Ditem Signs LOI for Otish Rare Earth Property
13 Janvier 2011 - 3:48PM
Marketwired
Ditem Explorations (TSX VENTURE: DIT) is pleased to announce that
it has signed a Letter of Intent (LOI) to earn a 100% interest in
the Lac Henri property situated approximately 350 km northeast of
Chibougamau in the Otish Mountain region of Quebec. The LOI,
subject to regulatory approvals, confirms the transfer of all
rights, title and interests in the Lac Henri claims to Ditem
Explorations.
Ditem Explorations shall pay $10,000, issue 100,000 common
shares of Ditem Explorations and grant a 2% NSR to the seller. At
the date of the next permit renewal in February 2013, Ditem
Explorations shall have the option to either deliver an additional
200,000 common shares to the seller in order to maintain its
interest in the property or return a 100% interest in the property
to the seller.
The property consists of 65 claim cells covering a total area of
3,435 hectares. The southern border of the property is situated
approximately two kilometres outside the western edge of the Otish
Proterozoic Sedimentary basin. Recent prospecting programs and
subsequent laboratory analysis of outcrop samples taken from the
north-eastern area of the property revealed significant values in
rare earth elements associated with Archean granitic gneiss and
altered quartz-feldspar-biotite zone.
Ditem Explorations is a uranium exploration and development
company with properties in the Athabasca Basin in Saskatchewan
(Beartooth Island and Cree Lake) and the Otish Basin (Otish Uranium
Property) in Quebec, where a drill program announced in December
2010 is being completed and the preliminary results will be made
known shortly. Properties and general information may be viewed on
the Company's website at www.ditem.com.
Mr. Mario Joly (M.Sc), President of Ditem Explorations is the
Qualified Person (as that term is defined in National Instrument
43-101) who has reviewed this news release and is responsible for
the technical information reported herein.
Neither the 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.
Contacts: Ditem Explorations Inc. David Vincent Director,
Investor Relations 514-875-9034 david.vincent@ditem.com
www.ditem.com
(TSXV:DIT)
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