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.
