Toronto, Ontario--(Newsfile Corp. - January 3, 2018) - Duran Ventures Inc. (TSXV: DRV) ("Duran" or the "Company") is
pleased to announce that the Company has entered into an option agreement (the "Agreement") on its Minasnioc Au-Ag project
("Minasnioc" or the "Property") in southern Peru with IAMGOLD Peru S.A., a wholly owned subsidiary of Toronto and New York Stock
Exchange-listed IAMGOLD Corporation (collectively "IAMGOLD").
The Agreement between the companies is comprised of three options. On signing the Agreement IAMGOLD will pay Duran $50,000 US
and will have until December 31, 2018 to secure access rights agreement with the local community and enter into the First Option
period. Should IAMGOLD be unable to secure community access rights it can extend the period until December 31, 2019 by giving
notice to Duran and by paying the Company an additional $50,000 US prior to January 4, 2019. Initial consultation with the local
community has commenced and the Company is confident that a community agreement will be reached in 2018.
Upon securing the community agreement, IAMGOLD has the right to enter into the First Option to earn a 60% interest in the
Property over a 4 year period. As a condition of the First Option IAMGOLD must carry out sufficient drilling to determine a
resource estimate and issue a Preliminary Economic Assessment prepared in accordance with National Instrument 43-101 standards (the
"PEA") demonstrating a minimum gold resource of 300,000 ounces. During the term of the First Option IAMGOLD will be also required
to make payments to Duran totalling $500,000 US as follows:
On entering First Option: |
$75,000 |
First Anniversary of entering the First Option: |
$100,000 |
Second Anniversary of entering the First Option: |
$100,000 |
Third Anniversary of entering the First Option: |
$100,000 |
Fourth Anniversary of entering the First Option: |
$125,000 |
|
|
The Second Option will allow IAMGOLD to earn an additional 10% (total of 70%) in the Property over 4 years by completing a
prefeasibility study in accordance with NI 43-101 standards (the "PFS"). The PFS must have a Measured and Indicated Resource of at
least 1 million ounces of gold. Should IAMGOLD fail to produce the PFS as specified above it will still maintain its 60% interest
in the Property.
Within 10 days of IAMGOLD vesting in Second Option if Duran requests, and IAMGOLD agrees, IAMGOLD will enter a Third Option in
which it can increase its ownership in the Property to 75% (the "Third Option") by arranging financing for Duran's 25% share of
exploration, feasibility and mine development and construction costs. The financing will be done at Libor plus 8%.
The Minasnioc gold-silver property is located in the department of Huancavelica, Peru, approximately 310 kilometres southeast of
Lima. In 2010 and 2011, the Company was granted the initial 1,000-hectare concession that covered the previous drilling by Barrick
Gold Corp. and Compañia de Minas Buenaventura SAA. Duran, in 2012, purchased from Barrick three surrounding concessions and an
extensive database, which includes: detailed assays for 41 holes totalling 5,863 metres; extensive surface sampling data; detailed
geological maps; resistivity and induced polarization geophysical survey maps. Since 2012, the Company acquired an additional 8
concessions expanding the property to cover an area of approximately 7,300 hectares.
Duran's geologists confirmed the presence of a high-sulphidation (acid sulphate) gold-silver bearing system developed in
tertiary volcanic rocks. Extensive zones of argillic and advanced argillic alteration are present, with areas of massive and vuggy
silica and associated alunite. The largest gold mines in Peru, such as Newmont's Yanacocha, and Barrick's Pierina and Alto Chicama
mines, are high sulphidation Au-Ag systems hosted in tertiary volcanic rocks. These systems are priority exploration targets for
major gold producers because of the lower capital expenditures required to place into production and favourable metallurgy.
Jeffrey Reeder, CEO of Duran states, "The Agreement with IAMGOLD is the second option agreement in as many years with a major
mining company on one of our wholly owned properties. The Minasnioc Agreement confirms Duran's ability to create new projects and
attract major partners. Minera Antares Peru SAC, a wholly owned subsidiary of TSX listed First Quantum Minerals Ltd., commenced
drilling in late 2017 on our Panteria Cu-Au property located 75 kilometres northwest of Minasnioc and is expected to finish their
first phase drill program in mid-January".
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 Listed 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: info@duranventuresinc.com
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.