Durango Sells Bonterra Shares For Over $750,000

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[{"type":"text","content":"Durango Sells Bonterra Shares For Over $750,000(via TheNewswire)\n \n \nVancouver, BC / TheNewswire / December 8, 2017 - Durango Resources Inc. (TSX.V-DGO), (the \"Company\" or \"Durango\") is pleased to announce that, further to its news releases dated March 30 and April 20, 2017, Durango has sold 1,400,000 shares (each, a \"Bonterra Share\") of Bonterra Resources Inc. (\"Bonterra\") for an aggregate of approximately C$750,000. Pursuant to the terms of an option agreement (\"Option Agreement\"), between Bonterra and Durango, 1.5 million Bonterra Shares were issued to Durango as the first payment in respect to Durango's Trove Property. Durango still holds 100,000 Bonterra Shares that were issued as part of the first payment.\n\n\n \nPursuant to the terms of the Option Agreement, Bonterra may earn a 100% interest in the Trove Property by making the following additional payments to Durango and undertaking the following exploration work: \n\n\n \n\n\n-on or before the first anniversary of the closing date, pay a further C$150,000 in cash and issue an additional 1.5 million Bonterra Shares; and\n\n\n\n-on or before the second anniversary of the closing date, pay C$200,000 in cash and complete a minimum of $1-million in exploration expenditures.\n\n\n\n\n \nOnce the option is fully-exercised, Durango will retain a 2% net smelter return royalty in respect of the Trove Property. Bonterra may purchase 50% of this royalty at any time for a cash payment of $1-million.\n\n\n \nMarcy Kiesman, CEO of Durango, comments, \"We are so delighted to have entered into this transaction with Bonterra that has resulted in Durango obtaining a cash injection of over $750,000 without shareholder dilution. The transaction positions Durango and its shareholders to participate further in Bonterra's share price appreciation as it continues to hold free-trading shares. An additional 1.5 million Bonterra shares may be issued to Durango if certain conditions are met, pursuant to the terms of the Option Agreement. We look forward to an exciting new year ahead in 2018.\"\n\n\n \nAbout Durango\n\n\n \nDurango 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 limestone properties in northwest British Columbia, the Decouverte and Trove gold properties in the Abitib...

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