VANCOUVER, March 30, 2017 /CNW/ - Bonterra Resources Inc.
(TSX.V:BTR, US:BONXF, FSE:9BR1) ("Bonterra" or the
"Company") is pleased to announce that it has entered into
an option agreement (the "Agreement") with Durango Resources
Inc. (TSX.V:DGO) ("Durango"), by which Bonterra can earn a
100% interest in Durango's Trove Windfall Lake Property (the
"Trove Property") located in the Urban-Barry Gold
Camp district of northern Québec.
The Trove Property is a direct extension of the south west
mineralized trend that Bonterra is currently exploring on its
Gladiator gold deposit and Coliseum gold property. The
Company's technical team brings extensive experience associated
with the type of geology hosted by the Trove Property.
Nav Dhaliwal, President and
Chief Executive Officer of Bonterra, stated, "We are pleased
to have entered into this agreement with Durango on the Trove
Property, and to add significant value to Bonterra's large land
portfolio in the Urban-Barry Gold Camp, noting the Trove Property's
strategic location. The Urban-Barry Camp is one of most exciting
and busiest camps in Canada, and
2017 looks to exceed expectations and outpace the previous
year."
Pursuant to the Agreement, Bonterra can earn a 100% interest in
the Trove Property by making the following payments and share
issuances and undertaking the following exploration work:
- Pay $150,000 and issue 1,500,000
common shares within two business days of the date the TSX Venture
Exchange accepts the transaction (the "Closing Date");
- On or before the first anniversary of the Closing Date, pay a
further $150,000 and issue an
additional 1,500,000 common shares;
- On or before the second anniversary of the Closing Date, pay
$200,000 and complete a minimum of
$1,000,000 in exploration
expenditures;
Upon which Bonterra will have exercised the option and full
title of the Trove Property will be transferred from Durango to
Bonterra;
Durango will retain a 2% net smelter returns royalty in respect
of the Trove Property. Bonterra may purchase 50% of
this royalty at any time for $1,000,000.
For its efforts in introducing Durango to the Company, the
Company will issue as a finder's fee to CJC Technology Inc.
(Carlos Cervantes) 267,284 common
shares.
Acquisition of the Trove Property and payment of the finder's
fee are subject to the acceptance of the TSX Venture Exchange.
Bonterra Resources Quick Facts:
- Well financed with over $20m
recently raised.
- Gladiator Gold Deposit:
- 100% controlled 8,126-hectare in the Urban-Barry Camp in
Québec;
- Resource expansion and development program underway utilizing
minimum of four drill rigs with up to 40,000 meters planned;
- Drilled dimensions of the Gladiator Deposit are currently
outlined to a depth of 800 meters below surface, and a strike
length of 1,200 meters (1.2 km);
- Gladiator remains open in all directions with drilling
currently focused on the Deep East Zone, the Rivage Gap western
side, Rivage Gap infill and a potential Coliseum exploration;
- At least five distinct subparallel zones or mineralized
horizons have been identified to date.
- Larder Lake Gold Property:
- 100% controlled 2,221-hectare in the Cadillac-Larder Break camp
in Ontario (refer to March 17, 2016 news release highlighting
historical gold resource);
- Resource development and exploration program underway including
upcoming drill program and geological modelling.
ON BEHALF OF THE BOARD OF DIRECTORS,
Nav Dhaliwal, President &
CEO
Bonterra Resources Inc.
Forward-Looking Statements
This document may contain or refer to forward-looking
information based on current expectations, including, but not
limited to the completion of the transaction, obtaining the
approval of the TSX Venture Exchange, the prospect of Bonterra
achieving success in exploring the Trove Property, and the impact
on Durango and Bonterra of these event, including the effect on the
share prices of both Durango and Bonterra. 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 its 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.
For further information on Bonterra, contact Investor Relations:
Telephone: 1 844 233 2034, Email: ir@bonterraresources.com,
Website: www.bonterraresources.com
SOURCE BonTerra Resources Inc.