Everett Resources Ltd.

Everett Resources Ltd.

March 30, 2011 09:40 ET

Everett Resources Commences 2,000 Meter Drill Program on Menarik Polymetallic Property, Quebec

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 30, 2011) - Everett Resources Ltd. ("Everett") (TSX VENTURE:EAR) is pleased to announce the start of the initial 2011 diamond drilling program at its Menarik polymetallic property, located in the James Bay area of the province of Quebec. A minimum of 2,000 meters will be drilled in this program, to test multiple targets, as the property hosts stratiform chromite horizons and magmatic massive sulphides in Menarik ultramafic intrusion, nickel-copper concentrations in the altered zones, gold targets and mineralized felsic volcanic on the edges. All the core samples will be prepared and submitted to ALS-Chemex in Val-d'Or, Quebec for analysis.

Everett can earn a 50-per-cent interest in the Menarik property held by Pro-Or Inc. (Ressources Minieres) by issuing 4.5 million common shares to Pro-Or Inc. over two years and incurring $5-million in exploration and development work on the property over a period of three years.

"We are extremely pleased to have started the drill program at Menarik, and we're very fortunate to have DJM Drilling Inc., of Rouyn-Noranda, for the spring drilling program. Everett will be very systematic and aggressive in their approach to exploration on the property, and the drill program underway will be a very good test of the size of the system," commented Mike Waggett, President.

A panoramic view of the Menarik polymetallic property, which outlines the main areas of mineralization as well as additional defined areas of mineralization, can be seen on the Everett Website at the following link: http://bit.ly/MenarikMap

A 43-101 compliant measured and indicated resource estimate of chromite made for joint venture partner Ressources Minieres Pro-Or Inc. in 2006 by the consultant group Roche from Quebec City and updated in 2009 by Yvan Bussières, P.Eng. reports a total exceeding 6.2 million metric tons grading on average 7.69% Cr2O3. The report can be found on SEDAR (www.sedar.com) or Company's website www.everettresources.com.

Quality Assurance/Quality Control

The exploration program and the technical information presented in this press release have been reviewed and approved by Yvan Bussières, P. Eng. Mr. Bussières is a qualified person as defined by National Instrument 43-101. The Menarik exploration program is conducted under the supervision of Mr. Bussières. Everett has implemented and adheres to a strict Quality Assurance/Quality Control program. Assay samples are taken from drill core sawed in half with one half sent to a commercial laboratory and the other half retained for future reference. Analyses will be performed by accredited laboratory ALS-Chemex in Val-d'Or, Quebec.

About Everett Resources Ltd.

Everett is a junior resource mineral exploration company with interests in two mineral properties, the Menarik located in Quebec and the San Juan Property located in New Mexico, U.S.A. To find out more about Everett Resources Ltd., visit Everett's website at www.everettresources.com.

The Menarik Property, Quebec

As set out in the joint news release issued by Everett and Pro-Or Inc. ("Pro-Or") on September 23, 2010, the Menarik Property is located in northwestern Quebec, approximately 45 kilometers to the south east of the town of Radisson. It comprises a contiguous group of 67 claims, for a total area of 3,062 hectares, fully owned by Pro-Or, free of any royalties. Pro-Or, to date, has incurred expenditures in the order of $6,900,000 on the Property. Based on a compilation report by consultant geologist, Yvan Bussieres, five different types of mineralization have been indentified on the Menarik Property. The Menarik ultramafic intrusion contains stratiform chromitites formations, massive sulphides and nickel-copper concentrations in altered zones. A 43-101 compliant estimate of chromite resources made for Pro-Or in 2006 by the consultant group Roche from Quebec City and updated in 2009 by Yvan Bussières, P.Eng. reports a total of measured and indicated resources exceeding 6.2 million metric tons grading on average 7.69% Cr2O3. Gold showings and mineralized felsic volcanics were found on the edges. The chromitite formations are similar to those of the UG2 horizon in the Bushveld complex of South Africa, the gold bearing mineralization associated with ultramafic intrusions are similar to the Cadillac-Larder Lake Archean gold deposits and the mineralized felsic volcanics are similar to Noranda's Horne Mine.

The San Juan Property, New Mexico

Everett continues to hold and maintain its interest in the uranium prospective San Juan Property which is comprised of 496 mineral claims located in the San Juan Basin of New Mexico. The San Juan Property contains lands where earlier drilling by the U.S. Department of Energy encountered conditions consistent with those of other uranium occurrences identified in the area. Everett`s geological consultants recommend an exploration program, including drilling, to confirm the existence of uranium on the property. With its current exploration focus on the Menarik Property, Everett may seek a joint venture participant to carry out an exploration program.


Michael Waggett, President

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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