TORONTO, ONTARIO -- (Marketwire) -- 12/11/12 -- Duran Ventures Inc. (TSX VENTURE: DRV)(BVL: DRV) ("Duran" or the "Company") is pleased to announce that it has entered into an agreement (the "Agreement") whereby Duran has acquired by option three adjacent exploration concessions immediately to the north, east and southeast of the Company's flagship Aguila Copper-Molybdenum Porphyry Project in Peru. This new Agreement continues to define Duran's strategy of timely and prudent financing and focus upon its principal asset. The Company is also pleased to announce that it has increased its land position to 3100 hectares at the Mamanina copper/molybdenum/gold project and acquired the extensive historical database and drill core.
The new concessions increase the exploration potential in the area and also give the Company greater flexibility to establish infrastructure for a future mining operation. The new concessions total 2200 hectares and expand the land position in the immediate Aguila area to 11,100 hectares. All concessions under control by Duran in this area are now contiguous. The attached map shows the location of the new concessions.
To view map image, please click on the link below:
Prospecting, sampling and mapping in the areas will commence immediately. The terms of the Agreement allow for staged payments to the local Peruvian vendor (the "Optionee") consisting of cash (US$2,650,000) and Duran common shares (2,000,000 shares) as follows:
1. US$100,000 and 2,000,000 common shares upon signing the Agreement;2. US$125,000 twelve (12) months after signing the Agreement;3. US$125,000 eighteen (18) months after signing the Agreement;4. US$250,000 twenty-four (24) months after signing the Agreement;5. US$250,000 thirty (30) months after signing the Agreement;6. US$600,000 thirty-six (36) months after signing the Agreement;7. US$600,000 forty-two (42) months after signing the Agreement; and8. US$600,000 forty-eight (48) months after signing the Agreement;
In the event of a production decision at the new concessions a 1% Net Smelter Royalty will be payable to the Optionee. The Agreement is subject to certain conditions including, but not limited to the receipt of all necessary approvals including the approval of the TSX Venture Exchange.
The Mamanina property now consists of five concessions covering 3100 hectares located south along the same geological (copper porphyry) belt as Duran's flagship Aguila Cu-Mo property. Previous work performed by Queenstake Resources Limited ("Queenstake") and Alamos Minerals Limited ("Alamos") in a joint venture operated from 1995-1997, and Monterrico Metals PLC ("Monterrico") during 2001-2008, defined both porphyry copper-molybdenum and copper-gold-zinc skarn mineralization on surface.
Queenstake and Alamos found copper-molybdenum bearing porphyritic stocks hosted by clastic and carbonate sediments at Mamanina. Carbonate replacement skarn-type mineralization occurs at contacts between the intrusive and sedimentary units. An airborne magnetic and radiometric geophysical survey defined an anomaly two kilometres in diameter which coincides with these mineralized zones on surface.