|July 20, 2011|
Vale Commences Exploration at Arroyo Amarillo
|Vancouver, BC - July 20, 2011: Evrim Resources Corp. (TSX.V:EVM) ("Evrim" or the "Company") is pleased to announce that exploration activity is underway on the Arroyo Amarillo copper project in Sonora, Mexico. The exploration work is being funded and supervised by Vale Exploration Canada, Inc., a wholly-owned subsidiary of Vale S.A. ("Vale"). Vale may acquire up to a 60% interest in Evrim's Arroyo Amarillo project by incurring US$4,000,000 in exploration expenditures and making cash payments of $400,000, and may elect to earn a further 10% interest in Arroyo Amarillo by solely funding and delivering an NI43-101 compliant feasibility study.|
Initial work at Arroyo Amarillo will include property scale geological mapping and geochemical sampling, in an effort to delineate the distribution of mineralization and alteration assemblages. Once completed, Vale will conduct an estimated 1000 line kilometres of airborne ZTEM and IP geophysical surveys to identify larger structural and alteration patterns that may control mineralization.
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 propylitic and phyllic 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.
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 by David Hladky, P.Geo., General Manager, Exploration for the Company. Mr. Hladky 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
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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