TORONTO, June 27 /PRNewswire-FirstCall/ -- Everock Inc., (PINKSHEETS: "EVRK" Frankfurt:E9C) is pleased to announce details regarding the recent option agreement with the property owners to further develop the gold resources within the Tudor Gold Property.
The Tudor Gold Property is located in the historic Madoc-Bancroft gold region of eastern Ontario. The property consists of 23 contiguous mining claims covering a total area of 1280 hectares.
The Tudor Property is situated at the intersection of two gold-bearing fault structures: the Moira River Fault Zone and the Gilmour Shear Zone. The gold-bearing zones on the Tudor Property are part of a 15 kilometer long gold- bearing trend which extends beyond the property limits and across several townships. In a government report dated 2004, the Ontario Geological Survey describes the Tudor Property as "significantly enriched in gold". Three zones of interest have been identified on the property to date:
- The Main Zone
- The Vardy Zone
- The Hodgson Prospect
Extensive trenching and sample drilling has indicated has shown extensive gold mineralization, with assay values that typically range from 0.5 AU grams/ton to 7.5 AU grams/ton, with the highest assay analyzed to date at over 70 AU grams/ton.
The Option Agreement has been designed to provide for additional exploration and development efforts based on historic results, in a systematic protocol to more precisely define the gold bearing zones; the relative concentrations between native gold and refractory gold; (both of which have been identified throughout the property); prove the reserves of Gold on the Property, and establish estimates for the cost of extraction.
The Company has structured the agreement to allow for continued investments over a period of 5 years, with business milestones to be achieved over a program with 4 phases of development. Everock, at its sole discretion, has the opportunity to accelerate the development program based on positive results of the exploration and development program at any phase of the program.
Upon the successful completion of the entire program, Everock will be outright owners of 100% of all mining claims comprising of the property with the exception of three claims for which Everock will have 100% mineral rights to any mineral commodity considered as precious, semi-precious, base metals, fuel and gem stones and the property owners will retain rights to develop "granite" building stone, monumental stone, tonalite or trondhjemite deposits on these three claims only.
Everock will earn outright ownership of 49% of the property upon completion of the third phase of exploration, requiring expenditures of just over CDN $1.1 million, and distribution of 600,000 common shares to the current property owners within the first 3 years of the agreement. Everock will earn 100% of all mining claims, upon expenditure of CDN $5.15 million and distribution of 1 million common shares of the Company to the property owners by the end of the fifth year of the agreement.
Everock has the right to terminate the agreement at the end of each phase of exploration and development, without significant financial penalties.
The agreement also anticipates the opportunity for Everock to negotiate with third parties to participate in the development of the property, such as another junior or major mining company. Funds committed for further exploration and development by a third party will count in full towards fulfilling the Company's financial obligations from the option agreement.
About Everock, Inc.
Everock Inc. is a public company focused on mineral exploration in various regions of Canada.
Everock is capitalizing on a combination of its international mining and financing expertise to become a significant participant in the gold mining sector. The first such project is the Tudor Project in the historic Madoc gold region of Southeastern Ontario.
Currently, Everock also has a 100% interest in three claim blocks situated in the Kapuskasing region of Northern Ontario, which cover magnetic anomalies believed to be carbonatite bodies and potential targets of iron, titanium, phosphate, uranium and rare earth minerals.
Forward-Looking Statements
This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934 that involves significant risks and uncertainties, and is subject to the safe harbors created by this section. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events, or performance and underlying assumptions and other statements, which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demands and acceptance, changes in technology, economic conditions, the impact of competition and pricing, and government regulation and approvals. All such forward-looking statements, whether written or oral, and whether made by, or on behalf of Everock Inc., are expressly qualified by the cautionary statements and any other cautionary statements which accompany the forward- looking statements. Our expectations, beliefs and projections are expressed in good faith and are believed to have a reasonable basis, including without limitation, our examination of historical operating trends, data contained in our records and other data available from third parties. There can be no assurance, however, that our expectations, beliefs or projections will result, be achieved, or be accomplished. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date hereof. We undertake no duty to update these forward-looking statements.
Readers are urged to carefully review and consider the various disclosures made by us which attempt to advise interested parties of the additional factors which may affect our business. The information contained on any website referenced in this press release is not part of this release.
