TORONTO, ONTARIO--(Marketwired - April 23, 2014) - Duran Ventures Inc. (TSX VENTURE:DRV)(LMA:DRV) ("Duran" or the "Company") is pleased to announce that their partner (the "Optionee") has advised the Company that drilling has commenced on the Don Pancho Polymetallic Silver-Lead-Zinc Project (the "Project") located in the Department of Lima, Perú. The Optionee is a well-funded private Peruvian mining company and has the option to earn a 70% interest in the project for cash consideration of US$2,030,000 (US$280,000 paid to date) and incurring at least US$3,500,000 of exploration costs within the first 36 months of the agreement. To complete the option the Optionee is required to deliver an economic study on the project, after which the project will become a joint venture.
The Project covers an area of 800 hectares, located in a prolific mineral belt in Central Peru. The World Class Iscaycruz and Yauliyaca Mines operated by GlencoreXstrata plc are located 50 kilometres to the north-northwest of the Project. Production at Iscaycruz Mine during 2013 totaled 1.2 Mt at 7.3% Zn, 0.4%Pb and 0.4% Cu (source http://www.glencorexstrata.com/assets/Investors/GLEN-2013-Resources-Reserves-Report.pdf). Buenaventura's Uchucchauca Mine located 63 kilometres north of the Project produced 10,090,337 ounces of silver in 2011 (source: http://www.buenaventura.com). Furthermore the world class Morococha district is located 70 kilometres to the southeast of the Project. This district hosts the Toromocho Copper Mine owned by Chinalco and the Morococha Mines owned by Pan American Silver Corp. There is no certainty that further exploration on the Don Pancho Project will result in the discovery of any similar deposits.
Locally, the Project is situated nine kilometres west of the Santander silver-lead-zinc mine owned by Trevali Resources Corp. The Santander Mine achieved commercial production in the first quarter of 2014. Power is supplied to the mine from the Tingo Hydroelectric Plant located 10 kilometres west from the Project. This hydroelectric plant is connected by an established power line to the Santander Mine, which crosses the Project concessions, and in turn, was recently connected by Trevali Resources to the Peruvian National Energy Grid to power the mine and processing plant.
The Optionee anticipates approximately 3,500 metres of diamond drilling to test two targets at the Don Pancho Project. The primary drill target is defined by surface mineralization consisting of multiple Pb-Zn-Ag-Mn replacement horizons/gossans that have been mapped along 950 metres of strike length in a corridor measuring 10 metres to 215 metres in width and hosted in prospective stratigraphy of the Cretaceous Chimu, Santa, and Carhuaz Formations. Drilling will also target possible disseminated or skarn base metal mineralization that is interpreted to coincide with a chargeability geophysical high.
Diamond drilling at the Project is accompanied with a quality assurance and quality control ("QA/QC") program that is managed by the Optionee. The QA/QC program has been reviewed by the Company and it includes industry standard documentation for all aspects of the diamond drill program and secure handling of the core samples. Mr. Ryan Grywul P.Geo, a consultant to the Company, is a qualified person as defined in National Policy 43-101 and is responsible for all technical information contained in this news release.
Duran 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: 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 that may cause actual results to vary include but are not limited to the speculative nature of mineral exploration and development, including the uncertainty of resource estimates; operational and technical difficulties; the availability to the Company of suitable financing alternatives; fluctuations in copper and molybdenum and other commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks arising from our Peruvian activities; fluctuations in foreign exchange rates; as well as other risks and uncertainties which 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.