Vancouver, BC / ACCESSWIRE / September 23, 2014 / Durango Resources Inc. (the "Company" or "Durango") is pleased to report that it has closed its non brokered private placement as announced on September 16, 2014. Pursuant to the offering, the Company has raised $50,000 to be used for exploration on the Decouverte property in Quebec by way of issuing 714,285 units at seven cents per unit with a hold period expiring on January 19, 2015. Each unit consists of one common share and one third share purchase warrant with each warrant exercisable for a period of two years at a price of ten cents per warrant, expiring September 18, 2016. One placee purchased the 714,285 units.
About Decouverte
The Decouverte property is over 5,600 hectares, cover a synclinal fold nose of Archean units transected by a major NE trending shear zone in the Frotet-Evans greenstone belt. Durango carried out a helicopter borne DIGHEM EM/magnetic airborne geophysical survey on the property in 2011 (NR Nov 24, 2011) and soil geochemistry and prospecting covered target areas identified in the airborne survey in 2013. The geological setting is mainly mafic volcanics (basalts/andesites) cut by granitic units with significant iron formation units noted. Strong alteration including silicification and iron carbonate is noted. Significant soil values included 174 ppb Au, 0.66 ppm Ag, 150 ppm Ni, 200 ppm Cu and 240 ppm Ba. Chip/channel rock samples gave values of 7.6 g/t Au and 6.24 g/t Au in the recently discovered contact area. The property is located 100km north of Chibougamau, Quebec and benefits from favorable infrastructure including road accessibility, being 10 km from Route du Nord, and a power line which bisects the 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 Trove gold properties in the Abitibi of Quebec, the McGillivray base metal property in British Columbia, the Albany Spurs graphite property in northeastern Ontario and the Buckshot graphite property near the Miller Graphite mine in Quebec.
For further information on Durango, please refer to its SEDAR profile at www.sedar.com.
Marcy Kiesman, Chief Executive Officer
Telephone: 604.428.2900
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 timing of mineral resource estimates, obtaining financing, 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, as it relates 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.
SOURCE: Durango Resources Inc.