VANCOUVER, British Columbia, Jan. 14, 2014 (GLOBE NEWSWIRE) -- Evrim Resources Corp. (TSX-V:EVM) ("Evrim" or the "Company") is pleased to announce it has signed a five year option agreement (the "Agreement") with SilverCrest Mines Inc. (TSX-V:SVL) (NYSE MKT:SVLC) ("SilverCrest") whereby SilverCrest can acquire a 100% interest in the Company's Ermitaño Property in the State of Sonora, Mexico, adjacent to SilverCrest's mine operations at Santa Elena.
Paddy Nicol, President and CEO of Evrim commented "The Ermitaño Property offers SilverCrest the means to fast track the potential discovery of additional resources in the vicinity of the producing Santa Elena Mine. This transaction aligns Evrim's initiatives with securing quality partners with financial strength to complete exploration work, and also satisfies the Company's desire for potential future cash flow."
SilverCrest can earn a 100% interest in the Ermitaño Property by paying US$75,000 upon signing the Agreement (paid) and US$50,000 each anniversary thereafter, completing a minimum of US$500,000 in exploration expenditures in the first year, and delivering a Production Notice specifying mine and construction plans with accompanying permits. Upon vesting, SilverCrest will no longer be required to make the annual payments and Evrim will retain a 2% Net Smelter Royalty ("NSR").
About the Ermitaño Property
The Ermitaño Property consists of two concessions (I and II) totaling 165 square kilometres of contiguous mineral tenure located approximately 145 kilometres from Hermosillo and immediately adjacent to SilverCrest's Santa Elena Mine in Sonora, Mexico. Access to the property is by paved highway and secondary roads. Ermitaño I and II are held 100% by Evrim's Mexican subsidiary subject to an underlying third party NSR of 2%.
The Ermitaño I and II concessions are located along the same trend of mineralization currently being exploited at the Santa Elena Mine. The concessions host the same early Tertiary andesite and rhyolite volcanic rocks with major structures that host the Santa Elena silver and gold low sulphidation epithermal mineralization. Prospecting of Ermitaño I and II by Evrim has discovered a zone with evidence of low sulphidation epithermal veining with a strike length of approximately 1,400 metres on surface. This occurrence has never been drill tested and presents SilverCrest and Evrim with immediate targets for a fast track exploration program in 2014.
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. Currently, Evrim has three active exploration projects under option and one exploration alliance with two mining companies and one royalty company, respectively.
On Behalf of the Board
EVRIM RESOURCES CORP.
President & CEO
To find out more about Evrim Resources Corp., please contact Paddy Nicol, President or Lisa Stefan, Manager of Investor Relations 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.
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.
PADDY NICOL OR LISA STEFAN TEL: 604.248.8648 FAX: 604.248.8663