TORONTO, ONTARIO, Mar. 18, 2010 (Marketwire) -- Duran Ventures Inc. (TSX VENTURE:DRV) is pleased to announce that it has entered into a mineral property option agreement with LeBoldus Capital Inc. (TSXV:LEB.P) whereby LeBoldus can acquire a 50% interest in Duran Ventures' Corongo Project located in the Department of Ancash in the Republic of Peru.
The Corongo Project is located approximately 400 km north of Lima in the Department of Ancash, Peru, and 5-10 kilometres to the northwest of Duran Ventures' Aguila Project. The property covers an area of 3,100 hectares and is comprised of 11 contiguous concessions. These are 100% held by Minera Aguila de Oro S.A.C., a Peruvian corporation that is a wholly owned subsidiary of Duran Ventures Inc.
The Corongo Project is located in the Miocene Cu-Mo (Au, W) deposit belt in the Cordillera Occidental of Peru, which hosts numerous precious and base metal deposits including Barrick Gold Corporation's Pierina gold mine and Compania Minera Antamina S.A.'s Antamina copper-zinc mine.
Exploration completed by Duran to date includes mapping, trenching, and underground sampling. Mineralization styles encountered include gold-silver bearing veins and breccias, gold-copper-molybdenum bearing mantos and breccias, and disseminated porphyry style copper and molybdenum mineralization. Duran has sampled vein material on the property that assayed up to 14.6 grams of gold per tonne gold and 1,642 grams of silver per tonne.
LeBoldus may acquire a 50% interest in the Corongo Property by:
i. Paying Duran $25,000 USD on signing the agreement;
ii. Incurring an aggregate amount of $1,000,000 USD in exploration
expenditures on the property over two years; and
iii. Issuing Duran an aggregate amount of 1,000,000 common shares, by March
Duran will act as operator of all exploration programs and will receive a 10% management fee on exploration expenditures. To date, LeBoldus has been a capital pool company with the business of identifying a qualifying transaction. On completion of the qualifying transaction, LeBoldus intends to change its name to "Viper Gold Ltd."
CEO of Duran, Jeffrey Reeder, says, "Duran is very pleased to advance the promising Corongo gold-silver project area with LeBoldus as a partner. This agreement will allow Duran to continue to focus on our main Aguila Copper-Moly and Pasacancha Properties. The Company plans to continue to evaluate potential mineral project acquisitions, as there are currently tremendous opportunities in Peru."
Duran Ventures is a Canadian exploration company focused on the exploration and development of porphyry copper, precious metal, and polymetallic deposits in Peru. Cary Pothorin, P. Geo., President of Duran, is a Qualified Person as defined in National Policy 43-101, and is responsible for all technical information contained in this news release.
Duran Ventures Inc. is a Canadian resource company listed on the TSX Venture Exchange: Symbol "DRV"
Disclosure Regarding Forward-Looking Statements: This press release contains certain "Forward-Looking Statements" within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Corporation's expectations are disclosed in the Corporation's documents filed from time to time with the TSX Venture Exchange and, among others, the Ontario Securities Commission as well as under the heading "Risk Factors" in the Company's annual and interim Management Discussion and Analysis.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.