TORONTO, ONTARIO--(Marketwired - Jan. 23, 2017) - Duran Ventures Inc. (TSX VENTURE:DRV) (DRV.V) ("Duran" or the "Company") is pleased to provide an update on the commissioning of its Aguila Norte Mineral Processing Plant ("Aguila Norte" or the "Plant") located in Northern Peru. The Plant is currently processing third party mineral during the initial commissioning phase. Concentrates are being produced and the Company will soon commence processing its 100% owned lead-zinc-silver mineral that was purchased in 2016.
Numerous miners have expressed interest in processing mineral at Aguila Norte where mineral stockpiles from third party suppliers are growing. It is expected that the commissioning phase at Aguila Norte will continue during the first quarter of 2017 and the Plant will process third party mineral during this phase. Aguila Norte will charge a processing fee ("maquila") to the mineral suppliers. Duran is now in a position to start entering into agreements with miners to jointly process mineral with profit sharing agreements and/or purchase mineral outright before processing.
Duran secured its 80% interest in Aguila Norte in 2016 by fulfilling all terms of its agreement with the Company's Peruvian partner. Duran has been able to construct Aguila Norte using working capital through its 80% owned and debt free subsidiary, Minera Aguila de Oro SAC ("MADOSAC"). The securement was closed upon transferring 20% of the shares of MADOSAC to the Company's Peruvian partner. Aguila Norte is a polymetallic flotation mineral processing plant located near Trujillo, Department of La Libertad, in northern Peru and accommodates a 25 tonne per hour crushing circuit, a 100 tonne per day milling circuit, a robust flotation circuit, and a +20 year tailings area with current tailings capacity of three to four years depending on the mineral treated. The Plant's location near Trujillo, just off of a major highway, in an area with abundant small scale mining and very few independent mineral processing facilities provides Duran with a strategic cash flow opportunity. Mineral processing via flotation and a gravity circuit is designed to produce up to three distinct concentrates enabling processing of a wider spectrum of polymetallic and precious metal sulphide ores. Aguila Norte is considered the only plant in this area capable of producing three concentrates from the same mineral source which will provide miners and suppliers more flexibility in mineral processing.
The Company will provide further updates as the Plant commissioning progresses.