VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 10/12/11 — Everett Resources Ltd. („Everett“) (TSX VENTURE: EAR) is pleased to announce the start of the second phase diamond drilling program at its Menarik polymetallic property, located in the James Bay area of the province of Quebec. A minimum of 2,500 meters will be drilled in this program, to test multiple targets, as the property hosts stratiform chromite horizons and magmatic massive sulphides in Menarik ultramafic intrusion, nickel-copper concentrations in the altered zones, gold targets and mineralized felsic volcanic on the edges. All the core samples will be prepared and submitted to AGAT Laboratories in Sudbury, Ontario for analysis.
Everett can earn a 50-per-cent interest in the Menarik property held by Pro-Or Inc. (Ressources Minieres) by issuing 4.5 million common shares to Pro-Or Inc. over two years and incurring $5-million in exploration and development work on the property over a period of three years.
„We are extremely pleased to have started the drill program at Menarik, and we-re very fortunate to have Magma Drilling Inc., of Rouyn-Noranda, for the second phase of our drilling program. We have drilled over 300 meters so far and is going well. Everett will be very systematic and aggressive in their approach to exploration on the property, and with its newly identified mineralized targets from the Company-s spring VTEM program, holds tremendous potential for exploration success,“ commented Mike Waggett, President.
A panoramic view of the Menarik polymetallic property, which outlines the main areas of mineralization as well as additional defined areas of mineralization, can be seen on the Everett Website at the following link:
Please click to view the Menarik VTEM map and http://bit.ly/EARPhotos to view a photo gallery of the Menarik property.
A 43-101 compliant measured and indicated resource estimate of chromite made for joint venture partner Ressources Minieres Pro-Or Inc. in 2006 by the consultant group Roche from Quebec City and updated in 2009 by Yvan Bussieres, P.Eng. reports a total exceeding 6.2 million metric tons grading on average 7.69% Cr2O3. The report can be found on SEDAR () or Company-s website .
Quality Assurance/Quality Control
The exploration program and the technical information presented in this press release have been reviewed and approved by Garry Clark, P. Geo. of Clark Exploration, consultants to the Company. Mr. Clark is a qualified person as defined by National Instrument 43-101. The Menarik exploration program is conducted under the supervision of Mr. Clark. Everett has implemented and adheres to a strict Quality Assurance/Quality Control program. Assay samples are taken from drill core split in half with one half sent to the laboratory and the other half retained for future reference. Analyses will be performed by accredited laboratory AGAT Laboratories in Sudbury, Ontario.
About Everett Resources Ltd.
Everett is a junior resource mineral exploration company with an interest in the Menarik Property located in Quebec, Canada. To find out more about Everett Resources Ltd., visit Everett-s website at .
The Menarik Property, Quebec
The Menarik Property is located in northwestern Quebec, approximately 45 kilometers to the south east of the town of Radisson. It comprises a contiguous group of 67 claims, for a total area of 3,062 hectares, fully owned by Pro-Or, free of any royalties. Pro-Or, to date, has incurred expenditures in the order of $6,900,000 on the Property. Based on a compilation report by consultant geologist, Yvan Bussieres, five different types of mineralization have been indentified on the Menarik Property. The Menarik ultramafic intrusion contains stratiform chromitites formations, massive sulphides and nickel-copper concentrations in altered zones. A 43-101 compliant estimate of chromite resources made for Pro-Or in 2006 by the consultant group Roche from Quebec City and updated in 2009 by Yvan Bussieres, P.Eng. reports a total of measured and indicated resources exceeding 6.2 million metric tons grading on average 7.69% Cr2O3. Gold showings and mineralized felsic volcanics were found on the edges. The chromitite formations are similar to those of the UG2 horizon in the Bushveld complex of South Africa, the gold bearing mineralization associated with ultramafic intrusions are similar to the Cadillac-Larder Lake Archean gold deposits and the mineralized felsic volcanics are similar to Noranda-s Horne Mine.
EVERETT RESOURCES LTD.
Michael Waggett, President
Forward Looking Statements
This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Particular risks applicable to this press release include risks associated with planned production, including the ability of the company to achieve its targeted production outline due to regulatory, technical or economic factors. In addition, there are risks associated with estimates of resources, and there is no guarantee that a resource will have demonstrated economic viability as necessary to be classified as a reserve. There is no guarantee that additional exploration work will result in significant increases to resource estimates. The reader is referred to the Company-s most recent annual and interim Management-s Discussion and Analysis for a more complete discussion of such risk factors and their potential effects, copies of which may be accessed through or the Company-s page on SEDAR at .
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts: Everett Resources Ltd. Michael Waggett President, CEO and Director (604) 669-2151 Office (604) 669-2136 (FAX)
Tribeca Capital Partners Inc. Jamie Hyland (604) 669-2151 Office (778) 938-8760 Cell
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