May 25, 2010 (TheNewswire.ca) --
TORONTO, CANADA - May 25, 2010 - Duran Ventures (TSXV:DRV) Inc. ("Duran" or the "Company")(TSX-V: DRV) is pleased to announce that the Company has acquired the Minasnioc Gold Project in a closed-bid government auction on May 20th, 2010. A Peruvian subsidiary of Barrick Gold Corporation (NYSE:ABX) (TSX:ABX) ("Barrick") and a private Peruvian mining company were also competing for this property. The concession covers 1000 hectares in the Department of Huancavelica, approximately 300 kilometres southeast of Lima. This project has seen previous intensive exploration campaigns by Barrick and Compañia de Minas Buenaventura S.A.C. ("Buenaventura") between 2001 and 2007, which included surface channel sampling and drilling.
Company geologists have made initial property visits and have defined a high sulfidation (acid sulphate) epithermal gold and silver bearing system developed in Tertiary volcanic rocks. Extensive zones of argillic and advanced argillic alteration are present, with areas of massive and vuggy silica with associated alunite. The gold-silver bearing part of the epithermal alteration system covers an area of two by two kilometers. This age of the volcanic host rocks and style of mineralization is similar to Barrick's Pierina and Alto Chicama Mines and Newmont and Buenaventura's Yanacocha Mine in Peru.
Initial rock chip sampling by the Company shows widespread anomalous gold values with associated silver, arsenic, barium, lead, mercury, and antimony geochemical anomalies, which are typical of an altered precious metal bearing system. Samples were collected as one to four-metre rock chips and panel samples ranging from two by two metre to five by five metre panels. 21 of 35 samples returned assays greater than 0.1 grams of gold per tonne, with values as high as 2.96 grams of gold per tonne. 28 of 35 samples returned silver values of greater than 1.0 gram of silver per tonne, 11 samples returned values of greater than 10.0 grams of silver per tonne, and one sample returned a high value of 70.6 grams of silver per tonne. Sample highlights are shown below.
SAMPLE NUMBER SAMPLE TYPE LENGTH (m) Au Ag (g Au/T) (g Ag/T) 526 Rock Chip 2.0 1.38 41.5 527 Rock Chip 2.0 0.59 70.6 529 Rock Chip 4.0 0.96 21.2 534 Rock Chip 1.0 0.87 6.8 535 Rock Chip 3.0 2.07 29.3 540 Panel 3x3 2.89 66.9 541 Panel 3x1 2.93 56.6
The Company is very pleased with the acquisition of the Minasnioc gold project. It adds a very strong epithermal gold project the Company's Peruvian holdings and is owned 100% by the Company, with no associated option payments or underlying obligations.
All samples are prepared and analyzed at ALS Chemex in Lima (a certified laboratory). Analysis for gold is by fire assay with atomic absorption finish. Other elements are analyzed using a multi-element ICP analysis: elements assaying over-limits with ICP procedure are re-analyzed using atomic absorption. The company maintains secure care and custody of samples.
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"
For additional information, contact: Tel: (416) 867-1591 Fax: (416) 366-8131
Website: www.duranventuresinc.com Email: email@example.com
Neither the TSX Venture Exchange nor its Regulation Services Provider 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. 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.
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