Durango Provides Update On Limestone Projects Near Potential Petronas Lng Project
Vancouver, BC / TheNewswire / September 29, 2016 - Durango Resources Inc. (TSX.V-DGO), (the "Company" or "Durango") announces its plans to advance its limestone projects near Prince Rupert, British Columbia to prepare for the increase in aggregate and limestone required for infrastructure construction related to the potential construction of the Pacific NorthWest LNG export terminal in Northern British Columbia.
On September 27, 2016, the federal Liberal cabinet conditionally approved construction of the Pacific NorthWest LNG project, a proposed $11.4 billion terminal to export liquefied natural gas in Northern British Columbia.
Durango plans to move forward on its limestone projects near the proposed LNG facility. The Company is presently in the final stages of preparation for its upcoming phase 1 exploration program on its limestone properties.
The Globe and Mail report on business stated on September 27, 2016, "Constructing Pacific NorthWest LNG would be a massive shot in the arm for the B.C. economy. The consortium estimates the total cost at $36-billion by its completion in 2021, including the construction of the liquefaction terminal and pipelines that would connect with natural gas supplies..." In the same article, Conservative interim leader Rona Ambrose stated, "this is a project that will create thousands of jobs, create billions of dollars in investments and it is a project that's absolutely necessary for the prosperity of this country." (1)
Marcy Kiesman, CEO of Durango, comments, "Durango is very pleased with the decision from the federal government and looks forward to Petronas determining its path forward for the project. In anticipation, we will be actively moving forward with exploration programs on our limestone projects in the area."
Durango currently holds the past producing Smith Island limestone project located 6km southwest of Lelu Island which is where Petronas' $36B proposed LNG facility is expected to be built. Durango also holds a 320-hectare property called the Mayner's Fortune located 7.5km southwest of Terrace, B.C. which hosts six mapped sub parallel limestone units.
References
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(1)http://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/pacific-northwest-lng-decision/article32092033/
About Durango
Durango 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 and Smith Island limestone properties in northwest British Columbia, the Decouverte and Trove gold properties in the Abitibi Region of Quebec, and certain lithium properties near the Whabouchi project, the Buckshot graphite property near the Miller Mine in Quebec, the Dianna Lake silver project in northern Saskatchewan, the Whitney Northwest property near the Lake Shore Gold and Goldcorp joint venture in Ontario, as well as three sets of claims in the Labrador nickel corridor.
For further information on Durango, please refer to its SEDAR profile at www.sedar.com.
Marcy Kiesman, Chief Executive Officer
Telephone: 604.428.2900 or 604.339.2243
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 commencement and completion of future exploration, final approval from governmental entities on the LNG project, Petronas determining whether to proceed with the LNG project and the impact on the Company of these events. Forward-looking information is subject to significant risks and uncertainties, including market conditions, 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.
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