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Duran Signs LOI for Sale of Its Ichuna Copper-Silver Property, Peru

Published: March 23, 2017 |

[Click image to enlarge]

Duran Ventures Inc. has entered into a letter of intent (LOI) to sell the company’s Ichuña Copper-Silver Project located in the Department of Moquegua, Peru, to Tartisan Resources Corp. for cash consideration of C$50,000 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 percent net smelter royalty in the project of which 1 percent can be purchased by Tartisan for US$500,000. The parties intend to replace the LOI with a 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 to 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. “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,” said Jeffrey Reeder, CEO of Duran.

The company has also completed producing zinc and lead-silver concentrates from purchased mineral at the Aguila Norte Processing 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.


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.

To stop by Duran’s website, CLICK HERE


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