VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/17/13 -- Evrim Resources Corp. (TSX VENTURE: EVM) ("Evrim" or the "Company") is pleased to announce that geological work has commenced under an agreement with Callinan Royalties Corporation (TSX VENTURE: CAA) ("Callinan") for a four year, C$1.5 million regional exploration alliance (the "Alliance") in Mexico. The Alliance will initially focus on generating gold and silver targets within a 40,000 square kilometre area of interest (AOI). Callinan has already provided the initial funding of C$500,000 for the first year of exploration.
Callinan will provide annual funding to the Alliance and Evrim will conduct generative exploration within the AOI to stake and acquire new projects (the "Projects") and develop the Projects for joint venture purposes. Projects acquired within the AOI during the term of the Alliance will be 100% owned by Evrim and subject to a 1.5% Net Smelter Royalty (NSR) in the case of precious metals and a 1.0% NSR in the case of base metals and other minerals to Callinan. Evrim will grant to Callinan a Right of First Offer on the sale of any royalties owned by Evrim on Alliance properties.
The initial phase of the program will consist of compilation of geological and land tenure data within the AOI to identify high-priority targets. The second phase will be to conduct field examination of available targets including surface geochemical sampling and geological mapping and prospecting.
"We are excited to start project generation in another geological terrane in Mexico," commented Paddy Nicol, President and CEO of Evrim. "Evrim's regional and local expertise will provide the Alliance with a head start in identifying new opportunities for new and existing exploration partners. Moreover, it will provide Callinan the potential for the creation of a new portfolio of precious and base metal royalties for its shareholders."
About Evrim Resources
Evrim is a mineral exploration company with a diverse portfolio of quality gold and copper projects, and a geological database covering Mexico and portions of southwestern United States. Evrim's business plan is to generate exploration targets that it will advance through option and joint venture agreements with industry partners to create shareholder value. The projects generated to date form a solid foundation for Evrim's execution of the joint venture business model, which will be further enhanced by a pipeline of new internally developed projects.
For further information on Evrim please visit www.evrimresources.com.
About Callinan Royalties
Callinan Royalties is a Canadian company that creates and acquires mineral royalties. The company uses its royalty income to provide alternative financing options to mineral exploration and development companies with attractive projects. Callinan's strategy is to create shareholder value over the long term by generating a portfolio of profitable mineral royalties.
The Corporation currently has two producing royalties. Callinan holds a 6 2/3% net profits interest royalty and a $0.25 per ton royalty on lands that include the 777 Mine owned by HudBay Minerals Inc. located in Flin Flon, Manitoba, Canada as well as the adjacent 777 North Mine scheduled for production in 2012. Callinan also holds the 777 Deeps (War Baby) property and an associated royalty option on the property, which is located adjacent to the 777 Mine.
Callinan is a dividend paying Tier 1 company listed on the TSX Venture Exchange under the symbol CAA. The Corporation has a strong financial position with no debt, approximately $30 million in cash and approximately 48.2 million shares outstanding.
On Behalf of the Board
EVRIM RESOURCES CORP.
Paddy Nicol, President & CEO
Forward Looking Information
This news release includes certain statements that may be deemed "forward looking statements". All statements in this news release, other than statements of historical facts, that address events or developments that Evrim Resources Corp. (the "Company") expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur.
Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward looking statements. Factors that could cause the actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by securities laws, the Company undertakes no obligation to update these forward looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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.
Evrim Resources Corp.
President & CEO
Evrim Resources Corp.
Vice President, Business Development
Most Popular Stories
- Supreme Court Rules Against Arizona Registration Law
- Entries for the 2013 Social Media Leadership Awards
- Guns Are Hot in California
- George Zimmerman Arrest Viewed Differently According to Race
- Edward Snowden Wrong About Hong Kong, Some in Territory Say
- El Paso Symposium Offers Help to Startups
- U.K. Spied on G20 Emails, Phone Calls
- Social Media in the Public Sector
- Icelandic Whalers Head Out to Sea
- Boeing, Airbus Vie for Big Orders at Paris Air Show