Vancouver, BC / TheNewswire / April 20, 2017 - Durango Resources Inc. (TSX.V-DGO, OTC: ATOXF, FSE:86A1), ("Durango") is pleased to announce that it has received the first option payment in relation to the option agreement (the "Agreement") with BonTerra Resources Inc. ("BonTerra") as announced on March 30, 2016 in relation to Durango's Trove Property located in the Windfall-Urban Gold Camp district of northern Quebec (the "Trove Property").
The Trove Property is surrounded by properties held by Osisko Mining Inc. (TSX: OSK) ("Osisko") and Beaufield Resources Inc. (TSXV: BFD) ("Beaufield"), and is a direct extension of the south west mineralized trend that BonTerra is currently exploring on its Gladiator Gold Deposit and Coliseum Gold Property.
Pursuant to the Agreement, BonTerra has paid its first payment of C$150,000 in cash and 1,500,000 BonTerra common shares as a first step to earning a 100% interest in the Trove Property from Durango. In order for BonTerra to earn a 100% interest in the Trove Property, it has to pay an additional $150,000 in cash and 1,500,000 BonTerra common shares on the first anniversary of the Agreement, and a further $200,000 in cash and spend a minimum of $1,000,000 in exploration expenditures on or before the second anniversary of the Agreement. If BonTerra fully exercises its option pursuant to the Agreement, Durango will retain a 2% NSR on the Trove Property.
Marcy Kiesman, CEO of Durango, stated "Durango is pleased with the transaction with BonTerra as it is providing capital to Durango without any dilution to shareholders. Durango recently acquired additional strategically located claim blocks in the Windfall Lake area, some of which are adjacent to Osisko and within a few kilometres of the Trove Property boundary. Durango plans to advance the Windfall East and West properties in 2017. Durango is positioning to finance exploration drilling programs on its projects with the recent and future cash and share deposits due to the Trove option agreement."
The Agreement has been filed on SEDAR under the profile of Durango at www.sedar.com.
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, and the Whitney Northwest property near the Lake Shore Gold and Goldcorp joint venture in Ontario.
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
This document may contain or refer to forward-looking information based on current expectations, including, but not limited to receiving additional payments pursuant to the Agreement, Durango engaging in future drilling programs, raising additional funds, exploration results on any of its properties or the 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.