Duran Ventures Inc.

Duran Ventures Inc.

September 01, 2009 11:00 ET

Duran Announces 100% Double Jack Lock-up Agreement

TORONTO, ONTARIO--(Marketwire - Sept. 1, 2009) - Duran Ventures Inc. (TSX VENTURE:DRV) is very pleased to announce that the Company has received confirmation that 100% of the Double Jack shareholders have signed a resolution effective August 17, 2009 approving the terms of the proposed acquisition by Duran, subject to regulatory approval, of 100% of Double Jack or its wholly owned subsidiary, Hatum Minas SAC ("Hatum") (news release July 2, 2009).

Hatum owns a 100% interest without third party royalties in several concessions consisting of four project areas totalling 5,437.88 hectares. This includes the Panteria porphyry copper, the Ichunya copper-silver, and the Santa Rita/Coricancha and Don Pancho silver-lead-zinc polymetallic projects.

The Panteria Porphyry Copper prospect is located in the Department of Ica in south-central Peru. It consists of one main block totalling 1,700 hectares and another 400 hectare concession two kilometres to the east. Rio Tinto Zinc operated this project in the early 2000's, and Hatum acquired the concession in 2007. Rio Tinto conducted a very limited exploration program comprising of two or three diamond drill holes. The information from Rio Tinto's work program is currently unpublished, however the company will inquire about obtaining the data. Hatum's initial sampling program at Panteria confirmed widespread anomalous copper, gold, and silver over an 800 by 250 metre zone, with local quartz-sulfide stockworks and veining in porphyritic intrusive rocks. There are abundant copper oxides and carbonates on surface with indications of strong surface leaching of copper and iron sulfide minerals. Panteria has all the hallmarks of a significant supergene copper deposit with an underlying hypogene porphyry copper system.

The Santa Rita and Coricancha South Properties (1,737.88 hectares) are located 75 kilometres from Lima in the San Mateo District in Central Peru, in an area of active and past producing silver-lead-zinc mines. The Coricancha South Property is located immediately south-southwest of Gold Hawk Resources's Coricancha Mine. Hatum's mine dump and rock chip sampling returned ten out of twenty-eight samples with greater than 100 grams silver per tonne, with the highest value of 1,280 grams silver per tonne. Ten samples returned over 1% lead, and seven samples with over 1% zinc. Gold, copper, and molybdenum values are strongly anomalous, with up to 2.2 grams gold per tonne, 8.8% copper, and 0.1% molybdenum.

The Ichuna Copper-Silver Project (1,000 hectares) is located 120 kilometres northeast of Arequipa in the Department of Moquegua in Southern Peru. A past producer from Spanish colonial times, Hatum sampling returned strong copper and silver values with anomalous arsenic, barium, and antimony. Mineralization is controlled by north-south trending structures related to altered intrusive bodies. Copper values range as high as 12.75% and silver up to 8.2 ounces silver per tonne. These copper-silver bearing structures may be indications of porphyry copper mineralization.

The Don Pancho Silver-Lead-Zinc Project (600 hectares) is located in the Lima Department and is currently optioned to a third party, Jantar Resources Ltd ("Jantar"). Jantar may earn a 100% interest for property option payments of $375,000 in cash and 400,000 common shares over four years. Jantar are also required to spend $1,500,000 on the property. Double Jack would then revert to a 2% Net Smelter Return interest which Jantar may reduce to 1% by issuing 200,000 additional shares.

Duran has the right to acquire a 100% interest in all of the Double Jack - Hatum properties for the issuance of C$1,200,000 of Duran common shares valued at the average closing price of Duran shares for the twenty days immediately prior to the date of the Duran Information Circular seeking shareholder approval at the next Annual and Special Meeting of Shareholders expected to be held in June 2010. The average price is subject to a $0.10 minimum (maximum 12,000,000 shares) and a $0.20 maximum (minimum 6,000,000 shares).

Double Jack may at its sole option terminate the acquisition by issuing Duran 1,000,000 shares of Double Jack if the calculated twenty day average Duran share price is below $0.05.

Duran has agreed to complete exploration expenditures of US$100,000 on the Panteria Property by May 31, 2010 and to reimburse Double Jack immediately for 2009 maintenance fees of US$15,000. If Duran fails to obtain shareholder approval or complete the transaction, Duran has agreed to return the properties with the 2010 maintenance fees paid and a break fee of 500,000 Duran common shares.

A definitive agreement will be executed once Double Jack and Duran have received shareholder and regulatory approvals.

The Company is very pleased with the exploration potential of these new properties and looks forward to beginning the initial exploration and development work.

Duran Ventures is a junior exploration company working to advance and develop the Aguila Copper-Moly Project to a 43-101 compliant resource while continuing to actively evaluate new prospects and targets throughout Peru.

Any of the scientific and technical information has been prepared or reviewed by Cary Pothorin, P.Geo., President of the Company. Mr. Pothorin is a Qualified Person within the meaning of National Instrument 43-101. Additional information relevant to the Company's activities can be found at www.sedar.com

Duran Ventures Inc. is a Canadian resource company listed on the TSX Venture Exchange: Symbol "DRV".

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Contact Information