Tartisan "letter of intent" with Duran (Peruvian Metals)I am wondering if these two properties have anything to do with Tartisans interest in aquiring so many shares of Peruvian Metals. Time will tell I guess. Duran (now Peruvian Metals) aquired these properties from Double Jack/Hatum which was Reeders company around 2009. I have not seen a news annoucement with a "Definative Agreement for Ichuna property" which was mentioned in the attached information, so is this going to be the next annoucement. I have seen one for Don Pancho property. Duran Ventures Inc. (TSX VENTURE:DRV)(DRV.V) ("Duran" or the "Company")is pleased to announce that it has entered into a letter of intent ("LOI") to sell the Company's Ichua Copper-Silver Project ("Ichua" or the "Project") located in the Department of Moquegua, Peru, to Tartisan Resources Corp. (CSE:TTC)(TTC.CN) ("Tartisan") for cash consideration of $50,000 CDN and 500,000 shares of Tartisan. Duran will also receive an additional 500,000 shares of Tartisan as certain Project milestones are achieved by Tartisan, and will retain a 2% Net Smelter Royalty ("NSR") in the Project of which 1% can be purchased by Tartisan for US$500,000. The parties intend to replace the LOI with a definitive agreement (the "Definitive Agreement") containing industry standard terms and conditions no later than May 17, 2017, following due diligence reviews by both parties. Duran recently announced the sale of its Don Pancho project ("Don Pancho") to Tartisan (see news release dated February 22, 2017), and is pleased to enter into a second transaction with Tartisan. The divestiture of the Company's non-core assets conforms to the Company's business model as a "Cash and Project Generator." With the sale of the Ichua and Don Pancho projects, the Company will continue to benefit from successful exploration and development on both properties by Tartisan. Mr. Jeffrey Reeder, CEO of Duran states Some interesting reading:
There was an extensive TECHNICAL REPORT On The DON PANCHO POLYMETALLIC (Pb, Zn, Ag, Mn) PROJECT back in 2013/14 by Duran. There was some very interesting drill results.
The Don Pancho project has been sampled by various companies and sample markings in the form of painted sample numbers are noted on outcrops. The report by Pigeon (2009) lists Billiton Exploration, MacMillan Gold, and Pasaminco Pty Ltd as part of the various visitors to the Property. No sample results documented for these samples. Don Pancho Property On March 30, 2017, Tartisan announced the closing of the acquisition of the Don Pancho polymetallic zinclead-silver-manganese project in Peru. Tartisan acquired 100% of the Don Pancho polymetallic zinc-leadsilver-manganese project located in the Province of Huaral, in the Department of Lima Peru, 105 kilometers north-northeast of Lima, comprising one concession of 600 hectares and located approximately between 3,660 meters and 4,487 meters above sea level. A Technical Report on the Don Pancho Polymetallic Project (Zn, Pb, Ag, Mn) NI 43-101 has been filed on the Duran Ventures SEDAR profile (2014). In summary, under the terms of the Definitive Agreement Tartisan has acquired a 100% undivided interest in the property from Duran Ventures Inc. (“Duran”) by paying $50,000 in cash and issuing 500,000 common shares. Upon completion of 5,000 metres of drilling and/or underground development a further 150,000 shares are payable, and if a NI 43-101 compliant resource is published, a further 150,000 shares are payable, and if the Company loses control of the project either by sale or joint-venture, a further 200,000 shares are payable. Duran Ventures will retain a 2% net smelter return royalty, of which half (1%) can be purchased by Tartisan for US$500,000.
Double Jack Mines Ltd. (‘Double Jack’), a private Alberta company, through its subsidiary Hatum staked the Kukin concession in October of 2006. Raymundo Torres, a Peruvian geologist, visited the KUKIN concession on October 12, 2006 for Hatum
If memory serves me right, Jeff Reeder was the owner of Double Jack mines/Hatum and was also the CEO of Duran at the same time (now Peruvian Metals). So the properties above were aquired from Hatum. Looks like Reeder has held onto these properties for quite some time even after a drill program on Don Pancho by Stellar Mining Peru in 2013/14 for maybe a good reason.
I remember talking to Reeder quite a while ago and he said they were getting the property back. He also mentioned that Stellar did not drill in the right location on the Don Pancho property and he was glad he was getting the property back if memory serves me right. Duran announced on July 2, 2009 that the company had entered into a share purchase agreement to acquire all the outstanding shares of Hatum, a wholly owned subsidiary of Double Jack. This was to be completed by the direct acquisition of 100% of Hatum shares from Double Jack or by the acquisition of 100% of the Double Jack. Duran had the right to acquire 100% interest in all the Double Jack – Hatum properties for the issuance of C$1,200,000 of Duran common shares valued at the average May 2010 closing price subject to an average price calculation of C$0.10 minimum and C$0.20 maximum. Duran had also agreed to complete exploration expenditures of US$100,000 on one of the four subject properties (Panteria) before May 31, 2010 and to reimburse Double Jack US15,000 in concession maintenance fees for 2009 (Duran PR, July 9, 2009). On June 23, 2010, Duran announced an amalgamation agreement dated June 21, 2010 between Double Jack and a Duran subsidiary. The amalgamation agreement had Duran issuing C$1,200,000 of Duran common shares valued at the average closing price for the twenty-day period ending immediately prior to the closing of the acquisition of the Double Jack properties subject to a minimum issuance of six million and a maximum of twelve million Duran shares. Duran further announced on July 9, 2010 that effective July 8,2010 Duran had completed the acquisition of the Double Jack properties by the issuance of 9,393,346 Duran common shares to Double Jack shareholders (Duran PR, 2010).