Duran Ventures Inc. (TSXV: DRV; BVL: DRV) (“Duran” or the “Company”) is pleased to provide an update on the commissioning of its Aguila Norte Mineral Processing Plant (“Aguila Norte” or the “Plant”) located in Northern Peru. The Plant is currently processing third party mineral during the initial commissioning phase. Concentrates are being produced and the Company will soon commence processing its 100% owned lead-zinc-silver mineral that was purchased in 2016.
Numerous miners have expressed interest in processing mineral at Aguila Norte where mineral stockpiles from third party suppliers are growing. It is expected that the commissioning phase at Aguila Norte will continue during the first quarter of 2017 and the Plant will process third party mineral during this phase. Aguila Norte will charge a processing fee (“maquila”) to the mineral suppliers. Duran is now in a position to start entering into agreements with miners to jointly process mineral with profit sharing agreements and/or purchase mineral outright before processing.
Duran secured its 80% interest in Aguila Norte in 2016 by fulfilling all terms of its agreement with the Company’s Peruvian partner. Duran has been able to construct Aguila Norte using working capital through its 80% owned and debt free subsidiary, Minera Aguila de Oro SAC (“MADOSAC”). The securement was closed upon transferring 20% of the shares of MADOSAC to the Company’s Peruvian partner. Aguila Norte is a polymetallic flotation mineral processing plant located near Trujillo, Department of La Libertad, in northern Peru and accommodates a 25 tonne per hour crushing circuit, a 100 tonne per day milling circuit, a robust flotation circuit, and a +20 year tailings area with current tailings capacity of three to four years depending on the mineral treated. The Plant’s location near Trujillo, just off of a major highway, in an area with abundant small scale mining and very few independent mineral processing facilities provides Duran with a strategic cash flow opportunity. Mineral processing via flotation and a gravity circuit is designed to produce up to three distinct concentrates enabling processing of a wider spectrum of polymetallic and precious metal sulphide ores. Aguila Norte is considered the only plant in this area capable of producing three concentrates from the same mineral source which will provide miners and suppliers more flexibility in mineral processing.
The Company will provide further updates as the Plant commissioning progresses.
Jeffrey Reeder, P.Geo., and a qualified person as defined in National Instrument 43-101, is responsible for all technical information contained in this news release.
Duran Ventures Inc. is a Canadian exploration company focused on mineral processing and the exploration and development of precious and base metal properties 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
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.