Ditem Explorations/Lalande Property: Adjacent Claims Purchased
MONTREAL, QUEBEC -- (Marketwire) -- 11/16/11 -- Ditem Explorations (TSX VENTURE: DIT) (FRANKFURT: D8X) is pleased to announce that it has signed, subject to regulatory approval, an Agreement to earn a 100% interest in a block of 62 claims situated either within or adjacent to the Lalande Property. This agreement increases Ditem's position in the area from 162 claims to 224 claims, for a total of 12,320 hectares.
The 62 claims are composed of 10 in-fill claims and 52 extension claims to the Lalande Property, on which Ditem has recently announced the identification of large and important mineralised surface showings, with grades of up to 6.73% TREO on rock samples from the 2011 July/August exploration program. On the in-fill claims, SOQUEM in 1988 completed an exploration program and rare earth anomalous zones with grades (as evaluated at that time) of up to 3.7% TREO were reported.
In order to earn a 100% interest in the block, Ditem Explorations shall pay to two arm's length prospectors one million common shares of Ditem Explorations upon receiving regulatory approval for the transaction, one million common shares on the first anniversary and, finally, one million common shares on the second anniversary. A 2% NSR with a 1% buy- back clause for $1 M by Ditem Explorations was also granted. During this period, Ditem Explorations shall be sole administrator and operator of the claims.
'This purchase is necessary for obvious geological reasons and is key to moving quickly forward with a proposed drill program,' noted CEO and Chairman Raymond Savoie. 'All indicators are very positive.'
Ditem Explorations is an exploration and development company with properties in the Athabasca Basin in Saskatchewan, the Otish Basin (Otish Uranium and Lac Henri) and on the North Shore near La Romaine (Lalande) in Quebec. Drilling on the Lalande property is proposed as soon as possible in order to establish the depth and grades at depth of the mineralised zones. 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:
David Vincent
Director, Investor Relations
(514) 875-9034