Duran Signs Letter of Intent for the Sale of the Ichuna Property in Peru
TORONTO, ONTARIO--(Marketwired - Mar 16, 2017) - Duran Ventures Inc. (TSX VENTURE:DRV)(LMA:DRV) ("Duran" or the "Company") is pleased to announce that it has entered into a letter of intent ("LOI") to sell the Company's Ichuña Copper-Silver Project ("Ichuña" or the "Project") located in the Department of Moquegua, Peru, to Tartisan Resources Corp. (CSE:TTC)(CSE:TTC.CN) ("Tartisan") for cash consideration of $50,000 CDN and 500,000 shares of Tartisan. Duran will also receive an additional 500,000 shares of Tartisan as certain Project milestones are achieved by Tartisan, and will retain a 2% Net Smelter Royalty ("NSR") in the Project of which 1% can be purchased by Tartisan for US$500,000. The parties intend to replace the LOI with a definitive agreement (the "Definitive Agreement") containing industry standard terms and conditions no later than May 17, 2017, following due diligence reviews by both parties.
Duran recently announced the sale of its Don Pancho project ("Don Pancho") to Tartisan (see news release dated February 22, 2017), and is pleased to enter into a second transaction with Tartisan. The divestiture of the Company's non-core assets conforms to the Company's business model as a "Cash and Project Generator." With the sale of the Ichuña and Don Pancho projects, the Company will continue to benefit from successful exploration and development on both properties by Tartisan. Mr. Jeffrey Reeder, CEO of Duran states, "We are pleased to enter into a second agreement with Tartisan for the sale of our Ichuña project. We believe Tartisan will be in an excellent position to fund the exploration on both projects. Duran will benefit from the success of Ichuña and Don Pancho, both from its share position in Tartisan and its royalties on future production."
The closing of the transaction is subject to a number of conditions including entering into the Definitive Agreement, the satisfactory completion of due diligence review by the parties, receipt of all required approvals and consents (including all regulatory approvals), and satisfaction of other customary closing conditions.
The Company also announces that it has completed producing Zinc and Lead-Silver concentrates from purchased mineral at the Aguila Norte Processing plant (the "Plant") and will start to process third party mineral shortly. However, as a result of extremely heavy rainfalls and floods in northern Peru due to the El Niño effect, the Regional Government of La Libertad has declared a state of emergency for the region. Plant operations and concentrate shipments need to be delayed until the weather has improved. The decision was made mainly for the safety of the Plant operations staff during the commissioning phase and to maintain the equipment during this time.
Jeffrey Reeder, P.Geo., a qualified person as defined in National Instrument 43-101, is responsible for all technical information 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
Duran Ventures Inc.
Jeffrey Reeder
(647) 302-3290
Oscar Pezo
(011) 511 422-1467
info@duranventuresinc.com
www.duranventuresinc.com