Duran Completes Milestone First Sale of Mineral Concentrates
TORONTO, ONTARIO--(Marketwired - Apr 27, 2017) - Duran Ventures Inc. (TSX VENTURE:DRV)(LMA:DRV) ("Duran" or the "Company") is pleased to announce the first shipment of zinc and lead-silver concentrates from the Aguila Norte mineral processing plant ("Aguila Norte" or the "Plant") was received earlier this week at the Impala Terminals in the port of Callao in Lima, Peru. These concentrates are 100% wholly owned by Minera Aguila de Oro, the Company's 80% owned subsidiary that owns Aguila Norte. The Company entered into an agreement with mineral trader Ocean Partners to purchase the concentrates and the final settlement of this batch of concentrates will be approximately US$141,000. The proceeds from the sale includes recoverable VAT taxes which will be used as free cash flow as the Company has no significant debt and has available significant tax losses and VAT taxes recoverable. Approximately 10 metric tonnes of concentrate still remains at the Plant and will be shipped shortly under the same terms.
The Company is actively negotiating additional mineral contracts to source feed for the Plant. Third party mineral is currently being processed and will continue throughout the month of May and the Company expects that the plant should be operating at full capacity by the end of June 2017. Mineral purchases will commence in May and processing of the mineral and related concentrate sales will be in June.
Jeffrey Reeder, CEO and President of Duran states, "The sale of our first concentrates is a milestone for our Company. We expect to continue purchasing this Pb-Zn-Ag mineral from the small miner and will process third party mineral to maintain full capacity of the plant. Currently copper concentrates are being produced for a client and the next batches will include gold-silver-copper bearing mineral owned by another third party. Our corporate goal once the plant is fully commissioned is to enter into profit sharing agreements and purchase agreements with miners. Several miners are now expressing strong interest in the Plant since we are able to produce three concentrates from the same mineral source."
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"
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.
Contact
Jeffrey Reeder
(647) 302-3290
Oscar Pezo
(011) 511 422-1467
info@duranventuresinc.com
www.duranventuresinc.com
