TORONTO, ONTARIO--(Marketwire - Dec 11, 2012) - Duran Ventures Inc. (TSX VENTURE:DRV)(DRV.V) ("Duran" or the "Company") is pleased to announce that it has entered into an agreement (the "Agreement") whereby Duran has acquired by option three adjacent exploration concessions immediately to the north, east and southeast of the Company''s flagship Aguila Copper-Molybdenum Porphyry Project in Peru. This new Agreement continues to define Duran''s strategy of timely and prudent financing and focus upon its principal asset. The Company is also pleased to announce that it has increased its land position to 3100 hectares at the Mamaniña copper/molybdenum/gold project and acquired the extensive historical database and drill core.
The new concessions increase the exploration potential in the area and also give the Company greater flexibility to establish infrastructure for a future mining operation. The new concessions total 2200 hectares and expand the land position in the immediate Aguila area to 11,100 hectares. All concessions under control by Duran in this area are now contiguous. The attached map shows the location of the new concessions.
To view map image, please click on the link below:
Prospecting, sampling and mapping in the areas will commence immediately. The terms of the Agreement allow for staged payments to the local Peruvian vendor (the "Optionee") consisting of cash (US$2,650,000) and Duran common shares (2,000,000 shares) as follows:
- US$100,000 and 2,000,000 common shares upon signing the Agreement;
- US$125,000 twelve (12) months after signing the Agreement;
- US$125,000 eighteen (18) months after signing the Agreement;
- US$250,000 twenty-four (24) months after signing the Agreement;
- US$250,000 thirty (30) months after signing the Agreement;
- US$600,000 thirty-six (36) months after signing the Agreement;
- US$600,000 forty-two (42) months after signing the Agreement; and
- US$600,000 forty-eight (48) months after signing the Agreement;
In the event of a production decision at the new concessions a 1% Net Smelter Royalty will be payable to the Optionee. The Agreement is subject to certain conditions including, but not limited to the receipt of all necessary approvals including the approval of the TSX Venture Exchange.
The Mamaniña property now consists of five concessions covering 3100 hectares located south along the same geological (copper porphyry) belt as Duran''s flagship Aguila Cu-Mo property. Previous work performed by Queenstake Resources Limited ("Queenstake") and Alamos Minerals Limited ("Alamos") in a joint venture operated from 1995-1997, and Monterrico Metals PLC ("Monterrico") during 2001-2008, defined both porphyry copper-molybdenum and copper-gold-zinc skarn mineralization on surface.
Queenstake and Alamos found copper-molybdenum bearing porphyritic stocks hosted by clastic and carbonate sediments at Mamaniña. Carbonate replacement skarn-type mineralization occurs at contacts between the intrusive and sedimentary units. An airborne magnetic and radiometric geophysical survey defined an anomaly two kilometres in diameter which coincides with these mineralized zones on surface.
Sampling by Queenstake and Alamos returned grab sample values of up to 2.1% copper, 0.6% zinc, and 9.48 grams of gold per tonne.
In late 2002 Monterrico carried out a five hole diamond drill program totalling 723 metres. The purpose of the program was to target near surface copper mineralization in the skarn area. Historic results from the drilling showed MDH-3 intersecting 30.1 metres of 1.44 % copper starting at 14.1 metre depth. Historical data also shows good potential for gold mineralization hosted in quartzites located 300 to 500 metres south of the historic drilling results. All recently acquired historical data and drill core is currently being shipped to the Aguila camp to be reviewed and verified. It should be noted that this data is historic in nature and has not been verified.
Duran has continued to successfully finance for the Company''s needs (See news release dated December 6, 2012). The Company looks forward to a mutually beneficial relationship with the Peruvian investment community that has augmented Duran''s original Canadian shareholder base. The Company is focusing and continuing to build upon its principal Aguila asset base in a new, emerging Peruvian porphyry copper district. Aguila''s initial inferred resource estimate of 2.138 billion pounds of copper and 166 million pounds of molybdenum and 375 million pounds of copper and 22 million pounds of molybdenum in the indicated category will remain attractive to shareholders and large international mining organizations. Additionally, introducing strong partners to explore our non-core, precious metal and polymetallic projects has provided an underlying stream of option payments. The Company continues to build its inventory of properties of merit - primarily via staking, and will continue to find strong partners to fund exploration.
Duran Ventures is a Canadian exploration company focused on the exploration and development of porphyry copper, precious metal, and polymetallic deposits in Peru. The Company''s principal project is the Aguila Copper-Molybdenum Porphyry Project with related silver-lead-zinc mineralization. Jeffrey Reeder, P. Geo., CEO and President of Duran, is a Qualified Person as defined in National Policy 43-101, and is responsible for all technical information in this news release.
|Duran Ventures Inc. is a Canadian resource company|
|listed on the TSX Venture Exchange and Lima Stock Exchange: Symbol "DRV"|
Disclosure Regarding Forward-Looking Statements: This press release contains certain "Forward-Looking Statements" within the meaning of applicable securities legislation. We use words such as "might", "will", "should", "anticipate", "plan", "expect", "believe", "estimate", "forecast" and similar terminology to identify forward-looking statements and forward-looking information. Such statements and information are based on assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. Forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and information and accordingly, readers should not place undue reliance on such statements and information. Risks and uncertainties that may cause actual results to vary include but are not limited to the speculative nature of mineral exploration and development, including the uncertainty of resource estimates; operational and technical difficulties; the availability to the Company of suitable financing alternatives; fluctuations in copper and molybdenum and other commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks arising from our Peruvian activities; fluctuations in foreign exchange rates; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management''s Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. While the Company believes that the expectations expressed by such forward-looking statements and forward-looking information and the assumptions, estimates, opinions and analysis underlying such expectations are reasonable, there can be no assurance that they will prove to be correct. In evaluating forward-looking statements and information, readers should carefully consider the various factors which could cause actual results or events to differ materially from those expressed or implied in the forward-looking statements and forward-looking information.