(via Thenewswire.ca)
Vancouver, BC / TheNewswire / August 14, 2015 - Durango Resources Inc. (the "Company" or "Durango") is pleased to announce that it has purchased a 100% interest in a past-producing limestone property on the north coast of British Columbia (the "Property"). The Property is on Smith Island approximately 6 kilometers southwest of Lelu Island - where the proposed $36 billion LNG facility is expected to be built by the Petronas LNG Consortium (Pacific Northwest LNG).
The Huffington Post Canada reported on July 26, 2015 that "the province passed legislation ... that allowed it to enter into an agreement with the consortium to build an LNG export terminal near Prince Rupert."
Marcy Kiesman, CEO of Durango, said, "Durango is delighted to have acquired the closest known industrial mineral occurrences to both of the proposed LNG projects in the northwest which have projected capital costs exceeding $76 billion dollars. The Company plans to differentiate itself by wholly owning and developing historical limestone assets in close proximity to the LNG proposed projects in Kitimat and Prince Rupert. Both of the limestone assets are logistically sound and host historical limestone occurrences enabling Durango's management to focus on moving the projects forward by relying on its past experience in industrial mineral mining."
A purchase price of $35,000 has been negotiated between the Company and the arm's length vendor of the property and will be paid following the close of a private placement. Marcy Kiesman said, "Considering Durango's favourable capital structure, its current assets, and the $76 billion capital cost projections of the Petronas and Shell LNG projects, the Company aims to complete a private placement above the current market price."
Durango will be hosting an information session on the projects with the technical team in the upcoming weeks regarding the LNG opportunities as soon as the historical data has been reviewed. If you wish to attend, please visit www.durangolng.com to register and sign up for news on the limestone projects.
About Durango
Durango is a natural resources company engaged in the acquisition and exploration of mineral properties. In addition to the Smith Island and Mayner's Fortune limestone projects, the Company has a 100% interest in the Decouverte and Trove gold properties in the Abitibi Region of Quebec, 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: 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 timing of mineral resource estimates, future exploration or project development programs, execution of a definitive agreement, raising of funds, obtaining regulatory approvals 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.
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