Duran Ventures Signs Mineral Purchase Agreement for High Grade Copper
Duran Ventures Signs Mineral Purchase Agreement for
High Grade Copper
Toronto, Ontario--(Newsfile Corp. - February 5, 2018) -
Duran Ventures Inc. (TSXV: DRV)
("Duran" or the "Company") is
pleased to announce that the Company has entered into an agreement (the "Agreement") to purchase and process high grade
copper sulphide mineralized material from Otuzco Copper Mining Corporation S.A.C. ("Otuzco"), a private Peruvian corporation
with operations in Northern Peru. A fundamental term of the Agreement is to jointly share the profits by unifying operations.
Currently Otuzco's main property has small-scale artisanal miners extracting copper sulphides from several adits.
Duran will
purchase the mineralized material at cost from Otuzco and will support Otuzco to ensure the extracted mineralized material is
properly documented and transported to Duran's Aguila Norte Flotation Plant (the "Plant"). Otuzco will shortly have permits in
place for the extraction of the mineralized material. The first transported mineralized material to the Plant is expected in late
February but is dependent on weather conditions and receipt of final permits.
The Agreement allows Duran to purchase up to 1500 tonnes per month with minimum copper grades of 5.0% copper in
sulphides. In 2017 Duran's Plant processed 301.32 tonnes of this mineralized material containing chalcocite and covellite with
an average head grade of 5.15% copper. Results were considered very favourable, producing 42.99 tonnes of copper
concentrate grading 35.29%. Deleterious elements such as arsenic and antimony in the concentrate were low at 0.1%.
Otuzco holds the mineral rights to the property and has agreements with the owners of the surface rights and local communities
to continue the small-scale mining. Otuzco's intention is to eventually mine the copper sulphides once weather improves and
permits are in place. Otuzco will allow certain small-scale miners to continue to operate. Duran will assist Otuzco on the technical
side of the operations. The transportation route to Duran's Plant is very favourable as it is mostly by asphalt highway.
The Agreement with Otuzco allows Duran to first recover all operating costs related to the processing of this mineralized
material. The main costs include the purchase cost of the mineralized material, including delivery to the Plant, and transportation
of the concentrates to the port facilities in El Callao. Duran's Plant will charge the normal processing fee ("Maquila") to Otuzco as
part of the costs. After recovery of the operational costs Duran will share profits 50/50 with Otuzco.
Duran is currently in discussions with several metal traders to provide working capital to purchase the mineralized material on a
revolving credit facility. Duran is conducting several in-house laboratory metallurgical tests on the mineralized material to
optimize copper recoveries in order to produce high quality copper concentrate.
Jeffrey Reeder, Chief Executive Officer of Duran, commented: "We are excited to enter into this type of profit sharing agreement
as building these Peruvian partnerships with miners of all sizes will establish Duran as a dynamic growth-oriented company. We
are also very pleased with the progress made by First Quantum Minerals on our Panteria Cu-Au porphyry project and the recent
agreement with IAMGOLD on our Minasnioc Au-Ag project. 2018 should be an exciting year for Duran."
Jeffrey Reeder, P.Geo., and a qualified person as defined in National Instrument 43-101, has prepared, supervised the
preparation, or approved the scientific and technical disclosure contained in this news release.
About Duran
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
L
isted 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:
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.