20 Jul

Dunnedin Raises $5.1 Million

July 20, 2017 – Vancouver, BC, Canada. – Dunnedin Ventures Inc. (the “Company“) (TSX-V: DVI) today announced that it has completed an over-subscribed non-brokered private placement of flow-through (each, a “FT Unit“) and non-flow through (each, a “NFT Unit“) units for gross proceeds of $4,546,250.  In connection with closing of the placement, the Company issued 1,325,000 FT Units at a price of $0.32, and 16,489,000 NFT Units at a price of $0.25.

The Company has also received gross proceeds of $597,000 from receipt of 3,980,000 warrants originating from a private placement closed on August 29, 2016, bringing total gross proceeds of the current private placement and warrant funds receipt to $5,143,250.

Significant participants in the private placement include Evanachan Ltd., a company wholly-owned by Rob McEwen, and Northfield Capital Corporation (TSX-V: NFD.A), a company controlled by Robert Cudney.

Each FT Unit consists of one common share and one-half-of-one share purchase warrant entitling the holder to acquire an additional common share at a price of $0.40 for a period of twenty-four months.  Each NFT Unit consists of one common share and one-half-of-one share purchase warrant entitling the holder to acquire an additional common share at a price of $0.35 for a period of twenty-four months.  The share purchase warrants issued as part of the FT Units and the NFT Units are subject to accelerated expiry in the event the closing price of the common shares of the Company on the TSX Venture Exchange is $0.55 or greater for twenty consecutive trading days.

“Dunnedin is well-positioned to proceed with both diamond and gold exploration at the Kahuna project,” said Chris Taylor, CEO of Dunnedin. “Our next steps include implementation of our planned spin-out through a plan of arrangement of the gold rights to the Kahuna project.  This includes finalizing the ratio of gold-focused spinout company shares to be received by shareholders on the date of record of July 17, 2017, determination of the relative market value of the diamond and gold assets of the Company as of the record date, and proceeding with a shareholder vote to approve the plan of arrangement.  This is of course against the backdrop of an active summer exploration program that has been ongoing since June and is expected to yield results over the near-term.”

In connection with closing of the placement the Company paid finders’ fees of $285,890.50 and issued 1,118,180 share purchase warrants (each, a “Broker Warrant“) to eligible parties who introduced subscribers to the placement.  Each Broker Warrant is exercisable to acquire a common share of the Company at a price of $0.25 for a period of twenty-four months, subject to accelerated expiry on the same terms as the warrants comprising the FT Units and the NFT Units.  All securities issued in connection with the private placement are subject to a four-month-and-one-day statutory hold period.  All participants in the private placement are shareholders of record on July 17, 2017 to also receive gold-focused spinout company shares.

Chris Taylor said, “I would like to thank the team at Pollitt & Co Inc. for their assistance with the successful conclusion of this over-subscribed placement, and for representing Dunnedin with the highest professional standards.”

 

The Company intends to use the proceeds of the private placement to advance its ongoing exploration program on the Kahuna project and for general working capital purposes including completion of its previously announced spinout of rights associated with gold mineralization on that project.  It is anticipated that a significant portion of the proceeds of the placement will be used to advance gold exploration work on the project.

 

For further information please contact Knox Henderson, Investor Relations, at 604-551-2360.

 

About Dunnedin Ventures

Dunnedin’s primary asset is the Kahuna project, where it has an option to earn a 100 percent interest.  Kahuna is an advanced stage high grade diamond project located near Rankin Inlet, Nunavut.  Dunnedin is now recovering diamonds and indicator minerals from a series of kimberlite and till samples collected from two seasons of field work.  An Inferred Resource released by Dunnedin showed over 4 million carats of macrodiamonds (+0.85 mm) at a grade of 1.01 carats per tonne had been defined along the partial strike length of the Kahuna and Notch kimberlite dikes through shallow drilling, and remains open to extension.  The largest diamond recovered was a 5.43 carat stone from the Kahuna dike which was a piece of a larger diamond that had been broken during the sample preparation process and was reconstructed as having an original size of 13.42 carats.  Recent results include a 0.82 tonne sample of the PST kimberlite dike which returned 96 macrodiamonds totalling 5.34 carats (+0.85 mm) and a 2.36 tonne sample of the Notch kimberlite which returned 89 macrodiamonds totalling 2.38 carats (+0.85 mm).

 

The Kahuna project is located adjacent to the development-stage Meliadine gold project of Agnico Eagle Mines Ltd. and has generated gold results in tills, bedrock and drill core across a wide area.  Gold is associated with several metasediment belts that cross the project.  The adjacent Meliadine project is also hosted by metasediments and has approximately 14.5 million tonnes of Proven and Probable Reserves grading 7.32 g/t gold, containing 3.4 million ounces of gold as of December 31, 2015.   There is an additional Indicated Resource of 20.7 million tonnes grading 4.95 g/t gold containing 3.3 million ounces of gold, and an additional Inferred Resource of 14.7 million tonnes grading 7.51 g/t gold containing 3.5 million ounces of gold (source: www.agnicoeagle.com).

 

Bob Singh, P. Geo., exploration manager, is the qualified person responsible for the technical content of this news release.

 

On behalf of the Board of Directors

 

Dunnedin Ventures Inc.

 

Chris Taylor

Chief Executive Officer

 

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.

 

Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward-looking statements”.  Forward-looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.

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11 May

Dunnedin Announces Gold Exploration Plans and Spinout Record Date

Dunnedin Announces Gold Exploration Plans and Spinout Record Date

 

May 11, 2017 – Vancouver, BC, Canada. – Dunnedin Ventures Inc. (the “Company” or “Dunnedin”) (TSX-V: DVI) today reported that the date of record for a Plan of Arrangement to spin out rights to gold mineralization at its Kahuna project, Nunavut, will be June 30, 2017.

 

The Company also announces its exploration plans to define drill targets across its Kannuqa gold belt, an approximately 300 square kilometre folded greenstone belt that has sourced widespread gold-in-tills, gold-in-bedrock, and gold in drill core, and is surrounded by Agnico Eagle Mines Ltd.’s (TSE: AEM; “Agnico”) Meliadine project to the north, west and south.

 

 

Figure 1: Exploration blocks at the Kannuqa belt, one of four gold belts at Kahuna.  Adjacent gold projects shown in inset; Agnico’s Meliadine project and NxGold Ltd.’s (TSX-V: NXN) Kuulu project.

The Kannuqa belt is one of four gold-bearing metasediment belts have been explored at Kahuna.  Details of the other gold belts will be made available as results of last summer’s exploration are received. The Kannuqa belt covers approximately 300 km2 (30,000 Ha), and has been divided for exploration purposes into 11 blocks averaging 25 square kilometres each.  All blocks contain gold occurrences as follows.

 

Table 1: Kannuqa Gold Belt sample results combined from historic data and Dunnedin’s 2015 till survey.

Block  

Approx.

Area

(km2)

Number of Till Samples Total Gold Grains Avg. Grains Per Sample Total Pristine Grains Bedrock

Has Been Sampled for Gold

Has Been Drilled for Gold
1 22 10 61 6 6 Yes Yes
2 25 8 70 9 7 Yes Yes
3 33 12 97 8 9 No No
4 33 9 136 15 12 No No
5 21 11 348 32 59 No No
6 20 4 96 24 17 No No
7 15 2 29 15 4 No No
8 25 13 296 23 56 No No
9 30 22 522 24 68 No No
10 25 12 179 15 19 No No
11 20 2 50 25 6 No No
TOTAL 269 105 1884 18 263

 

“We’ve identified more than 50 areas with concentrated gold-in-tills that include pristine, locally derived gold grains.  These were deposited down-ice from nearby bedrock sources that appear to lie within the Kannuqa gold belt,” said Chris Taylor, CEO of Dunnedin. “While gold is widespread in tills throughout the belt, it is concentrated near bedrock fold hinges in a pattern similar to that published at Meliadine.  As the Kannuqa belt begins less than 15 kilometres from the Meliadine mine site, it is a near-term priority for Dunnedin’s exploration efforts and has excellent potential to host new gold discoveries.”

 

Dunnedin confirmed historical gold-in-till results through recovery of proximally-sourced gold grains from Block 1 as disclosed on October 17, 2016.  Dunnedin expects to soon receive gold results from till samples collected across the Kahuna project in 2016.  These will include new results from the Kannuqa gold belt, which will direct upcoming exploration.

 

Field crews are expected to mobilize in early June 2017, when ground conditions allow.  The Company will expand its gold-in-till sampling grid across each of the 11 defined exploration blocks, including higher density sampling around high historical grain counts, and will undertake a geological prospecting and mapping program that will define drill targets at each block.  Drilling will be planned and implemented based on results received from this work.

 

As previously disclosed, a property-wide diamond exploration program will be concurrently undertaken, including drill testing of a number of high priority diamond indicator mineral sources, and collection of diamondiferous kimberlite bulk samples for diamond valuation purposes.  All till sampling conducted across the property will be screened for both indicator mineral and gold content, as Dunnedin has observed gold grains and kimberlite indicator minerals occur together in the majority of samples.

 

As disclosed on May 1 2017, Dunnedin has accelerated its 100 percent earn-in of the Kahuna project and is proceeding with its intention to spin out rights to gold mineralization at the Kahuna project.  The project and rights will be spun out into a wholly-owned subsidiary pursuant to a Plan of Arrangement under the Business Corporations Act (British Columbia).  The Arrangement will also include an agreed upon working capital amount to facilitate exploration activities at these projects.

Shareholders of record on June 30 2017 will be entitled to receive a distribution of shares in a new gold entity that will be listed on a Canadian stock exchange.  Additional details regarding the Arrangement will be provided as they become available.

Mr. R. Bob Singh, P.Geo, Exploration Manager, is the qualified person responsible for the technical content of this news release.

For further information please contact Mr. Knox Henderson, Investor Relations, at 604-551-2360.

 

On behalf of the Board of Directors

Dunnedin Ventures Inc.

 

Chris Taylor

Chief Executive Officer

 

About the Kahuna Project

Kahuna is an advanced stage high grade diamond project located near Rankin Inlet, Nunavut.  Dunnedin is now recovering diamonds and indicator minerals from a series of kimberlite and till samples collected in from two seasons of field work.  An Inferred Resource released by Dunnedin showed over 4 million carats of macrodiamonds (+0.85 mm) at a grade of 1.01 carats per tonne had been defined along the partial strike length of the Kahuna and Notch kimberlite dikes through shallow drilling.  The largest diamond recovered was a 5.43 carat stone from the Kahuna dike which was a piece of a larger diamond that had been broken during the sample preparation process and was reconstructed as having an original size of 13.42 carats.  Recent results include a 0.82 tonne sample of the PST kimberlite dike which returned 96 macrodiamonds totalling 5.34 carats (+0.85 mm) and a 2.36 tonne sample of the Notch kimberlite which returned 89 macrodiamonds totalling 2.38 carats (+0.85 mm).

 

The Kahuna project is located adjacent to the development-stage Meliadine gold project of Agnico Eagle Mines Ltd. Meliadine has approximately 14.5 million tonnes of Proven and Probable Reserves grading 7.32 g/t gold, containing 3.4 million ounces of gold as of December 31, 2015.   There is an additional Indicated Resource of 20.7 million tonnes grading 4.95 g/t gold containing 3.3 million ounces of gold, and an additional Inferred Resource of 14.7 million tonnes grading 7.51 g/t gold containing 3.5 million ounces of gold (source: www.agnicoeagle.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.

 

Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward-looking statements”.  Forward-looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.

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27 Mar

Strong Gold Results and New Targets At Dunnedin’s Trapper Project

March 27, 2017 – Vancouver, BC, Canada. – Dunnedin Ventures Inc. (the “Company” or “Dunnedin”) (TSX-V: DVI) today announced results from exploration undertaken in October of 2016 designed to find additional gold zones at its 100% owned Trapper property.  Trapper is a copper-gold porphyry project in northern British Columbia with results that include high grade visible gold flanking copper-mineralized porphyry in drill core, and gold drilled across 2.2 kilometres.  Highlights of the current survey include:

 

  • 62 heavy mineral concentrate samples collected across 40 km2 of the project returned an average of 2.31 g/t (2,310 ppb) gold, with a range of 0 to 32.1 g/t (32,100 ppb) gold
  • High gold values occur upslope from previously drilled gold zones, defining new gold targets or significant step-outs to known zones

 

“We’ve now identified two main areas of gold mineralization at Trapper,” said Chris Taylor, Dunnedin’s President and CEO. “The first contains high gold values across more than three kilometres, with most samples originating upslope from past drilling and containing gold that must originate from new, untested targets.  This area generated strong gold values where drilled, and these new results suggest significant expansion potential.  A second area has also now been identified with consistently high gold values across two kilometres.  A drill hole completed within 500 metres of this target hit sulphide-rich porphyry style alteration, and the area was identified at that time as a priority for follow-up exploration.”

 

Table 1: Gold results from neutron activation testing of heavy mineral concentrates

Sample Gold (ppb) Sample Gold (ppb) Sample Gold (ppb) Sample Gold (ppb)
KB001 715 KB016 < 5 KB031 1420 KB048 6410
KB002 1110 KB017 < 5 KB032 6080 KB049 11700
KB003 1000 KB018 104 KB033 6100 KB050 1500
KB004 6670 KB019 137 KB034 174 KB051 3080
KB005 < 5 KB020 792 KB035 676 KB052 689
KB006 9580 KB021 181 KB036 446 KB053 2140
KB007 179 KB022 < 5 KB037 6670 KB054 32100
KB008 12000 KB023 74 KB038 3940 KB055 705
KB009 538 KB024 583 KB039 < 5 KB056 302
KB010 144 KB025 747 KB040 721 KB057 7970
KB011 1850 KB026 238 KB041 92 KB058 170
KB012 < 5 KB027 109 KB042 < 5 KB059 378
KB013 109 KB028 111 KB045 < 5 KB060 < 5
KB014 225 KB029 279 KB046 1780 KB061 6690
KB015 237 KB030 1980 KB047 46 KB062 107

Figure 1: Terrain map showing gold results, past drilling and primary target areas

DVI_NR_MAR27_gold-results

 

Table 2: Highlighted gold results from drill collar locations provided in Figure 1.


Drill Hole
From

(m)

To

(m)

Width* (m) Au (g/t)
TG-11-001 37.50 38.52 1.02 2.04
TG-11-004 105.41 117.00 11.59 1.18
TG-11-005 36.15 38.08 1.93 4.23
TG-11-006 27.74 37.86 10.12 1.09
TG-11-011 106.89 141.00 34.11 1.71
including 106.89 107.30 0.41 92.80
including 114.65 118.04 3.39 3.90
TG-11-013 250.03 255.03 5.00 1.39
TG-11-014 196.35 206.35 10.00 1.08
TG-11-018 88.00 93.00 5.00 1.78
TG-11-020 5.00 7.50 2.50 4.13
TG-11-038 122.50 137.50 15.00 1.68
including 132.50 136.73 4.23 5.08
and including 136.11 136.73 0.62 21.80
TG-11-039 67.50 97.50 30.00 1.01
including 70.00 72.50 2.50 2.19
including 77.50 80.00 2.50 2.98
including 82.66 85.00 2.34 2.64
TG-11-040 132.50 160.00 27.50 1.19
137.50 140.00 2.50 11.15

*Width represents core length and is not intended to reflect true width.

 

Two styles of mineralization have been drilled and mapped at Trapper.  The first is gold-rich semi-massive sulphide stockwork that was the focus of drilling in 2011.  This type of intermediate-sulphidation precious and base metal stockwork mineralization has been reported at many major porphyry deposits worldwide, typically overlying or flanking the primary copper porphyry centres.  Intervals at Trapper include 34.11 m of 1.71 g/t gold, including 0.41 m of 92.80 g/t gold, and 27.50 m of 1.19 g/t gold, including 2.50 m of 11.15 g/t gold.

 

The second style of mineralization is copper-mineralized alkalic porphyry.  Samples returning up to 0.57% copper in bedrock and 2.5% copper in float have been collected at Trapper including both bornite-chalcopyrite copper sulphide mineralization, and azurite-malachite copper oxide mineralization.  These targets have not yet been directly targeted by drilling at Trapper, although copper-mineralized porphyry diking has been intersected in drill core, along with high-energy porphyry style hydrothermal breccias and porphyry style alteration.

 

The Company will next asses the gold grain content and mineralogy of the heavy mineral concentrates to characterize proximity to gold sources, and to map porphyry alteration and base metal zonation across the project.  This will allow sample areas to be prioritized for follow-up exploration.  Results will be released as work is completed.

 

During the 2016 program, gravel, sand and silt were collected from stream and talus sources across the project, and sieved to -20 mesh to produce a 10 kilogram concentrate from each sample site.  Samples were further processed using various density and magnetic separation techniques at CF Mineral Research Ltd. of Kelowna, British Columbia, to produce heavy mineral concentrates.  Each concentrate was partitioned into a sample sent for neutron activation assaying of gold content at Activation Laboratories Ltd. (“ActLabs”) of Ancaster, Ontario, from which the results in this release are provided, and a sample kept by the Company for further gold grain and mineral analysis.

 

The Company has also granted an aggregate of 325,000 stock options to consultants of the Company, exercisable at $0.37 per share for a period of five years.

 

Mr. R. Bob Singh, P.Geo., Exploration Manager, is the qualified person responsible for the technical content of this news release.

 

For further information please contact Mr. Knox Henderson, Investor Relations, at 604-551-2360.

 

On behalf of the Board of Directors

 

Dunnedin Ventures Inc.

Chris Taylor

Chief Executive Officer

 

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.

 

Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward-looking statements”.  Forward-looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.

 

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31 Jan

A Large New Gold Belt At The Kahuna Diamond Project

January 31, 2017 – Vancouver, BC, Canada. – Dunnedin Ventures Inc. (the “Company” or “Dunnedin”) (TSX-V: DVI) is pleased to report the identification of a large gold-bearing greenstone belt at the Kahuna project.  High gold-in-till counts including pristine gold grains suggesting local bedrock sources of gold are present along a sampled length of over 40 kilometres immediately adjacent to Agnico Eagle Mines Ltd.’s (TSE: AEM, “Agnico”) development-stage Meliadine gold project.

 

Figure 1: Gold grain counts across the Kahuna project based on historical till sampling and recent work by Dunnedin. Gold-in-till results are also provided for the Meliadine project based on publicly available information released by the Geological Survey of Canada (GSC). There is a strong association between gold-in-tills and bedrock gold zones at Meliadine.

Figure 1: Gold grain counts across the Kahuna project based on historical till sampling and recent work by Dunnedin. Gold-in-till results are also provided for the Meliadine project based on publicly available information released by the Geological Survey of Canada (GSC). There is a strong association between gold-in-tills and bedrock gold zones at Meliadine.

 

Chris Taylor, Dunnedin’s CEO, said, “We have identified a large gold-mineralized belt tying onto Agnico’s Meliadine gold trend.  Results suggest gold is preferentially associated with internal fold hinges within the belt.  This pattern is observed at Meliadine, and points to several targets requiring follow up till sampling and drilling at Kahuna.  The area is known for hosting large, high grade gold deposits at the Meliadine project, and we are very encouraged that gold is confirmed to be associated with multiple belts across Kahuna.”

 

Details of Current Gold-in-Till Results

  • Data was acquired through a purchase announced on December 14, 2016
  • Disclosed results are from 347 till samples collected adjacent to the Meliadine property
  • Results are from a reconnaissance scale till sampling program with average sample spacing of over 1 kilometre, designed to test a broad area for gold
  • Average of 7.8 gold grains per sample, with a maximum value of 83 grains
  • Pristine gold grains observed in 114 of 347 samples, with a maximum value of 21 pristine grains, suggesting proximal bedrock sources to 33% of samples
  • Spatial association between gold concentration in till samples and proximity to fold hinges as delineated through geophysics
  • Gold noted in 316 of 347 (91%) of samples

 

Locally sourced coarse gold was also confirmed through till sampling by Dunnedin at the main fold hinge of this belt in the vicinity of the PST and Notch diamond-bearing kimberlites, as shown in Figure 2.  The glacial transport direction and lack of grain modification point to sources at the Kahuna project rather than Meliadine, as disclosed by Dunnedin on October 17, 2016.  With its folded geometry, the new belt has an aggregate strike length of approximately 42 kilometres at Kahuna.

 

2017-01-30 - Gold Grains

Figure 2: Example images of coarse gold grains collected from till samples by Dunnedin during diamond exploration, field of view is approximately 2 mm.

 

Additional Gold Results

The newly defined greenstone belt has not yet been drilled; gold results described below are from additional gold-mineralized metasediment belts at Kahuna.  Four additional gold-bearing belts have been confirmed at the project to date through historical drilling and bedrock and till sampling, as described below and on Figure 1.

Gold encountered in historic drilling was largely incidental during diamond exploration, however six drill holes were assayed for gold and returned values as shown in Table 1.  Not all prospective drill intervals showing sulphide mineralization were assayed, however results are sufficient to confirm the presence of gold in bedrock of similar style to that observed at Meliadine.  Visible gold was noted in one of six drill holes at Kahuna and is also observed at Meliadine.

 

Table 1: Historic gold results from diamond exploration drill holes

Hole Number From (m) To

(m)

Width (m)* Au

(g/t)

04KD479-01 44.45 45.10 0.65 2.52
06KCF-01a 29.00 30.21 1.21 4.22
06KCF-01a including 29.52 30.21 0.69 7.24
04KD479-01 20.80 21.10 0.30 2.04
06KCF-01a 26.30 27.05 0.75 0.17
06KCF-01a and 32.24 33.24 1.00 0.24
06KD467-02 32.00 32.62 0.62 0.26
06KD467-02 and 43.60 44.47 0.87 0.50
05KD6001-01 19.00 23.30 4.30 0.19

*width of the sample represents core length and not true width.  Historical drill hole results were obtained from various SEDAR filings of news releases and reports by past explorers including the Hunter Exploration Group. 

97 rock samples collected across the property also returned between 0.05 and 2.52 g/t gold.  Till sampling confirmed gold-in-tills adjacent to areas with gold-in-bedrock samples, and in other areas.  Gold has been mapped as being associated with magnetically responsive formations that have been described as metasediment belts and regionally significant, deep seated shear zones.

84 of 129 (65%) till samples collected by Dunnedin in 2015 also returned gold results through neutron activation analysis of heavy mineral concentrates collected during diamond exploration, with subsequent confirmation of gold grains as shown in Figure 2.

 

Upcoming Gold Results

 

Over 1,100 till samples collected in summer 2016 across 600 square kilometres of the 1,200 square kilometre Kahuna project are being processed for diamond indicator mineral content and gold grain content at CF Mineral Research Ltd. in Kelowna, British Columbia.

Dunnedin plans to pursue further gold exploration through a spinout company as announced on November 23, 2016 and is currently finalizing plans related to this announcement.

 

Note on Adjacent Gold Projects

 

Agnico’s Meliadine project has approximately 14.5 million tonnes of Proven and Probable Reserves grading 7.32 g/t gold, containing 3.4 million ounces of gold as of December 31, 2015.   There is an additional Indicated Resource of 20.7 million tonnes grading 4.95 g/t gold containing 3.3 million ounces of gold, and an additional Inferred Resource of 14.7 million tonnes grading 7.51 g/t gold containing 3.5 million ounces of gold (source: www.agnicoeagle.com).

NxGold Ltd. (TSX-V: NXN) is exploring the Peter Lake project, also adjacent to Meliadine, and recently announced a $35+ million earn-in deal for a 70% interest in a 8,473 hectare (85 square kilometre) land package, and raised $4.9 million for exploration in the area.

Mr. R. Bob Singh, P.Geo, Exploration Manager, is the qualified person responsible for the technical content of this news release.

For further information please contact Mr. Knox Henderson, Investor Relations, at 604-551-2360.

 

On behalf of the Board of Directors

Dunnedin Ventures Inc.

 

Chris Taylor

Chief Executive Officer

 

About the Kahuna Project

Kahuna is an advanced stage high grade diamond project located near Rankin Inlet, Nunavut.  Dunnedin is now recovering diamonds and indicator minerals from a series of kimberlite and till samples collected during two seasons of field work.  An Inferred Resource released by Dunnedin showed over 4 million carats of macrodiamonds (+0.85 mm) at a grade of 1.01 carats per tonne had been defined along the partial strike length of the Kahuna and Notch kimberlite dikes through shallow drilling.  The largest diamond recovered was a 5.43 carat stone from the Kahuna dike which was a piece of a larger diamond that had been broken during the sample preparation process and was reconstructed as having an original size of 13.42 carats.  Recent results include a 0.82 tonne sample of the PST kimberlite dike which returned 96 macrodiamonds totalling 5.34 carats (+0.85 mm) and a 2.36 tonne sample of the Notch kimberlite which returned 89 macrodiamonds totalling 2.38 carats (+0.85 mm).  The Kahuna project is located adjacent to the development-stage Meliadine gold project of Agnico Eagle Mines Ltd and also hosts gold mineralization in metasedimentary units including a recently defined greenstone belt with over 40 kilometres of strike length that is associated with elevated gold-in-till results.

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.

 

Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward-looking statements”.  Forward-looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.

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