March 30, 2017 – Vancouver, BC – 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:
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:
ON BEHALF OF THE BOARD OF DIRECTORS,
Nav Dhaliwal, President & CEO
Bonterra Resources Inc.
For further information on Bonterra, contact Investor Relations
Telephone: 1 844 233 2034
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.