TSX Venture Exchange Approves Kahuna Option Agreement
Vancouver, BC, Canada / TNW-ACCESSWIRE / January 5, 2015 - Dunnedin Ventures Inc. (the "Company" or "Dunnedin") (TSX-V: DVI) is pleased to announce approval by the TSX Venture Exchange of the Option Agreement (the "Option") the Company has entered into with Gary Thompson and Sorin Posescu, wherein the Company can earn a 100% interest in the "Kahuna Diamond Project" (the "Project"), located in Nunavut, Canada, as originally announced in Dunnedin's news release of August 18th, 2014.
Terms of the Option Agreement
In order to exercise the Option, the Company must make cumulative exploration expenditures on the Project totalling $5,000,000 over four years, with a minimum of $400,000 to be spent within the first year of the Option, and no less than $1,000,000 to be spent in each subsequent year of the Option. In addition, the Company must issue 11,000,000 common shares, and pay $700,000 as follows: $50,000 upon execution of the Letter of Intent (paid), 2,200,000 shares (issued) and $50,000 on receipt of Exchange approval of the Option (paid), 2,200,000 shares and $100,000 by the first anniversary, 2,200,000 shares and $150,000 by the second anniversary, 2,200,000 shares and $150,000 by the third anniversary, and 2,200,000 shares and $200,000 by the fourth anniversary.
For further information please contact Mr. Chris Taylor, M.Sc., P.Geo, CEO at 604 681 0084, or Mr. Allan Barry Laboucan, Special Advisor at 604 505 4753.
On behalf of the Board of Directors
Chris Taylor
Chief Executive Officer
About the Kahuna Project
Kahuna is an advanced stage high grade diamond project located near Rankin Inlet, Nunavut. Three main diamondiferous kimberlite dikes have been drilled and bulk sampled and returned grades of 0.85 to 2.18 carats per tonne, the Kahuna, PST and Notch. Mineral resource estimates have not yet been published for these targets, however the kimberlites yielded high macrodiamond counts and diamonds over one carat in size. The largest diamond recovered was a 5.43 carat stone from the Kahuna dike that had been broken during the sample preparation process and was reconstructed as having an original size of 13.42 carats. The dikes have comparable strike lengths, widths and grades to producing diamond mines and occur within a broad network of largely untested geophysical targets, overlain by dense diamond indicator mineral trains.
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.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements". Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.
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