(Toronto, Ontario – September 14, 2015) Duran Ventures Inc. (TSXV: DRV; BVL: DRV) (“Duran” or the “Company”) announces that, further to its press release of March 30, 2015, it has signed a definitive agreement with a private Peruvian company to design and establish a toll-milling operation in northern Peru. The Company will acquire an 80-per-cent interest in the joint company by investing $1.5-million (U.S.) in capital expenditures and establish a line of credit of $250,000 (U.S) for the purpose of general working capital for the start-up. Approximately $125,000 (U.S) has been spent to date towards the earn-in.
Surface rights have been acquired over the mineral concessions and construction of the mill can now commence. The Company is currently finalizing the budget and timelines for the construction of a Carbon in Leach (“CIL”) plant with a flotation circuit. Once budgets and contractors are selected the Company will provide a further update to its shareholders.
Over the past several months Duran has been reviewing and investigating numerous small-scale mining operations and other toll-milling businesses throughout Peru. Duran is confident that the Company is in a unique position to assess these potential high-grade opportunities for mineral sources for the Company’s mill. Discussions are continuing and relationships with numerous small-scale miners and concession owners throughout the country have been established.
An extensive database has been assembled that has identified variable grades of gold mineralized material and related metallurgical properties throughout Peru. The Company has also been evaluating its 100% owned concessions and is in a position to acquire small-scale, high grade opportunities both in the northern and southern parts of the country. The location of the Company’s toll milling facility in the north of the country is viewed as strategic. Many tolling operations in Peru are located in the south, more specifically, in the Nasca and Chala areas that are situated more than 1000 kilometres from Duran’s site. Many of the southern toll mills accept high-grade gold source material from the north often exceeding one ounce per ton gold. Duran will provide an alternative site for processing for these formalized (legal) miners so they do not have to ship to the south.
Duran has been exploring in Peru for 21 years and has extensive business and geological knowledge of engineering firms, metallurgists, small miners, mining contractors, and concession owners operating in this business. This new initiative is a solid step toward establishing a sustainable business model that will complement its exploration expertise and portfolio of mineral assets. The Company is also pleased to report that several confidentiality agreements (CA’s) have been executed with third parties to review Duran’s extensive property portfolio, more specially properties with large tonnage potential both in copper and gold.
Duran also announces that Mr. David Prins has resigned, effective immediately, from the Company’s board of directors for personal reasons. The Company would like to thank Mr. Prins sincerely for his contributions to the Company since joining the board in 2012.
Jeffrey Reeder, P.Geo., and a qualified person as defined in National Instrument 43-101, has prepared and approved the scientific and technical disclosure contained in this news release.
Duran Ventures Inc. is a Canadian exploration company focused on the exploration and development of precious and base metal properties, and mineral processing in Peru.
Duran Ventures Inc. is a Canadian resource company listed on the
TSX Venture Exchange and the Bolsa de Valores de Lima: Symbol “DRV”
For additional information, contact: Jeffrey Reeder Tel: (647) 302-3290
or Oscar Pezo at (011) 511 422-1467
Website: www.duranventuresinc.com Email: [email protected]
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.
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 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.