Co-founder of Underworld Part of Team at Helm of Everett Resources Ltd. - Now Highly Prospective for Major Gold and Nickel Discovery

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The co-founder and past Chairman of Underworld Resources Ltd. has a nose for gold, he is now part of the team at the helm of Everett Resources Ltd. This Q4 2010 EAR.V will be delineating drill targets and drilling where high value poly-metallic and precious metals showings appear in northwestern Quebec. Limited drilling of short holes has returned promising results with encouraging gold-bearing intervals exceeding 1 g/t Au. Highlights include 7.0 g/t Au across 0.4 meter within a 2.8-meter interval grading 1.3 g/t; 3.0 g/t Au across 0.3 m within 2.4 meters grading 1.3 g/t Au; 3.7 g/t Au across 0.5 m; and 26.0 g/t Au across 0.24 m. With only ~41M shares outstanding (~59M fully diluted) and trading under CDN$0.10 EAR.V appears poised for significant upside revaluation.

Mining MarketWatch Journal has published a review on Everett Resources Ltd. offering insight and opportunity afforded investors as EAR.V is advancing its recently acquired Menarik poly-metallic project located in NW Quebec, Canada. The property is best known for its chromite deposits, it currently contains a measured & indicated Chromite resource of 6.2M metric tons grading 7.69% Cr2O3, however it is the poly-metallic and precious metals showings that warrant investor attention as the planned Q4 2010 exploration efforts are considered to be exceptionally prospective for major gold and nickel discovery.
 
Everett Resources also holds the San Juan Uranium prospect, a unique Uranium property on the down dipping extension of the Grants Uranium Belt in New Mexico where geologists generally agree is a likely place to discover a major uranium deposit. Everett's land package contains 25 radioactive anomalies in the same strata where Uranium was discovered in the past.
 
The full Journal review may be found at http://miningmarketwatch.net/ear.htm online.

Excerpts:
Mining MarketWatch Journal contacted Clive Massey and geologist Bob Weicker at Everett Resources about the Menarik property's potential and they both agreed the poly-metallic and precious metals showings were very prospective with excellent near term discovery potential. Mr. Weicker offered the following recommendation on how Everett's exploration and drilling campaign would be applied "For the nickel targets it is proposed to complete a VTEM (Versatile Time Domain Electro-Magnetics) geophysical program, which is an widely used, efficient geophysical program that is used in the Ring of Fire and other parts of the world that have lead to new discoveries. The objective is for the VTEM program to indicate anomalies that correlate with the current nickel drill intersections and to indicate other drill targets. The fall program will also test multiple gold targets on various parts of the property." Clive Massey noted that on the gold targets there's a few shallow holes in some of them and directed us to the values summarized in Everett & Pro-Or's joint release dated Sept. 23, 2010 entitled "Sixteen New Showings From 2009 Program on the Menarik Property (James Bay)";
 
Highlights of the 2009 program include sixteen new sulphide mineral showings with significant values of gold, copper, and silver, in addition to numerous nickel-copper targets.

Mr.Yvon Bussieres senior geologist for the project recommends the following and outlines future objectives below:

Intrusive related gold mineralization - to date, expanded by the 2009 program, approximately 70 surface gold showings and geochemical anomalies have been located in the Duncan tonalite and dykes of gabbro, located north and east of the ultramafic complex, which host the chromite mineralization. Gold mineralization is associated with quartz veining trending north-northeast and north-northwest. Limited drilling of short holes has returned promising results with encouraging gold-bearing intervals exceeding 1 g/t Au. Highlights include 7.0 g/t Au across 0.4 meter within a 2.8-meter interval grading 1.3 g/t; 3.0 g/t Au across 0.3 m within 2.4 meters grading 1.3 g/t Au; 3.7 g/t Au across 0.5 m; and 26.0 g/t Au across 0.24 m.

Ultramafic related Nickel-Copper ± Palladium-Platinum mineralization - A dozen showings mineralized with Ni+Cu ± (Pd+Pt) were originally discovered in the ultramafics by surface prospecting. Since then, more than 60 drill sample intervals grading at least 1% Ni-equivalent (i.e. %Ni + 1/3 %Cu) have been found. Many of these belong to two coherent mineralized bodies that have been only partly explored. One of them, identified as Ni97 and located in a secondary ultramafic mass west of the main intrusion, contains indicated 43-101 resources of 1.1 million metric tons averaging 0.38% Ni and 0.15% Cu, as estimated by Mr. Bussières, with interpreted true widths varying between 11 and 43 meters.

VMS Targets - Gold and base metals associated with felsic volcanics (rhyolite) - To investigate four new showings of copper including a 4-metre thick rhyolite unit with up to 20% chalcopyrite and three showings of gold. All these showings are hosted in rhyolite units and are prospective for volcanogenic massive sulphide mineralization. A 26 km Induce Polarization (I.P.) survey was completed in 2009 over part of this sector north of Menarik lake and detected many chargeability anomalies that were found to be associated with surface showings or geochemical concentrations of these metals. To date thirteen mineral showings occur on the axes of a chargeablity IP anomaly. In exploratory holes drilled under the lake on an EM anomaly, zones of rhyolite exceeding 10 meters with anomalous Zn and Cu were intersected and one of them contained a 5.3-meter quartz vein bearing 1.9 g/t Au over 2.4 meters.

Mr. Bussières report recommends an aggressive 18,400 meter drilling program to be executed in two different zones, approximately 10,000 m to define the new VMS base metal, gold and Ni+Cu ± (Pd+Pt) targets and 8400 meters on the previously discovered Chromite zones.
 
Noteworthy Comparisons:
We note Pro-Or being intimately familiar with the highly prospective nature of the findings at Menarik to date draws parallels between a number of other deposits:
The chromitite formations are similar to the South African Archean stratiform orebodies (Bushveld complex UG2 horizons).

The massive sulphides are similar to the South African Bushveld complex Merensky reef and to Labrador's Voisey's Bay formation.

The Ni-Cu concentrations in the altered zones look like Ontario's Armit Lake property.

The gold showings are similar to the Cadillac-Larder Lake Archean gold deposits and the mineralized felsic volcanics are similar to Noranda's Horne Mine.
 
The indicators are clearly present for Everett Resources to hit a home run in Q4 2010, the inherent value of Everett Resources' Menarik poly-metallic property is potentially immense and not yet reflected in the current market cap of EAR.V, this should change as recent (and upcoming) developments are digested and appreciated by the market place.
 
This release may contain forward-looking statements regarding future events that involve risk and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual events or results. Articles, excerpts, commentary and reviews herein are for information purposes and are not solicitations to buy or sell any of the securities mentioned. Readers are referred to the terms of use, disclaimer and disclosure located at the above referenced URL.

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James O'Rourke
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