Duran Ventures recently announced that the company has signed an agreement with a private Peruvian company to design and establish a toll-milling operation in northern Peru.
The company will acquire 80 percent interest in the joint company by investing $1.5 million in capital expenditures and establish a line of credit of $250,000 for general working capital. Approximately $125,000 has been spent to date towards the earn-in.
Surface rights have been acquired over the mineral concessions and construction of the mill can be started. The company is currently finalizing the budget and timelines for the construction of a Carbon in Leach ("CIL") plant with a flotation circuit. Once budgets and contractors are selected, the company will provide a further update to its shareholders.
Over the past several months, Duran has been reviewing and investigating numerous small-scale mining operations and other toll-milling businesses throughout Peru. Duran is confident that the company is in a unique position to assess these potential high-grade opportunities for mineral sources for the company's mill. Discussions are continuing and relationships with numerous small-scale miners and concession owners throughout the country have been established.
Duran also announces that David Prins has resigned, effective immediately, from the company's board of directors, for personal reasons.
Organizations in this story
Duran Ventures Inc. Lima, Peru Lima, Lima
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