Ditem Explorations/Lalande Property: Adjacent Claims Purchased
16 November 2011 - 8:58PM
Marketwired
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
(TSXV:DIT)
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