Duran Ventures Initiates Aguila Drill Program
TORONTO, ONTARIO -- (Marketwire) -- 01/29/13 -- Duran Ventures Inc. (TSX VENTURES: DRV)(BVL: DRV) ("Duran" or the "Company") is pleased to announce the initiation of a diamond drilling program at the Company's 100% owned Aguila Porphyry Copper-Molybdenum Project in Ancash, Peru. Explo Drilling Peru S.R.L has been contracted and drilling is expected to commence early in February.
This phase of drilling will focus in the Aguila central pit area where previous drilling intersected numerous, significant intersections of copper and molybdenum. The objective of this drill program is to expand the higher grade measured and indicated resource previously announced by the Company (See Company's news release dated March 8th, 2012). The following table summarizes SRK Consulting (Canada) Inc.'s ("SRK") Inferred and Indicated Resource at the Aguila Project:
Mineral Resource Statement(i) for Duran Ventures Inc., Aguila Project, Peru,
SRK Consulting (Canada) Inc., March 5, 2012
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Quantity Grade Contained Metal
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000' Cu % Mo % CuEq % Cu Mo
tonnes Million Million
Category lb. lb.
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Open Pit Resources
Indicated 27,750 0.61 0.04 0.79 374.5 22.0
Inferred 299,640 0.26 0.02 0.36 1,743.9 125.5
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Underground Resources
Inferred 55,880 0.32 0.03 0.48 394.2 40.7
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Total Resources
Indicated 27,750 0.61 0.04 0.79 374.5 22.0
Inferred 355,520 0.27 0.02 0.38 2,138.2 166.2
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(i) Mineral resources are not mineral reserves and do not have demonstrated economic viability. All figures have been rounded to reflect the relative accuracy of the estimates. Open pit mineral resources are reported at a cut-off grade of 0.22 percent copper equivalent and underground mineral resources are reported at a cut-off grade of 0.26 percent for copper equivalent. Copper equivalent grades are based on averaged metallurgical recoveries of 87 percent copper and 88 percent for molybdenum and metal prices assumptions of US$2.85 per pound of copper and US$13.85 per pound of molybdenum.
The Company's drill plans are designed to expand the existing Indicated Resource by infill and adjacent drilling proximal to this core of Indicated Resource. The drill program is expected to reclassify this adjacent material presently classified as an Inferred Resource as determined by SRK. Much of the higher grade intersections in the pit area start at, or are close to surface.
Initially, drilling will test mineralization east of the intercept in AGD-016, returning from surface 396 metres of 0.69% Cu and 0.042% Mo. Furthermore, previous drill results north of the SRK indicated resource show numerous high grade intercepts contained within the surrounding Inferred Resource. Drilling in this area is expected to upgrade the quality of the resource.
Access to drill sites in this initial phase is considered excellent and weather will not affect the completion of the drill program. Further drilling on the extensive Aguila property will be considered after review of results from these five holes.
Duran is a Canadian exploration company focused on the exploration and development of porphyry copper and molybdenum, precious metal, and polymetallic projects in Peru. The Company's principal project is the Aguila Copper/Molybdenum Project. Jeffrey Reeder, P. Geo., a qualified person as defined in National Policy 43-101, is responsible for all technical information contained in this news release.
Duran Ventures Inc. is a Canadian resource company listed on the TSX Venture Exchange and the Bolsa de Valores de Lima: Symbol "DRV".
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.
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.
Contacts:
Duran Ventures Inc.
Jeffrey Reeder
(416) 867-1591
info@duranventuresinc.com
www.duranventuresinc.com
