Everton Resources Inc.

Everton Resources Inc.

January 18, 2017 08:30 ET

Everton Announces a $600,000 Non-brokered Private Placement and Plans 3,000 Metres Drilling Program on Multiple Gold and Copper Targets on Arroyo Carpintero (Ponton) in Dominican Republic

OTTAWA, ONTARIO--(Marketwired - Jan. 18, 2017) -


Everton Resources Inc. ("Everton" or the "Company") (TSX VENTURE:EVR) announces a non-brokered private placement (the "Offering") of up to 12,000,000 units at a price of $0.05 per unit for aggregate gross proceeds of up to $600,000. Each unit will consist of one common share with one-half of one common share purchase warrant (the "Warrant"). Each whole Warrant entitles the holder thereof to acquire one additional common share in the capital of the Corporation at a price of $0.07 per common share for a period of twenty-four (24) months following the closing of the Offering. All securities issued in the private placement are subject to a four-month hold period. The proceeds of the financing will be used primarily to complete the phase one drilling program on the Arroyo Carpintero property, advance exploration work in other Dominican Republic properties, and for general working capital requirements.

The Corporation may pay finder's fees on a portion of the private placement not relating to insiders of the Corporation.

Drilling Program on Arroyo Carpintero (Ponton)

The recent results of the Induced Polarization Survey indicate that there is a large, deep, and strong chargeability anomaly that is centred on Majagual Hill. There is a strong resistivity signature which has a strong correlation with the chargeability. Additionally, there is a positive correlation between the locations of both the resistivity and chargeability anomalies with elevated concentrations of gold and copper in the soil and rocks. This signature is indicative of a potential large-scale copper porphyry system. (reference: News Release of December 14, 2016)

Geologically, the Arroyo Carpintero project is part of a series of volcanic centers that developed during the formation of the Island Arc. The Pueblo Viejo deposit seems to be in the Northwestern most volcanic centre; Arroyo Carpintero lies in the Central volcanic centre and deposits such as the ones in the Bayaguana Region are interpreted to be in the Southeastern end of this belt.

Everton has outlined seven diamond drill holes that range between 400 and 600 meters in length with a program total of 3,000 meters to be started in early February 2017. (See link)

The technical content of this release was reviewed by Wade Kornik, P.Geo., a qualified person as defined by the National Instrument 43-101.

About Everton Resources Inc.

Everton is an exploration company with concessions in the Dominican Republic adjacent to the Pueblo Viejo Mine, owned by the world's two largest gold mining companies, Barrick Gold Corporation (60%) in partnership with Goldcorp Inc. (40%) ("Goldcorp"). Everton also holds an interest in the Opinaca region of James Bay, Quebec where the Company has partnered with Hecla Mining Company which is advancing Everton's interest in the Opinaca B project by funding 100% of all exploration work on one of the largest land packages adjacent to Goldcorp's Eleonore gold deposit. Everton recently announced the acquisition of two properties: the Blue Sky Jackpot lithium property in Ontario and the Detour Lake gold property in Quebec.

For further information on Everton Resources Inc., please visit www.evertonresources.com

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 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, except in accordance with applicable securities laws. Accordingly, readers are advised not to place undue reliance on forward-looking information. 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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