Business
Duran Ventures Signs Mineral Purchase Agreement for High Grade Copper
Toronto, Ontario--(Newsfile Corp. - February 5, 2018) - Duran Ventures Inc. (TSXV: DRV) ("Duran" or the "Company") is pleased to announce that the Company has e
About this update from Peruvian Metals Corp.
[{"type":"text","content":"Toronto, Ontario--(Newsfile Corp. - February 5, 2018) - Duran Ventures Inc. (TSXV: DRV) (\"Duran\" or the \"Company\") is pleased to announce that the Company has entered into an agreement (the \"Agreement\") to purchase and process high grade copper sulphide mineralized material from Otuzco Copper Mining Corporation S.A.C. (\"Otuzco\"), a private Peruvian corporation with operations in Northern Peru. A fundamental term of the Agreement is to jointly share the profits by unifying operations. Currently Otuzco's main property has small-scale artisanal miners extracting copper sulphides from several adits. Duran will purchase the mineralized material at cost from Otuzco and will support Otuzco to ensure the extracted mineralized material is properly documented and transported to Duran's Aguila Norte Flotation Plant (the \"Plant\"). Otuzco will shortly have permits in place for the extraction of the mineralized material. The first transported mineralized material to the Plant is expected in late February but is dependent on weather conditions and receipt of final permits. The Agreement allows Duran to purchase up to 1500 tonnes per month with minimum copper grades of 5.0% copper in sulphides. In 2017 Duran's Plant processed 301.32 tonnes of this mineralized material containing chalcocite and covellite with an average head grade of 5.15% copper. Results were considered very favourable, producing 42.99 tonnes of copper concentrate grading 35.29%. Deleterious elements such as arsenic and antimony in the concentrate were low at 0.1%. Otuzco holds the mineral rights to the property and has agreements with the owners of the surface rights and local communities to continue the small-scale mining. Otuzco's intention is to eventually mine the copper sulphides once weather improves and permits are in place. Otuzco will allow certain small-scale miners to continue to operate. Duran will assist Otuzco on the technical side of the operations. The transportation route to Duran's Plant is very favourable as it is mostly by asphalt highway. The Agreement with Otuzco allows Duran to first recover all operating costs related to the processing of this mineralized material. The main costs include the purchase cost of the mineralized material, including delivery to the Plant, and transportation of the concentrates to the port facilities in El Callao. Du...