Business
Duran Ventures and BacTech Environmental Sign MOU to Investigate Bioleach Opportunities in Northern Peru
TORONTO, ONTARIO--(Marketwired - Nov. 17, 2015) - Duran Ventures Inc. (TSX VENTURE:DRV)(BVL:DRV) ("Duran" or the "Company") is pleased to announce that the Comp
About this update from Peruvian Metals Corp.
[{"type":"text","content":" TORONTO, ONTARIO--(Marketwired - Nov. 17, 2015) - Duran Ventures Inc. (TSX VENTURE:DRV)(BVL:DRV) (\"Duran\" or the \"Company\") is pleased to announce that the Company has signed a non-binding Memorandum of Understanding with BacTech Environmental Corporation (\"BacTech\" or the \"Company\") (CSE:BAC)(OTC PINK:BCCEF)(WKN:A1H4TY). The basis of the MOU is to determine the financial viability of constructing a bioleach circuit to be built as an add-on to Duran's Aguila Norte mineral processing plant (\"Aguila Norte Plant\") near Trujillo, Peru (see Duran NR dated October 19, 2015). BacTech and its predecessors use proprietary bacterial oxidation technology that liberates precious and base metals from difficult to treat sulphide ores and concentrates. The BacTech technology is the only one employed that has commercially-proven bioleaching technology for gold and base metal separation. To date 3 bioleach plants have been designed and built (2 in Australia and 1 in China). Construction of the Aguila Norte Plant, currently underway, is expected to be completed late in the 1st quarter 2016. If deemed viable, the bioleach plant will be designed to address the high levels of arsenic that are present in high-grade precious metal material, which are prevalent in northern Peru. Duran's geologists have already identified several prospective sources of this mineralized material, which is presently not treatable at most other toll-milling facilities in Peru. Both companies agree that a bioleach circuit at the Aguila Norte Plant will be an environmentally friendly alternative to process refractory and arsenic rich precious and base metal mineralized material mined by small scale miners. In many cases, gold rich refractory mineralized materials mined are treated with mercury in an attempt to extract gold from the host rocks. Recoveries of gold are very low and much of the material is discarded after mercury treatment leading to widespread contamination of soils and waterways. If further investigation shows favorable economics on identifiable mineralized material, a Joint Venture will be formed with Duran's 80% owned subsidiary Minera Aguila de Oro SAC (\"MADOSAC\") and BacTech with each party holding 50% ownership of the bio-leach circuit. BacTech will finance the cost of the construction of the bio-leach circuit. Duran will have the right to pa...