Base Metals

Duran Ventures (TSXV:DRV) has announced that it has entered into a mineral assignment to extract and process high grade precious and base metal mineral for its 80 percent owned Aguila Norte Processing Plant from the Chucara property. As quoted in the press release: Currently, small-scale, artisanal miners are extracting mineral from Chucara and selling it …

Duran Ventures (TSXV:DRV) has announced that it has entered into a mineral assignment to extract and process high grade precious and base metal mineral for its 80 percent owned Aguila Norte Processing Plant from the Chucara property.
As quoted in the press release:

Currently, small-scale, artisanal miners are extracting mineral from Chucara and selling it to third parties. Under the assignment agreement, mineral from the Property can only be shipped to and processed at the Aguila Norte Plant having satisfied the formal documentation protocol of the local authorities. The Company intends to achieve mineral supply from Chucara of 1,000 tonnes per month by the end of September 2016, increasing to 1,500 tonnes per month, or 50% of plant capacity, by the end of December 2016. The Company is also negotiating with other mineral supplies to achieve full production by the end of the September 2016.
The Company will invest $100,000 in equipment and infrastructure to improve the proficiency of current small scale mining on the Property. Profits will be shared equally with the owner of the concession after prepayment of expenses regarding a fixed processing fee, transport, and extraction costs.

Jeffrey Reeder, CEO, said:

This agreement is the first step to secure long term mineral feed for our Aguila Norte Processing Plant. Furthermore, we believe that this type of agreement will be favoured by the small scale miners showing transparency by sharing both the profit and risk associated with mining. We are currently negotiating on other sources of mineral using this agreement as a template. The Company will continue to be active in purchasing mineral for processing.

Click here to read the full press release.

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