Durango Secures Additional Claims Hosting Pegmatites Near Whabouchi And Announces Exercise Of Warrants
Vancouver, BC / TheNewswire / April 20, 2016 - Durango Resources Inc. (TSX.V-DGO), (the "Company" or "Durango") announces further to the news of April 14, 2016, that it has secured the two claim blocks located to the northwest and southeast of Nemaska Lithium's Whabouchi Project in Quebec.
The Montagne North property is located to the northwest and is contiguous with Nemaska Lithium Corp.'s (TSX.V-NMX) Whabouchi Property and the Lac Noir property is located to the southeast of Nemaska Lithium's Whabouchi Property.
Both of the properties were purchased by Durango based on the pegmatites mapped by the Theberge report as discovered by Nemaska Lithium Corp. in 2011 and will be 100% owned by Durango upon payment of $50,000 to an arm's length vendor. Durango now holds over 2,100 hectares in the regional pegmatite belt.
Durango is now in final discussions regarding the joint ventures as previously announced on January 29, 2016 and February 18, 2016 in relation to the Buckshot graphite property and NMX East lithium property. A full update will be provided as soon as it becomes available on the joint ventures.
Additionally, Durango is pleased to announce that over the past week, warrant holders have exercised over 3.25 million warrants ("Warrants") for aggregate proceeds of over $325,000. Each Warrant was exercised for one common share at an exercise price of $0.10 per Warrant.
Marcy Kiesman, CEO of Durango comments, "We are pleased to have secured the strategic claims with pegmatites near the Whabouchi project in Quebec. The warrant exercises have strengthened our financial position and will enable management to plan a sampling program on our newly acquired properties to determine whether the mapped pegmatites host lithium. We look forward to an exciting year ahead and will work diligently to provide value to our shareholders."
About Durango Resources Inc.
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 the NMX East, Lac Noirs, Montagne North and Boomerang lithium properties near the Whabouchi mine, the Buckshot graphite property near the Miller Mine in Quebec, the Whitney Northwest property near the Lake Shore Gold and Goldcorp joint venture in Ontario, as well as three sets of claims in the Labrador nickel corridor.
For further information on Durango, please refer to its website and its SEDAR profile at www.sedar.com.
Marcy Kiesman, Chief Executive Officer
Telephone: 604.428.2900 or 604.339.2243
Facsimile: 888.266.3983
Email: durangoresourcesinc@gmail.com
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 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 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.
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