Everett Signs Loi with Greenlight to Grant Option of the Keymet Property, New Brunswick
(via Thenewswire.ca)
Vancouver, B.C. - (March 5, 2012 - TSX-V: EAR) Everett Resources Ltd.
(the "Company") is pleased to announce that it has entered
into a Letter of Intent ("LOI") dated March 2, 2012 with
GreenLight Resources Inc. (TSX-V: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.
EVERETT RESOURCES LTD.
Per: "Michael Waggett"
Michael Waggett, President
For more information, please contact:
Everett Resources Ltd.
Michael Waggett
President, CEO and Director
(604) 669-2151 Office
E: mike@everettresources.com
or
Tribeca Capital Partners Inc.
Jamie Hyland
(604) 669-2151 Office
(778) 938-8760 Cell
E: jamie@tribecacap.com
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