- Identified pegmatite outcrops via satellite imagery
- Will help to direct the upcoming work program for Whabouchi area properties.
Vancouver, BC / June 27, 2016 – Durango Resources Inc. (TSX.V-DGO), (the “Company” or “Durango“) announces that further to the news release of June 23, 2016, Mr. Donald Theberge, P.Eng., M.B.A has identified pegmatite outcrops via satellite imagery which will help to direct the upcoming work program for Durango’s Nemaska Whabouchi area properties.
During Mr. Theberge’s compilation of information on Durango’s ground adjacent to and near the proposed Whabouchi Lithium Mine in Quebec, new satellite images were acquired which displayed outcropping of pegmatites on Durango’s properties.
Marcy Kiesman, CEO of Durango, comments, “We are pleased to see that additional pegmatite outcrops occur on one of our recently titled southern lithium properties in addition to the pegmatites which were already known on Durango’s claims. The upcoming work program will now include the newly titled claims called ‘Whabouchi South’ and ‘Lac Noir’ which are adjacent to Nemaska Lithium’s Whabouchi property and south of Durango’s NMX East claims in Quebec.”
Further to its news dated April 28, 2016, Durango advises that the proposed optionee of its NMX East properties did not confirm that it had completed due diligence to its satisfaction prior to the end of the sixty-day period specified in the term sheet (the “Term Sheet”). Consequently, management advised the proposed optionee that the Term Sheet is terminated. The proposed optionee of the NMX East properties claims that the Term Sheet is still in effect. While Durango disagrees, it is willing to continue negotiations with the proposed optionee in respect of optioning the 11 claims that were subject to the Term Sheet and will provide further details as they become available. In the meantime, Durango will be focusing its efforts on the other 38 titled lithium claims that it holds in the area.
Further to the news release dated June 22, 2016, Durango wishes to provide further disclosure on the proposed private placement (the “Financing”) as it is expected that some of the securities comprising the Financing will be distributed pursuant to the recently-adopted BC Instrument 45-536, which provides a prospectus exemption for certain securities distributions made through an investment dealer. As noted in the June 22nd news release, the Financing will be comprised of up to 2.5 million units (the “Non-Flow Through Units”) at a price of $0.10 per Non-Flow Through Unit and 2.5 million flow through units (the “Flow Through Units”) at a price of $0.125 per Flow-Through Unit, to raise gross proceeds of up to $562,500. The Company has not established any minimum offering size.
It is expected that all funds raised in connection with the Flow-Through Units will be used for exploration programs on Durango’s mineral properties in northern Quebec, including its Nemaska-area lithium projects and possibly its Trove and Decouverte properties. It is also expected that the funds raised in connection with the Non-Flow Through Units will be used for exploration programs on Durango’s Dianna Lake silver property in northern Saskatchewan and its Whitney NW property near Timmins, Ontario and also for general working capital. There is no material fact or material change about the Company that has not been generally disclosed.
The technical contents of this release were approved by Mr. Donald Theberge P.Eng., M.B.A., a Qualified Person as defined by National Instrument 43-101. The property has not been the subject of a National Instrument 43-101 report.
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 certain lithium properties near the Whabouchi mine, the Buckshot graphite property near the Miller Mine in Quebec, the Dianna Lake silver project in northern Saskatchewan, the Whitney Northwest property near the Lake Shore Gold and Goldcorp joint venture in Ontario, as well as three sets of claims in the Labrador nickel corridor.
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]
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 the purchase, development, completion of the Financing, commencement and completion of 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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