Tickers: XTSX:DGO, PINX:ATOXF
Tags: Mining
Vancouver, BC / TheNewswire / September 19, 2018 - Durango Resources Inc. (TSX.V-DGO) (Frankfurt-86A1) (OTCQB-ATOXF), (the "Company" or "Durango") reports that it will continue to hold 100% interest in its Trove Property located in Quebec.
The Trove Property is 1,188 hectares in size and is amid the Windfall Lake gold deposit which is one of the highest-grade resource stage gold projects in Canada. The Trove claims are in the Windfall-Urban Gold Camp district of northern Quebec surrounded by properties held by Osisko Mining Inc. (TSX-OSK) ("Osisko") and are a direct extension of the south west mineralized trend that BonTerra Resources Inc. ("Bonterra") is exploring on its Gladiator Gold Deposit and Coliseum Gold property.
Marcy Kiesman, President of Durango states, "We are extremely pleased to retain 100% possession of the strategically positioned Trove Property. Durango is grateful to BonTerra for entering into the Trove Option Agreement with Durango in 2017 as it allowed for exploration and drilling on other Durango properties without dilution to shareholders. Durango is also appreciative for BonTerra's exploration work performed on the Trove and the two-year claim renewal. We wish BonTerra enormous success as they focus on the expansion of their Gladiator Deposit, as Durango remains a large shareholder of BonTerra and will benefit from their continued success."
On September 11, 2018, BonTerra advised Durango in writing that it will not be proceeding with further exploration activities on the Trove Property. Accordingly, pursuant to the terms of the Option Agreement, Durango will retain its 100% interest in the Trove Property.
To date, pursuant to the terms of the Option Agreement, Durango received cash payments of $300,000 and 3 million common shares of BonTerra satisfying the terms up to and including the first anniversary. Durango currently holds 1.6 million common shares of BonTerra valued at $720,000, (based on the closing trading price of BonTerra's common shares on the TSX-V as of September 18, 2018).
Further updates will be provided as they become available. The Company would also like to announce the issuance of 650,000 options to directors and consultants exercisable at $0.06 for a period of three years subject to the approval of the TSX Venture Exchange. A more detailed version of this release may be viewed: http://durangoresourcesinc.com/durango-announces-it-will-retain-100-interest-in-strategically-positioned-trove-property/
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 Decouverte and Windfall 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 Whitney Northwest property near the Lake Shore Gold and Goldcorp joint venture in Ontario, the Dianna Lake silver project in northern Saskatchewan, and the Mayner's Fortune limestone property in northwest British Columbia.
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For further information on Durango, please refer to its SEDAR profile at www.sedar.com.
George Aizpurua, VP of Communications
First Canadian Capital Corp.
Telephone: 416.742.5600 or 647.500.2389
Email: gaizpurua@firstcanadiancapital.com
Marcy Kiesman, Chief Executive Officer
Telephone: 604.428.2900 or 604.339.2243
Email: durangoresourcesinc@gmail.com
Website: www.durangoresourcesinc.com
Forward-Looking Statements
This document may contain or refer to forward-looking information based on current expectations and the impact on the Company of these events. Forward-looking information is subject to significant risks and uncertainties, including market conditions, commencement and completion of exploration, positive assay results and raising additional capital for exploration expenditures, 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 its 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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