Everett Resources Ltd.
TSX VENTURE : EAR

Everett Resources Ltd.

February 24, 2011 09:18 ET

Everett Resources Contracts VTEM Airborne Geophysical Survey on the Menarik Property, Quebec

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 24, 2011) - Everett Resources Ltd. (TSX VENTURE:EAR) ("Everett") announces that it has entered into a contract with Geotech Ltd. of Aurora, Ontario to fly a 350-line-kilometre helicopter-borne VTEM PLUS survey over the Menarik polymetallic property, located in the James Bay area of the province of Quebec. 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.

The detailed airborne VTEM PLUS (versatile time domain electromagnetic) geophysical survey utilizing 100-metre line spacing will cover the entire land package of 3,062 hectares that hosts chromite resources of 6.2 million metric tonnes grading on average 7.69 per cent chromium oxide (refer to Everett Press Release August 19, 2010). The Menarik ultramafic intrusion contains stratiform chromitite formations, massive sulphides and nickel-copper concentrations in the altered zones. Gold showings and mineralized felsic volcanic were found on the edges. The VTEM survey is designed to target nickel-copper sulphide deposits hosted in mafic-ultramafic intrusions on the property. Previous drill intersections (from Pro-Or's drilling in 2007 and 2008) of nickel-copper mineralization from the Menarik East Zone include:

Hole # From To Width m Ni % Cu %
MK-07-76 125.70 128.40 2.70 1.00 0.44
MK-07-77 132.80 133.35 0.55 2.15 0.66
MK-07-77 140.70 142.00 1.30 0.25 1.15
MK-07-78 191.35 192.90 1.55 0.78 0.57
MK-08-06 109.00 110.50 1.50 1.35 0.15
MK-08-06 145.10 149.60 4.50 1.88 0.35
MK-08-07 80.70 84.50 3.80 1.29 0.38
MK-08-08 75.00 79.70 4.70 0.55 0.05
MK-08-09 139.60 139.80 0.20 1.61 0.01
MK-08-10 348.50 350.30 1.80 0.24 0.34

The VTEM signature pattern over the Menarik East Zone will be modeled and used for interpretation on other VTEM anomalies over the entire Menarik property. VTEM surveys have been a very useful exploration tool for targeting nickel-copper mineralization in the "Ring of Fire" area of the James Bay Lowlands, Nakina, Ontario.

Yvan Brussières, P.Eng., a Qualified Person as defined in National Instrument 43-101, has reviewed and approved the technical information in this release.

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 Bussières, five different types of mineralization have been indentified on the Menarik Property. The Menarik ultramafic intrusion contains stratiform chromitite 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.

EVERETT RESOURCES LTD.

Michael Waggett, President

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or the accuracy of this release.

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