Everett Resources Ltd.

Everett Resources Ltd.

March 05, 2012 09:35 ET

Everett Signs LOI with GreenLight to Grant Option of the Keymet Property, New Brunswick

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 5, 2012) - Everett Resources Ltd. (the "Company") (TSX VENTURE:EAR) is pleased to announce that it has entered into a Letter of Intent ("LOI") dated March 2, 2012 with GreenLight Resources Inc. (TSX VENTURE:GR) ("GreenLight") pursuant to which GreenLight has agreed to grant Everett an option (the "Option") to acquire up to an 80% interest in GreenLight's gold, copper, and base metal Keymet Property located in the Bathurst Region of New Brunswick. Everett and GreenLight have agreed to use their best efforts to complete a formal property option agreement within thirty days.

Terms of the Option

Pursuant to the agreed terms of the option agreement, to earn a 70% interest in the Keymet Property, Everett will be required to make total cash payments of $250,000, issue a total of 2,750,000 post-consolidation shares of the Everett and incur exploration expenditures of $2,000,000 over three years. A further 10% interest can be earned by Everett completing a bankable feasibility study. On signing the LOI, Everett paid GreenLight $25,000 in cash as a deposit.

This transaction is subject to the completion of the formal option agreement and acceptance for filing by the TSX Venture Exchange. A finder's fee in cash and/or shares may be payable with respect to the transaction.

The Keymet Property

The Keymet Property consists of 162 mineral claims comprising 6,480 acres situated in the historic Bathurst Region of New Brunswick and hosts a former producing mine that was located on the property and numerous showings of gold, silver and base metal mineralization. For a more complete description of the geology of the Keymet Property, see GreenLight's news release issued on March 2, 2012 using the link http://bit.ly/wSVZCw.

To find out more about the Everett Resources visit the website at www.everettresources.com.


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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