Everest Announces Update on Operations of Estrella Overseas Limited and New ...

28.04.10

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH US NEWSWIRES

Further to a news release dated March 22, 2010 by Everest Ventures Corp. (TSX VENTURE:EVE.P) ("Everest" or the "Corporation") announcing a proposed Qualifying Transaction (as such term is defined in the policies of the TSX Venture Exchange) with Estrella Overseas Limited ("Estrella"), Everest is pleased to provide the following updates.

Estrella Operational Update

Pursuant to its previously announced capital expenditure program, Estrella has completed the acquisition of two drilling rigs in South America. After the March 2010 equity capital raise whereby Estrella became debt free and received US$40 million of cash to grow its business (as disclosed in Everest's press release dated March 22, 2010), Estrella acquired: i) a 1,200 HP AC drilling rig, which is working on a Geothermal project at high altitude in Northern Chile, ii) a 350 HP light drilling, heavy workover rig for operations in the jungles of Peru, and iii) directional drilling equipment for Colombia and Peru. These acquisitions bring Estella's rig fleet to six, all of which are operating under contract. The two recently purchased rigs were purchased in their respective countries of operations, eliminating lease payments and increasing EBITDA.

Source: Stockhouse