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Everton Resources Inc.: Everton and Linear Announce First Phase Drill Results on Ampliacion Pueblo Viejo, Dominican Republic-Se

^{Published on 2009-10-08 14:07:35 - Market Wire}
 

OTTAWA, ONTARIO--(Marketwire - Oct. 8, 2009) - Everton Resources Inc. ("Everton" or the "Company") (TSX VENTURE:EVR) (FRANKFURT:ERV) and its partner Linear Gold Corp. (TSX:LRR) announce the results of the first phase of the drilling program recently completed on the Ampliacion Pueblo Viejo concession located in central Dominican Republic. The first phase of drilling took place between June 16 and September 9 with the completion of 16 diamond drill holes for a total of 1,947 meters over three different targets. Highlights of the drilling results are as follows:

- APV09-03: 0.25 g/t gold over 49.5 m (6.5 m - 56.0 m);

- APV09-11: 1.5 g/t gold over 1.5 m (36.0 to 37.0 m); 1.2% zinc over 12.4 m (30.6 m - 37.0 m)

- APV09-13: 1.6 g/t gold over 1.0 m (31.0 to 32.0 m); 1.38% copper over 0.4 m (140.80 to 141.20 m; 1.05% zinc over 9.0 m (23.0 m - 32.0 m);

- APV09-15: 1.7 g/t gold over 1.0 m (13.5 to 14.5 m); 0.43% copper over 5.55 m (23.95 m - 29.50 m); 1.43% zinc over 12.0 m (61.0 to 73.0 m), including 6.42% zinc over 1.20 m (70.0 to 71.2 m).

Several short intervals over 1% zinc and 0.4% copper are present in holes APV09-11, -13 and -15. The drill program was designed to target mainly geochemical and geophysical anomalies defined during the surface exploration program conducted between 2007 and 2009. The surface program included an extensive soil and rock geochemical program, an airborne EM and Magnetics geophysical survey and IP and EM ground geophysics. Detailed geological mapping over the entire concession with further detailed work over high priority areas of interest was also accomplished.

The results of this work defined several target zones classified as of high priority for further follow up with further drilling. These zones are denominated Arroyo Hondo, Arroyo Hondo North, Colorado-La Bonita and Miguel de Pena in the southern sector, North Monte Negro and Miniel at the central sector, and a newly defined area designated La Lechoza West in the northern portion of the concession. All of these areas contain anomalies in gold, silver or base metals (copper, zinc) in soils and rocks and several are coincident with geophysical anomalies.

In the south sector, holes APV09-01, -02, -03 and -04 intercepted a complex lithological sequence that includes foliated and brecciated volcanics, porphyritic dacite, carbonaceous black sediments and different facies of crystal tuffs as observed at the Pueblo Viejo Mine. The sulphide mineralization is disseminated and within stockwork zones and appears to be controlled in part by high angle feeder structures cutting through the stratigraphic sequence and the low angle thrust faults.

In the central area, holes APV-05, -06, -06A, -07 and -08 encountered an extensive intrusive body with associated sulphide mineralization in veining. The veins appear to be controlled in high angle faults with a predominant north-south direction. Surface grab samples collected in 2007 yielded values up to 1.0 g/t gold and 90.0 g/t silver. Drilling in late 2007 intersected a massive pyrite-sphalerite zone with values up to 23% zinc.

In the north sector, holes APV09-11, -12, -13, -14 and -15 drilled into massive to disseminated mineralization hosted in strongly silicified vesicular basalts. The mineralization has characteristics suggestive of a volcanogenic massive sulphide-type (VMS) of occurrence, and is also associated with a zone of extensive stockwork veining. This occurrence appears to be associated to a mineral trend with a general WNW-ESE direction connecting the La Lechoza West target with La Lechoza to the east. Anomalous results obtained from drilling suggest that the potential may exist for proximal massive sulphide mineralization associated with VMS-type occurrences and further drill testing is warranted. Surface grab samples have yielded values up to 3.8 g/t gold in rock and 5.5 g/t gold in soils. Other surface showings are present along this trend which is being subject to detailed mapping and sampling.

The Company and its partner are currently integrating the new results obtained from the first phase of drilling with the existing dataset. A proposal for a second phase of drilling should be completed by the end of October prior to the drilling program in November.

This news release was prepared under the supervision of Marc L'Heureux, P. Geo. and VP Exploration of Everton, who acts as Everton's Qualified Person as defined by National Instrument 43-101.

In Other News:

Closing of a Private Placement

Everton is also pleased to announce the closing of a private placement on October 6th, 2009 with SODEMEX II s.e.c. for gross proceeds of $100,000. Everton issued 666,666 units (the "Units") at a price of $0.15 per Unit, with each Unit consisting of one (1) common share and one-half of one common share purchase warrant, each full warrant entitling the holder to purchase one (1) common share at a price of $0.25 for a period of two (2) years following the closing date.

However, if, at any time commencing four (4) months after the closing date, the weighted average trading price of the common shares of Everton, is or exceeds $0.40 for a period of 10 trading days, Everton may accelerate the expiry date by giving prior notice to the holders of warrants. In such event, the warrants, if unexercised, will expire on the 30th calendar day following the date on which such notice will be deemed to have been received by such holders.

The Units are subject to a hold period which will expire on February 7th, 2010.

Correction to Press Release of September 17, 2009

In reference to the press release of September 17, 2009, and under "Closing of a Private Placement", the number of non-transferable warrants should have been 481,133 instead of 72,770.

About Everton Resources Inc.

Everton is well funded and actively exploring in the Dominican Republic adjacent to the US$2.7 billion Pueblo Viejo project, currently being developed by the world's largest gold mining company, Barrick Gold Corporation (60%) (NYSE/TSX: ABX) in partnership with Goldcorp (40%) ("Goldcorp") (NYSE: GG, TSX: G). Pueblo Viejo is estimated to contain 22.4 million ounces of gold, 455 million pounds of copper and 131.3 million ounces of silver. Everton is also exploring in the Opinaca region of James Bay, Quebec where the Company has amassed one of the largest land claims adjacent to Goldcorp Inc.'s Eleonore gold deposit, which currently hosts an estimated mineral resource of 5.3 million ounces of gold. Everton also recently acquired Hays Lake Gold Inc., a company that has various options to acquire a consolidated land package located in the Shoal Lake area, near Kenora, Ontario. The 38 km2 Shoal Lake Project is comprised of two significant high grade gold deposits, Duport and Cedar Island.

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 from 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. 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.