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Diagnos to analyze mining data for Everton
2007-11-13 10:18 ET - News Release
Also News Release (C-EVR) Everton Resources Inc
Mr. Andre Larente of Diagnos reports
DIAGNOS AND EVERTON RESOURCES SIGN A STRATEGIC AGREEMENT FOR A MAJOR PROJECT IN MINING EXPLORATION
Diagnos Inc. has signed a service agreement for a large targeting project with Everton Resources Inc., a Canadian exploration mining company which owns key properties in the Dominican Republic and the province of Quebec, Canada. Diagnos will use its CARDS (computer-aided resource detection software) system on the data provided by Everton Resources with the aim of identifying targets for precious and base metals on a territory covering many tens of thousands of square kilometres.
The highlights of this agreement are as follows.
Everton will pay Diagnos an amount of $175,000 in cash and will grant 50,000 common shares which value should not be under 80 cents each on the day of the grant. In the event of this case, Everton will grant the equivalent of $40,000 of shares.
These amounts are versed for consulting fees and for Everton to acquire a territorial exclusiveness in acquisition of titles, companies and in partnership development for a two-year period after the remittal of the report. At the end of these two years, Diagnos could decide to develop business partnerships on the basis of the results of the targeted zone.
A 2-per-cent net smelter return royalty will also be paid to Diagnos for each economical discovery on the studied zone. Everton Resources will have the option to acquire 1 per cent of this NSR for $1-million at all times.
The limit delivery date of the final report is Jan. 30, 2008.
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