Everton Resources Inc. has received 12 million common shares of newly public NQ Exploration Inc., making Everton the largest shareholder in NQ Exploration.

Ottawa-based Everton, which is actively exploring a gold mine in the Opinaca region of James Bay, Que., said it obtained the NQ Exploration shares at a deemed price of 20 cents per share, for a total consideration of $2.4 million.

NQ Exploration, which is based in Montreal, made its public debut April 30 on the TSX Venture Exchange. Everton had announced in November that it would spin out 18 of its non-Opinaca properties to NQ Exploration, which now owns the entire property portfolio of the Societe de developpement de la Baie James and several other James Bay properties, for a total of 25 mines in the region.

Everton is now the largest shareholder of NQ Exploration, with approximately 49.9 per cent of its shares and two board seats.

"This spinoff will enable Everton to focus all of its resources in the Opinaca Reservoir Area adjacent to Goldcorp's Eleonore gold deposit," said Everton CEO Andre Audet in a statement. "Furthermore, the spinoff allows Everton to participate in the growth of the new vehicle and monetizes these assets at approximately two and a half times Everton's acquisition and exploration costs and allows the new company to actively work and develop this very promising portfolio of properties."

Mr. Audet added that the only non-Opinaca property Everton still controls is the Coulon concession in Quebec, which is an internal concession to Virginia Gold and Breakwater Resources's joint venture property.

Everton is also actively exploring in the Dominican Republic.