Vancouver, BC / Accesswire / May 9, 2014 / Durango Resources Inc. (the "Company" or "Durango") announces that, further to its news release dated May 6, 2014, the Company has finalized the details of its follow up exploration program for the Decouverte Property in northern Quebec, which is located about 100 kilometres northwest of Chibougamau near Lac Pasquale.
Management has planned an initial one week Decouverte work program to include chip channel sampling and detailed geological mapping of the particular areas of interest and is expected to be conducted as soon as the snow melts. The exploration will focus primarily on coincident magnetic and geochemical gold anomalies within the newly defined "Target Area 1" as described in the news release of May 5, 2014.
To fund this exploration program, Durango has arranged a non-brokered private placement of up to three million units at $0.07 cents per unit for gross proceeds of up to $210,000 to be used for the Decouverte exploration program and general working capital. Each unit will consist of one common share and one common share purchase warrant exercisable for two years at $0.10 from the date of closing of the private placement. The closing of the private placement is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
The Decouverte (Discovery) property of 5,100 ha, is located 100km north of Chibougamau in the Frotet - Evans greenstone belt. Durango carried out a 439 line kilometer helicopter borne Fugro airborne magnetic / electromagnetic geophysical survey on the property in 2011 (NR Nov 24, 2011). The property benefits from very favorable infrastructure including road accessibility (within 10km of Route du Nord and a myriad of logging roads) and a power line which bisects the property.
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 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 http://www.sedar.com/.
Marcy Kiesman, Chief Executive Officer
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 with SEDAR.
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.