TORONTO, ONTARIO--(Marketwired - Oct. 19, 2015) - Duran Ventures Inc. (TSX VENTURE:DRV)(DRV.V) ("Duran" or the "Company") is pleased to announce that the Company has finalized the budget and construction schedule for the Aguila Norte Plant near the city of Trujillo in Northern Peru (see news release dated September 11, 2015).
Highlights of the proposed mineral processing plant construction are:
- On-site earthmoving for equipment mounting is scheduled to commence during the last week of October, 2015 and it is expected that construction will be complete by the end of March, 2016
- An all-in construction cost of US$1.3 million that is inclusive of fully tested crushing, milling and flotation circuits, tailings dams, closed circuit security system, camp construction for a local workforce of 25 and onsite logistical overheads
- Mineral processing will be via flotation circuits designed to produce up to three distinct concentrates enabling processing of a wider spectrum of multi and poly-metallic sulphide ores. Initial plant throughput is rated at 100 tonnes per day ("TPD")
- Initial ground preparations and plant layout will allow for the sequential addition of a carbon-in-pulp ("CIP") gold leaching circuit and incremental expansion to a 350 TPD throughput
- Requisite permitting is in place under the Peruvian government's formalization mandate to operate up to 100 TPD. The Company is well advanced to receive full permits and licenses which will enable the expansion of the Aguila Norte Plant
The Company's management spent several months evaluating various investment scenarios and operating parameters for its Aguila Norte Plant which included processing methodologies, working capital optimization, ore supply reliability, metallurgical consistency, transporting logistics and security of both transported ore and processed product. The conclusion was that the best risk/reward profile on existing cash reserves could be obtained by constructing a 100 TPD floatation circuit, rather than a CIP gold leaching circuit as previously announced. The principal advantages of the former as determined by the Company's assessments are:
- more secure long term suppliers with larger tonnage shipments
- reduced dependence on small scale artesanal mining as a supply source resulting in lower administrative and legal costs
- reduced working capital (less onerous ore payments)
- improved metallurgical consistencies
During the same period the Company interviewed several engineering firms for overseeing construction of the project. Duran is pleased to announce that it has secured the services of JPC Estructuras y Concreto SAC, a Lima-based contractor headed by mechanical engineer Mr. Jorge Peña. In particular Mr. Peña has a long association with Fundicion Callao ("FUNCAL") which will be supplying most of the plant components, including the ball mill and cone crusher. FUNCAL has been operating its foundry and metal machining business in Peru since the1930's and is renowned for its high quality milling and grinding equipment.
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 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".
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.