|June 16, 2011|
Vale options Evrim's Arroyo Amarillo Project in Sonora, Mexico
|Vancouver, BC - June 16, 2011: Evrim Resources Corp. (TSX.V:EVM) ("Evrim" or the "Company") is pleased to announce it has signed an option agreement (the "Agreement") with Vale Exploration Canada Inc., a wholly-owned subsidiary of Vale S.A. ("Vale") whereby Vale may acquire up to a 70% interest in Evrim's Arroyo Amarillo project in Sonora, Mexico. |
Under the terms of the agreement, Vale will incur US$500,000 in exploration expenditures and make a cash payment of US$50,000 in year one, and may elect to incur US$3,500,000 in exploration expenditures and make cash payments totaling US$350,000 in years two to four to earn a 60% interest. Vale may elect to earn a further 10% interest in Arroyo Amarillo by solely funding and delivering a 43-101 compliant feasibility study within 48 months of exercising its first option.
The Arroyo Amarillo project covers approximately 200 square kilometres of underexplored ground located 180 kilometres southeast of Hermosillo. The project hosts polymetallic veins with significant silver values in widespread argillic alteration zones within Late Cretaceous age andesite. This mineralization is interpreted to be the preserved top of a porphyry copper-molybdenum system that has never been tested below the polymetallic vein occurrences. Adjacent to the polymetallic veins are magnetic targets located in a graben filled with post mineral rocks that have not been tested either. Surface grab sampling at Arroyo Amarillo has returned values of up to 2.72 g/t gold, 1405.0 g/t silver, 1.19% copper, 16.15% lead, and 2.43% zinc.
Paddy Nicol, President of Evrim commented, "This transaction represents the third exploration property now optioned out to recognized industry partners. We are very pleased to have Vale bring their exploration expertise to bear on Arroyo Amarillo. The success of any prospect generator can be traced to the strength of its exploration partners and the addition of Vale certainly meets that test for Evrim."
About Vale S.A.
Vale is the world's second largest metals and mining company by market capitalization with its headquarters in Brazil. Vale reported operating revenues of US$46.481 billion and net earnings of US$17.264 billion in 2010. Vale is committed to the pursuit of sustainable growth by operating with respect for the natural environment and being an ethically and socially responsible company.
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 projects developed internally.
Qualified Person Statement
The content of this release has been reviewed David A. Caulfield, P.Geo., a Director of the Company. Mr. Caulfield is a Qualified Person as defined under the terms of National Instrument 43-101.
For further information on Evrim please visit www.evrimresources.com.
On Behalf of the Board
EVRIM RESOURCES CORP.
President, CEO, & Director
To find out more about Evrim Resources Corp., please contact Paddy Nicol, President or Rory Kutluoglu, VP Business Development at 604-248-8648.
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.
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