Everton Resources Inc.

Everton Resources Inc.

November 01, 2006 08:30 ET

Everton Increases Land Position in the Eleonore Gold Discovery Area, James Bay, Quebec-Robert McEwen Exercises Warrants

OTTAWA, ONTARIO--(CCNMatthews - Nov. 1, 2006) - Everton Resources Inc. (TSX VENTURE:EVR) announces that it has map-staked an additional 207 claims in the Eleonore gold discovery area, in the Opinaca region of James Bay, Quebec.

The 207 claims cover 106.2 km2 and are located adjacent to Everton's 100%-owned Wildcat Blocks #4, #5 and #7. The claims were recently map-staked based on the successful summer 2006 exploration program where Everton Resources identified four new gold showings namely; The Manuel Showings on Wildcat #5 where two gold showings 500 meters apart were discovered. On the Westernmost showing 4 channel cuts returned up to 12.01 g/t Au over 4.6 meters and the Eastern showing returned numerous anomalous samples grading up to 75.79 g/t Au; The Claude Target on Opinaca B had boulders grading up to 35.98 g/t Au; The Inex Zone on Opinaca A where 12 gold outcrops were identified along a 1.7 km zone; and the Inex Zone Extension on Wildcat #2 where numerous samples returned up to 14.51 g/t Au. For the location of these new claims please visit the Properties Section on Everton's website at www.evertonresources.com

Everton Resources is also pleased to report that pursuant to an agreement between Everton Resources and Robert McEwen, Mr. McEwen has exercised his remaining 1,500,000 warrants. Each warrant entitled Mr. McEwen to purchase one whole common share or a total of 1,500,000 common shares at an exercise price of $0.70 per share.

Before the warrants, Mr. McEwen held approximately 10.2% of the outstanding shares of Everton Resources. After the exercise of warrants, Mr. McEwen will hold approximately 13.7% of the outstanding shares. The Common Shares were issued from the treasury of Everton Resources.

Everton Resources' Chairman & CEO, Andre Audet, states: "The exercise of these warrants will help facilitate the Company's aggressive advancement of its projects both in the Eleonore gold discovery area and in the Dominican Republic." Everton Resources is currently processing additional data from the successful summer 2006 exploration season and expects to receive drill results from the recently completed drill program in Quebec by the end of November 2006.

Everton Resources is actively exploring in the Opinaca region of James Bay, Quebec where Everton has amassed one of the largest land claims adjacent to the Eleonore gold discovery, and where Goldcorp Inc. (NYSE:GG, TSX:G) is proposing to spend several hundreds of millions of dollars developing its recent property acquisition. Everton Resources is also actively drilling in the Dominican Republic adjacent to where the world's largest gold mining company, Barrick Gold (NYSE/TSX:ABX), is partnering with Goldcorp to develop the 15 million ounce Pueblo Viejo gold deposit, one of the world's largest undeveloped gold deposits, at an estimated cost of $1.4 billion.

The TSX Venture Exchange neither approves nor disapproves of the information contained in this News Release. The Company's Shares are listed on the TSX Venture Exchange and trade under the symbol "EVR".

Contact Information

  • Everton Resources Inc.
    Todd Opalick
    Manager Investor Relations
    613-241-8632 (FAX)
    todd @evertonresources.com
    Everton Resources Inc.
    André Audet
    Chairman & CEO
    613-241-8632 (FAX)