Dana Resources Evaluating Joint Venture Opportunities on Base Metals Assetsadmin
Friday, August 28th 2009
Dana Resources, a US-based precious metals exploration and development company, is pleased to announce it is meeting with joint venture candidates about Dana Resources’ base metals projects. Dana Resources currently owns and operates seven mining projects located in Peru’s most prolific mining regions.
Dana Resources owns two advanced staged base metal projects, Las Horquetas and Turmalina. The Las Horquetas project is located in the copper-gold belt northeast of the Tambo Grande deposits and had a joint venture with BHP Billiton in 2001. BHP Billiton’s proprietary Falcon survey was flown over the project. Samples of 5.39 grams per ton gold and 5.71% copper have been assayed. Turmalina is Dana Resources’ other advanced staged base metals project. The Turmalina project is located in Northern Peru and as of 2007, existing high grade reserves were 305,586 tons of 2.5% copper (15 million pounds of copper). Dana Resources believes the Turmalina Project initially has a copper potential of over 660 million pounds, valued at approximately $1.9 billion.
Dana Resources plans to focus time and funding on the production process at the Collota Gold Deposit. Due to the current high demand for both gold and copper, management believes that successful joint venture relationships will expedite the development and production potential at both Turmalina and Las Horquetas. Bringing both gold and copper for sale in a high commodity price environment is financially advantageous for Dana Resources.
With some of the richest mineral reserves in the world, Peru is one of the highest producing countries of precious & base metals in Latin America. Previously inaccessible regions are now becoming available through modern technology and equipment, making the high diversity of marketable minerals an extremely attractive prospect. In total, Peru holds about 16 percent of the world’s known mineral reserves.