Durango Announces Private Placement To Explore Decouverte, QC
10 May 2014 - 9:04AM
Access Wire
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.
About Decouverte
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.
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 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
Telephone:
604.428.2900
Facsimile:
888.266.3983
Email:
durangoresourcesinc@gmail.com
Website:
http://www.atocharesources.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 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.
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