Everett Announces Private Placements and Completion of 4,000,000 Units

Vancouver, B.C., Canada, August 23, 2011 --(PR.com)-- Everett Resources Ltd. (“Everett”) is pleased to announce that it has agreed two non-brokered placements of its securities. The first a flow-through private placement of up to $770,000 of its securities consisting of the sale of 14,000,000 units at a price of $0.055 per unit, each unit consisting of one common share in the capital of Everett and one non-transferable share purchase warrant, with each warrant entitling the holder to acquire one additional non-flow-through common share of Everett at a price of $0.10 per share for a period of two years from the date of issue of the units. The proceeds of the offering will be used for exploration and development of the Menarik Property.

The second is a non-flow-through private placement of up to $325,000 of its securities consisting of the sale of 6,500,000 units at a price of $0.05 per unit, each unit consisting of one common share in the capital of Everett and one non-transferable share purchase warrant, with each warrant entitling the holder to acquire one additional common share of Everett at a price of $0.10 per share for a period of two years from the date of issue of the units. The proceeds of the offering will be used for general working capital.

Everett may pay a commission in cash and/or securities with respect to both financings.

The warrants in both offerings will be subject to an acceleration clause that would require their exercise within thirty days of notice from Everett in the event that Everett's shares trade at or above $0.20 per share for a period of 20 days.

The private placements are subject to acceptance for filing by the TSX Venture Exchange.

Private Placement Closes in Part

In conjunction with the foregoing private placements, Everett is pleased to announce that it has closed a subscription for 4,000,000 units of the flow-through offering at a price of $0.055 per unit for proceeds of $220,000. Each unit consists of one common share in the capital of the Company and one non-transferable share purchase warrant with each warrant entitling the holder to acquire one additional non-flow-through common share of the Company at a price of $0.10 per share for two years. The units and any underlying shares are subject to a hold period and may not be traded until December 17, 2011.

About Everett

Everett is a junior resource mineral exploration company with interests in two mineral properties, the Menarik located in Quebec and the San Juan Property located in New Mexico, U.S.A. To find out more about Everett Resources Ltd., visit Everett's website at www.everettresources.com

The Menarik Property, Quebec
As set out in the joint news release issued by Everett and Pro-Or Inc. ("Pro-Or") on September 23, 2010, the Menarik Property is located in northwestern Quebec, approximately 45 kilometers to the south east of the town of Radisson. It comprises a contiguous group of 67 claims, for a total area of 3,062 hectares, fully owned by Pro-Or, free of any royalties. Pro-Or, to date, has incurred expenditures in the order of $6,900,000 on the Property. Based on a compilation report by consultant geologist, Yvan Bussieres, five different types of mineralization have been indentified on the Menarik Property. A 43-101 compliant estimate of chromite resources made for Pro-Or in 2006 by the consultant group Roche from Quebec City and updated in 2009 by Yvan Bussières, P.Eng. reports a total of measured and indicated resources exceeding 6.2 million metric tons grading on average 7.69% Cr2O3. Gold showings and mineralized felsic volcanics were found on the edges. The chromitite formations are similar to those of the UG2 horizon in the Bushveld complex of South Africa, the gold bearing mineralization associated with ultramafic intrusions are similar to the Cadillac-Larder Lake Archean gold deposits and the mineralized felsic volcanics are similar to Noranda's Horne Mine.

Everett Resources Ltd.

Per: "Michael Waggett"
Michael Waggett, President

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