VANCOUVER, British Columbia, Oct. 17, 2014 (GLOBE NEWSWIRE) -- Evrim Resources Corp. (TSX.V:EVM) ("Evrim" or the "Company") has been advised by its partner, First Quantum Minerals Inc. ("First Quantum"), that it is relinquishing its option to earn up to a 60% interest in the Cumobabi project in Sonora, Mexico.
Evrim President & CEO Paddy Nicol stated, "We would like to thank First Quantum for their exploration expertise and financial support on the Cumobabi project over the past three years. Exploration work totalling $3.5 million included geochemical and geophysical surveys, and 3,000 meters of drilling. Evrim has processed the data received from First Quantum and is seeking new partners for the project."
About the Cumobabi Project
The Cumobabi copper project consists of 137 square kilometres in a proven porphyry district in Sonora, Mexico. The underlying geology is comprised of Cretaceous andesite volcanic centres intruded by Laramide age rocks including granodiorite and quartz-feldspar porphyries. Large-scale hydrothermal cells, as indicated by geological and spectral alteration mapping, surface geochemistry and geophysics, are interpreted as a lithocap environment that is prospective for porphyry copper-molybdenum and 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, 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.
On Behalf of the Board
EVRIM RESOURCES CORP.
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.
Source:Evrim Resources Corp.