Duran Ventures Receives C Permit Which Allows for Drilling Until 2011
George A. Brown, CEO, and Cary Pothorin, President, of Duran Ventures Inc. provide the following update for the Aguila Cu-Mo Target and the Pasacancha Ag-Au-Pb-Zn Target. Cary Pothorin, P.Geo., is a Qualified Person as defined in National Policy 43-101, and is responsible for all technical information contained in this news release.
In late November 2008, the Peruvian Ministry of Energy and Mines finalized the approval of a C Permit for Duran’s Peruvian subsidiary Minera Aguila de Oro S.A.C. The permit will allow drilling of up to 64,000 metres from up to 80 platforms covering the Aguila and Pasacancha targets. The Company intends to allocate the allowed metres between one or two holes from each permitted platform. The C permit is valid for a two year period from when it is activated by commencement of drilling the first hole, which must be done within one year from issue of the C permit. Drilling permits in Peru can normally be modified as the work program proceeds to allow for time extensions and changes in planned work details, subject to approval of the Peruvian Ministry of Energy and Mines.
In mid October 2008, the Company requested and received a three month extension for the B Permit to cover any delays in receiving the C Permit and to continue with uninterrupted drilling. The B permit is valid until mid-January of 2009.
The Company has drilled 14 holes at Aguila under the B Permit of which 13 have been news released. Hole 14 was completed on November 28, 2008 to a depth of 459.6 metres and results are expected to be news released in early January 2009, along with a summary of all Aguila drill holes. Drilling at Aguila has been temporarily suspended until the Company feels that commodity prices for Cu-Mo show indications of recovery. Aguila surface exploration will continue with a focus on advancing other Aguila style targets such as the Aguila East and Aguila Southwest to the drill ready stage in 2009.
The Company commenced drilling Pasacancha Hole 4B under the B Permit on December 12, 2008 and as at 8 am on December 18th was at a depth of 234 metres. The Company intends to complete Hole 4B to a depth of 350 to 400 metres before suspending drilling for the holidays. Hole 4 was commenced on December 8 and terminated at a depth of 60.3 metres on December 11 due to drilling difficulties. See attached section sketch showing terminated Pasacancha Hole 4 and projected Hole 4B.
