade gold deposits: Duport and Cedar Island. Everton is 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:ABX)(TSX:ABX) in partnership with Goldcorp (40%) ("Goldcorp") (NYSE:GG)(TSX:G). Pueblo Viejo is estimated to contain 22.4 million ounces of gold, 455 million pounds of copper and 131.3 million ounces of silver. The Company 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's Eleonore gold deposit, which currently hosts an estimated mineral resource of 5.3 million ounces of gold.

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. 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.

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