Agoracom Blog

Durango Enters ROFR on South Clayton Valley Lithium

Posted by AGORACOM-JC at 9:20 AM on Monday, November 23rd, 2015

  • Agreed to terms in a right of first refusal (ROFR) with an arm’s length vendor for a 2,460 acre lithium project called the East Fault claims located in the South Clayton Valley of Nevada, USA
  • East Fault claims cover the area from Pure Energy Minerals’ (TSX-V:PE) eastern border to the east bounding (graben) faults the East Fault and E-2 Fault.

Vancouver, BC / November 23, 2015 – Durango Resources Inc. (the “Company” or “Durango”) announces that it has agreed to terms in a right of first refusal (ROFR) with an arm’s length vendor for a 2,460 acre lithium project called the East Fault claims located in the South Clayton Valley of Nevada, USA.

The East Fault claims cover the area from Pure Energy Minerals’ (TSX-V:PE) eastern border to the east bounding (graben) faults the East Fault and E-2 Fault. The property includes eleven kilometers (7 miles) of the East Fault, 3.5 kilometers (2.2 miles) of the E-2 Fault, and eight kilometers (5 miles) of the (projected) 1,000 meter bedrock depth gravity contour (See Pure Energy NI 43-101 Technical Report, July 17, 2015).

The ROFR terms set out between Durango and the vendor specify that Durango has 30 days to complete due diligence on the claims and the accompanying data and enter into a definitive agreement. Once an agreement is signed the Company will:

-Issue one million shares of Durango to the vendor after approval of the transaction by the TSX Venture Exchange;

-Sign a 3% Net Smelter Royalty (NSR), with the option of a 1% buyback for $1M within three years of signing a definitive agreement; and

-Pay $29,000 USD in claim fees.

Further details on the East Fault property will be announced as they become available. Durango looks to complete private placement and flow through financings to enable immediate exploration on the NMX East claims adjacent to Nemaska Lithium (TSX.V-NMX) and to further evaluate the claims adjacent to Pure Energy in Nevada, USA.

The technical contents of this release were approved by Mr. Case Lewis, P.Geo., a qualified person as defined by National Instrument 43-101.

About Durango

Durango is a natural resources company engaged in the acquisition and exploration of mineral properties. The Company has a 100% interest in the Mayner’s Fortune and Smith Island limestone properties in northwest British Columbia, the Decouverte and Trove gold properties in the Abitibi Region of Quebec, and the NMX East lithium property near the Whabouchi mine in Quebec, as well as three sets of claims in the Labrador nickel corridor.

DURANGO ENTRE DPR SUR SUD CLAYTON VALLEY LITHIUM

Vancouver, Colombie-Britannique / TheNewswire / 23 Novembre, ici a 2015 – Ressources Durango Inc. (la “Societe” ou “Durango”) annonce qu’elle a convenu de termes dans un droit de premier refus (DPR) avec une longueur de fournisseur d’un bras pour un acre 2460 projet de lithium appele revendications Fault-Orient situes dans le sud de la vallee de Clayton Nevada, USA.

Les revendications Fault-Orient couvrent la zone de Pur Minerals energie ‘(TSX-V: PE) frontiere orientale aux delimitation Est (graben) defauts de la faute de l’Est et E-2 defauts. La propriete comprend onze kilometres (7 miles) de la faille de l’Est, a 3,5 kilometres (2,2 miles) de la faille de E-2, et a huit kilometres (5 miles) de la (projetee) de 1000 metres de profondeur du substratum rocheux gravite contour (Voir Ni pur energie Rapport technique 43-101, le 17 Juillet, 2015).

Les termes DPR enonces entre Durango et le vendeur preciser que Durango a 30 jours pour completer la diligence raisonnable sur les revendications et les donnees d’accompagnement et de conclure un accord definitif. Une fois qu’un accord est signe la Societe seront:

o Numero un million d’actions de Durango au vendeur apres l’approbation de la transaction par la Bourse de croissance TSX;

o Signer une fonderie de 3% net Libre (NSR), avec l’option d’un rachat de 1% pour 1 M $ dans les trois ans suivant la signature d’un accord definitif; et

o Payer 29.000 $ USD en frais de reclamation.

Plus de details sur la propriete Fault-Orient seront annonces des qu’ils seront disponibles. Durango cherche a completer un placement prive et de circuler a travers des financements pour permettre l’exploration immediate sur la NMX-Orient claims adjacents a Nemaska Lithium (TSX.V-NMX) et pour evaluer davantage les claims adjacents a Pure Energy dans le Nevada, USA.

Le contenu technique de ce communique de presse ont ete approuvees par M. Case Lewis, P.Geo., Une personne qualifiee tel que defini par la Norme canadienne 43-101.

A propos de Durango

Durango est une societe des ressources naturelles engagee dans l’acquisition et l’exploration de proprietes minieres. La Societe a un interet de 100% dans la fortune et Smith Island proprietes de calcaire de la Mayner du nord-ouest Colombie-Britannique, la decouverte et de proprietes auriferes Trove dans la region de l’Abitibi au Quebec, et la propriete de lithium NMX Est, pres de la mine Whabouchi au Quebec, ainsi que trois jeux de revendications dans le couloir de nickel du Labrador.

For further information on Durango, please refer to its SEDAR profile at www.sedar.com.

Marcy Kiesman, Chief Executive Officer

Telephone: 604.428.2900 or 604.339.2243

Facsimile: 888.266.3983

Email: [email protected]l.com

Website: www.durangoresourcesinc.com

Forward-Looking Statements

This document may contain or refer to forward-looking information based on current expectations, including, but not limited to timing of mineral resource estimates, future exploration or project development programs and the impact on the Company of these events. Forward-looking information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Forward-looking information is provided as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances. For a detailed list of risks and uncertainties relating to Durango, please refer to the Company’s prospectus filed on its SEDAR profile at www.sedar.com.

Neither 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.

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