VANCOUVER, British Columbia, Nov. 18, 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 Cumobabi Property ("Cumobabi") in Sonora, Mexico, 25 kilometres southeast of SilverCrest's mine operations at Santa Elena and adjacent to the Ermitaño Property.
Paddy Nicol, President and CEO of Evrim commented that "SilverCrest's acquisition of the Cumobabi project significantly consolidates SilverCrest's land position in the greater Cumobabi district. When combined with the recently acquired Ermitaño Property, SilverCrest now controls over 300 square kilometres of ground prospective for gold and silver resources for the Santa Elena mine. This transaction advances exploration of gold and silver for Cumobabi and aligns with Evrim's vision for potential future cash flow."
SilverCrest can earn a 100% interest in Cumobabi by paying US$75,000 upon signing the Agreement and US$50,000 each anniversary thereafter, completing a minimum of US$500,000 in exploration expenditures by the second anniversary, 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 1.5% Net Smelter Royalty ("NSR").
About the Cumobabi Property
The Cumobabi project consists of 137 square kilometres in a proven mining district in Sonora, Mexico. The underlying geology is comprised of Cretaceous andesite volcanic centres intruded by Laramide age granodiorite and quartz-feldspar porphyries. Epithermal characteristics, including large hydrothermal cells of argillic to advanced argillic alteration, quartz veining and anomalous epithermal style geochemistry are also present. No exploration on the property to date has specifically targeted epithermal gold-silver mineralization.
The property is held 100% by Evrim Resources Corp. subject to a 2% NSR. Cumobabi covers the majority of the Cumobabi breccia district and surrounds the past producing Cumobabi mine.
About Evrim Resources
Evrim Resources is a mineral exploration company whose goal is to participate in significant exploration discoveries supported by a sustainable business model. The Company has a diverse range of quality projects and a database in Mexico and portions of southwestern United States. The existing projects, and generation of quality exploration targets and ideas are advanced through option and joint venture agreements with industry partners to create shareholder value. Evrim's business plan also includes royalty creation utilizing the Company's exploration expertise and existing 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, Technical Services for the Company. Mr. Harris serves as a Qualified Person under the definition of National Instrument 43-101.
On Behalf of the Board
EVRIM RESOURCES CORP.
Paddy Nicol
President & CEO
To find out more about Evrim Resources Corp., please contact Paddy Nicol, President or Howard Davies, COO at 604-248-8648, or visit www.evrimresources.com.
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.