TORONTO, ONTARIO--(Marketwired - March 30, 2015) - Duran Ventures Inc. (TSX VENTURE:DRV) (DRV.V) ("Duran" or the "Company") is pleased to announce that it has signed a non-binding memorandum of understanding ("MOU") with a private Peruvian company to design and establish a toll milling operation in Northern Peru.
The location of the proposed toll milling facility is viewed as strategic by Duran. Many tolling operations in Peru are located in the south, more specifically, in the Nasca and Chala areas located 990 and 1150 kilometres south of the proposed facility. Many of the southern toll mills accept high grade gold ore often exceeding one ounce gold per tonne delivered from northern Peru. The proposed location will offer formalized (legal) miners, located proximal to this new site, an alternative facility to process their ore. It is important to note that with the MOU in place the company plans to conduct all the due diligence and engineering plans for the new proposed facility with constructions costs and timelines.
Included in the terms of the MOU is the assignment (subject to a 2% NSR) of several concessions (10,020 hectares) located in northern Peru. Importantly, nine of these concessions (7800 hectares) are located in the Tayabamba - Pataz gold region located approximately 300 kilometres east of Trujillo. Three well established Peruvian gold miners are active in the Pataz and Tayabamba region along with many small legalized miners. Mining in this region has been continuously focused on high grade gold mineralization for almost 6 decades. Public information from the Peruvian Ministry of Mines shows 2014 gold production records from the three main gold miners as follows; Consorcio Minero Horizonte S.A. - 247,000 ounces, Minera Aurifera Retamas S.A. - 181,057 ounces, and Compañia Minera Poderosa S.A. - 156,376 ounces. Duran plans to assess these properties for exploitation potential and will assist small scale informal miners to formalize their activities and to offer an alternative and more strategic location for ore processing. Furthermore, Duran is currently assessing its existing portfolio of gold properties for potential exploitation and delivery of mineralization to its new proposed facility.
Duran views this new initiative as a solid step toward establishing a sustainable business model that will complement its exploration expertise and portfolio of mineral assets.
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.
About Duran
Duran Ventures Inc. is a Canadian exploration company focused on the exploration and development of porphyry copper, precious metal, and polymetallic deposits 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"
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.