Duran Ventures Inc.

Duran Ventures Inc.

July 02, 2009 10:35 ET

Duran Announces Peru Acquisitions and Transition to New CEO

TORONTO, ONTARIO--(Marketwire - July 2, 2009) - Duran Ventures Inc. (TSX VENTURE:DRV) is very pleased to announce that the Board has approved, subject to shareholder and regulatory approvals, the acquisition of 100% of the shares of Hatum Minas SAC ("Hatum"), a wholly owned subsidiary of Double Jack Mines Limited ("Double Jack"), a private Alberta company with 22 shareholders. This will be completed by either the direct acquisition of 100% of the shares of Hatum from Double Jack or by the acquisition of 100% of the shares of Double Jack. Double Jack has 11,850,000 shares outstanding and has agreed to complete the transaction with a maximum of 12,000,000 shares issued and outstanding. Double Jack has agreed to obtain a lock up agreement from a minimum of two thirds of Double Jack shareholders by August 1, 2009 with a right to request an extension to August 31, 2009 if required.

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 May 2010 closing price subject to an average price calculation of $0.10 minimum (maximum 12,000,000 shares) and a $0.20 maximum (minimum 6,000,000 shares). The issuance of these Duran shares will be subject to shareholder approval at the next Annual and Special Meeting of shareholders in June 2010.

Mr. Jeffrey Reeder, P. Geo., President of Double Jack, has agreed to become the Chief Executive Officer of Duran after completion of the Double Jack lock-up agreement in August 2009. Mr. Reeder has been a director of Duran since July 2006. Mr. Reeder is the geologist that originally identified and acquired the Aguila Copper-Moly Project for Duran Resources ULC (formerly MacMillan Gold Corp.). Mr. Reeder has 15 years of experience in Peru and is fluent in Spanish. Mr. Reeder is a Qualified Person as defined in National Policy 43-101 and is responsible for all technical information contained in this news release. Current CEO, George A. Brown, states that "Duran shareholders can look forward to a very exciting exploration future under the experienced leadership of Mr. Reeder. Jeff can look forward to a quick transition with my full support as the single largest shareholder of Duran."

Hatum owns a 100% interest without third party royalties in several concessions consisting of four project areas totalling 5,437.88 hectares. The principle project is the Panteria Copper Porphyry prospect located in the Department of Ica in south-central Peru. The property comprises of one main block totalling 1,700 hectares and another 400 hectare concession located two kilometres to the east. Rio Tinto had an option on this property 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 on the Panteria Copper project confirmed anomalous copper and gold within a zone containing extensive quartz stockworks and veining in porphyritic intrusive rocks. Anomalous copper values within an area of 800 by 250 meters show typical copper values associated with leach caps typical of porphyry systems in Andean environments. Wallrock alteration shows typical fractured sediments with numerous oxidized sulphide veinlets.

Additional highlights and properties included in the acquisition:

1) The Santa Rita and Coricancha South Properties (1,737.88 hectares) located 75 kilometres from Lima in the San Mateo District in Central Peru. The property appears to consist of porphyry and skarn-style mineralization. Initial sampling on the Santa Rita prospect shows high grade silver, copper and molybdenum values. Values range as high as 1,280 g Silver/t, 8.84% Copper and 0.11 % Molybdenum. The Coricancha South Property is located immediately south-south-west of Gold Hawk Resources's Coricancha Mine. Mineralized structures in this area trend NNE-SSW.

2) The Ichuna Copper Project (1,000 hectares) is located in 120 kilometres northeast of Arequipa in the Department of Moquegua in Southern Peru. Limited sampling and mapping show mineralized zones trend north-south and assays returned values ranging as high as 12.15% Copper.

3) 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 agreed to complete exploration expenditures of US$100,000 on the Panteria Property by May 31, 2010 and to reimburse Double Jack for 2009 maintenance fees of US$15,000 US once the lock-up agreement is in place. If Double Jack delivers the two thirds lock up and 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.

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.

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

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