VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/28/13 -- Evrim Resources Corp. (TSX VENTURE: EVM) ("Evrim" or the "Company") is pleased to announce that exploration partner Inmet Mining Corporation ("Inmet") has approved a $2.43 million drilling and geophysical program on the Company's wholly owned Cumobabi project in Sonora, Mexico. The Cumobabi project comprises 407 square kilometre of prospective ground within the Sonora copper-molybdenum porphyry belt, approximately 130 kilometres north east of Hermosillo.
"The drill program at Cumobabi represents Evrim's first opportunity to test geophysical targets identified in 2012," commented Paddy Nicol, President and CEO of Evrim. "The targets are based on a culmination of work conducted by Evrim and Inmet over the past two years, some of which have never been drill tested before. Good exploration requires a disciplined approach and dedication to systematically test targets; we are very fortunate to have that commitment with Inmet at Cumobabi."
The exploration program at Cumobabi includes 4,800 metres of diamond drilling focused in the southern half of the project, where a 100 line-kilometre IP geophysical program was completed in 2012. Specifically, crews will drill test a combination of blind, co-incident, multi-kilometre scale chargeability and resistivity anomalies with supporting surface geological alteration and anomalous geochemistry. Approximately seven to eight drill holes will test the Jurahui, Garambullal, La Palma and Bellotal target areas. This program will be the first drill test of these target areas with the exception of Garambullal. Based on the success of the IP program at generating drill targets on the southern half of the project, a further 30 line-kilometres of IP will be completed on the northern half of the project.
About the Cumobabi Project
The Cumobabi copper project consists of 407 square kilometres in a proven porphyry and breccia district in Sonora, Mexico. The underlying geology is comprised of Cretaceous andesite volcanic centres intruded by Laramide age rocks including granodiorite and quartz-feldspar porphyries. The Cumobabi project is in its third year of a five year option with Inmet whereby Inmet can earn a 60% interest in the project by spending $5,000,000 in exploration expenditures and making cash payments of $250,000.
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.
Qualified Person Statement
Evrim's disclosure of technical or scientific information in this press release has been reviewed and approved by Stewart Harris, P.Geo. Vice President, Exploration for the Company. Mr. Harris serves as a Qualified Person under the definition of National Instrument 43-101.
For further information on Evrim please visit www.evrimresources.com.
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
- Cape Cod Building Mussel Industry
- Hollywood Eager to Grasp Hispanic Market
- Frightfully Fun Films Return for Halloween
- Sears Denies Store Closings, Layoffs Report
- Microsoft Beats Income Expectations
- Would Soccer Be Richer Without Small Clubs?
- Cloud Lifts Microsoft's Quarterly Results
- Pfizer Approves $11 Billion Buyback Plan
- IS Funded by Black Market Oil Sales, Racketeering
- Weekly Jobless Claims Rise but Remain Low