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Albert Mining options 7 Chapais project claims to Everton Resources

Everton Resources Inc. said Dec. 12 that it signed an option agreement for the right to acquire up to a 75% stake in seven copper-gold prospective claims within Albert Mining Inc.'s Chapais project in Quebec.

Under the deal, Everton will pay C$30,000 or issue 1 million common shares to Albert within the first 30 days of signing the agreement and will have the option to earn a 50% stake in the property after spending C$120,000 within the first year.

Following the 50% earn-in, Everton must spend C$125,000 per annum on the property exploration in the second and third years and grant Albert 1.5 million common shares to secure a further 25% interest in the claims and increase its ownership to 75%. Everton will also grant Albert a 2% net smelter royalty on any commercial production from the assets.

Everton will have the right to reduce the royalty to 1% by paying Albert C$1 million in cash at any time within five years of an economic discovery within the claims.

Albert will serve as the operator of exploration programs at the property, but as part of the deal, Everton will drill three holes totaling 650 meters to validate two under-explored copper targets that were generated in 2010.