VANCOUVER, British Columbia, April 03, 2019 (GLOBE NEWSWIRE) -- Evrim Resources Corp. (EVM.V) (“Evrim” or the “Company”) is pleased to announce an update to the maiden resource on the Ermitaño Project in Sonora, Mexico. Property owner First Majestic Silver Corp. (“First Majestic”) has announced a 20% increase in inferred resources over the 2018 estimation (previously announced March 29, 2018) and has also upgraded a portion of the deposit to indicated resources. Evrim holds a 2% NSR on Ermitaño, that is situated approximately four kilometres from First Majestic’s Santa Elena Mine boundary.
- A total of 8.81 million silver-equivalent ounces (approximately 119,000 gold-equivalent ounces) has been upgraded to indicated status from the 2018 inferred resources1,2
- Additional Inferred resources of 48.98 million silver-equivalent ounces (approximately 659,000 gold-equivalent ounces) representing a 20% increase over the 2018 maiden resource1,2
- First Majestic is planning to complete 16,000 metres of drilling in 2019 to investigate the continuity of mineralization at shallow depths that may be amenable to open pit extraction1
1. Information announced by First Majestic on March 29, 2019
2. Metal prices used by First Majestic for mineral resource estimates were US$17.50/oz silver and US$1,300/oz gold.
The entirety of the resource estimation can be viewed on First Majestic’s SEDAR filings at www.sedar.com.
“The increased resource at Ermitaño adds further value and longevity to Evrim’s royalty in the event the deposit is placed into commercial production”, commented Paddy Nicol, Evrim’s President and CEO. “According to First Majestic, Ermitaño could add several years of mine life to the Santa Elena Mine. Moreover, 16,000 metres of drilling is underway that could expand the deposit at depth and along strike. Environmental permitting is in its final stages.”
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.
The Company notes it is relying on First Majestic’s technical disclosure of March 29, 2019, February 25, 2019 and March 29, 2018.
About Evrim Resources
Evrim is a precious and base metals project generator, with early stage exploration projects and a database covering substantial areas of Mexico, western Canada and portions of southwestern United States. We focus our expertise on identifying new early stage exploration targets which are later advanced through option and joint venture agreements with industry partners to create shareholder value and avoid stock dilution. 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, Charles Funk, VP New Opportunities and Exploration at 604-248-8648, or Liliana Wong, Investor Relations Manager at 778-929-3382.
Visit our website at 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.