Everett Resources Ltd.
TSX VENTURE : EAR

Everett Resources Ltd.

May 17, 2011 12:11 ET

Everett Resources Files 43-101 Report on Menarik Polymetallic Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 17, 2011) - Everett Resources Ltd. ("Everett") (TSX VENTURE:EAR) is pleased to report it has had an NI 43-101 technical report (the 'Technical Report') prepared of the previous work carried out on the Menarik polymetallic property by Ressources Minieres Pro-Or Inc. ('Pro-Or'), which has been filed on SEDAR and is available for review under the Company's name with its other disclosure materials at www.sedar.com. The Menarik Property is located in the James Bay area of the Province of Quebec.

The Technical Report, titled "Geological Mapping and Prospecting Report 2009", was prepared by consulting geologist, Yvan Bussières P. Eng. The report indicates five different types of mineralization have been indentified on the Menarik Property. The report highlights "the Menarik ultramafic intrusion contains stratiform chromitites formations, massive sulphides and nickel-copper concentrations in altered zones". The 43-101 compliant estimates 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.

Qualified Person

Everett's Technical Report was prepared by, and the technical information presented in this press release has been reviewed and approved by, Yvan Bussières, P. Eng. Mr. Bussières is a qualified person as defined by National Instrument 43-101.

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. (TSX VENTURE:EAR), visit our 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.

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. 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

Forward Looking Statements

This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Particular risks applicable to this press release include risks associated with planned production, including the ability of the company to achieve its targeted production outline due to regulatory, technical or economic factors. In addition, there are risks associated with estimates of resources, and there is no guarantee that a resource will have demonstrated economic viability as necessary to be classified as a reserve. There is no guarantee that additional exploration work will result in significant increases to resource estimates. The reader is referred to the Company's most recent annual and interim Management's Discussion and Analysis for a more complete discussion of such risk factors and their potential effects, copies of which may be accessed through www.everettresources.com or the Company's page on SEDAR at www.sedar.com.

Neither the 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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