TORONTO, ONTARIO--(Marketwire - Nov. 29, 2012) - Deveron Resources Ltd. ("Deveron" or the "Company") (TSX:DVR) is pleased to announce that it has completed the terms of its option agreement and has now earned a 100% interest in its Nechako Property, subject to a 2% net smelter return royalty payable to the underlying vendor, and a 1% net smelter return royalty payable to Greencastle Resources Ltd. ("Greencastle").
Earlier in 2012, Greencastle assigned all of its right, title and interest in the underlying option agreement on the Nechako property to Deveron in consideration of Deveron issuing to Greencastle 2,431,090 units of Deveron and Deveron granting to Greencastle a 1% net smelter return royalty on the Nechako Property.
The Fall field work program at the Nechako Property has now been completed and rock, soil and silt samples are being prepared for analysis. The Property, covering approximately 13,000 hectares (28 claims), is located approximately 100 kilometres southwest of Vanderhoof, central British Columbia, in the developing Blackwater gold camp, where New Gold Inc. has recently delineated an open pit resource of over 10 million ounces of gold.
In addition, the Company announces that it has granted 1,000,000 stock options to officers, directors and consultants, pursuant to the Company's stock option plan at an exercise price of $0.25 per share, expiring on November 29, 2017. This stock option grant is subject to approval by the TSX Venture Exchange.
Statements in this press release regarding the Company's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. The Company does not assume any obligation to update or revise events or circumstances unless required by applicable securities laws.
Shares Outstanding: 11,794,505
Neither the 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.
Deveron Resources Ltd.
President and CEO
416-367-4571 ext. 228