Duran Ventures Inc.

Duran Ventures Inc.

November 07, 2006 10:41 ET

Duran Options Saskatchewan Uranium Property to Rampart

TORONTO, ONTARIO--(CCNMatthews - Nov. 7, 2006) - Glenn O'Gorman, P. Eng., President of Duran Ventures Inc. (NEX:DRV.H), is pleased to announce that the company has granted Rampart Ventures Ltd (TSX:RPT) the option to earn a 70% working interest in Duran's 30,151 hectare Miller Creek Property in the Athabaska Basin of Saskatchewan (May 4, 2006 News Release). The property covers prospective structures in the northwest sector of the basin along trend from numerous previously developed uranium targets. Duran actively sought Rampart as a joint venture partner for advancing exploration at Miller Creek. The President of Rampart, Hikmet Akin Ph.D., and his team have extensive knowledge and experience including involvement with Uranerz's discovery of the Key Lake Deposit in the Athabaska which was subsequently sold to Cameco.

Under the terms of the signed Letter Agreement which is subject to regulatory approval, Rampart has the option to earn a 70% interest in the Miller Creek property by paying $100,000 upon closing of the agreement and issuing 500,000 Rampart shares to Duran. The shares are due 200,000 upon closing and 100,000 shares by each November 30 of 2007, 2008 and 2009. Rampart is also required to spend a cumulative $3,000,000 on exploration activities on the property over six years of which $400,000 is to be spent by February 10, 2008. Duran retains a right of first refusal on any offer to acquire Rampart's rights under this agreement. The property reverts 100% to Duran if Rampart do not complete their 70% earn in. Additional property acquired within a defined Area of Interest will be included in the agreement at no cost to Duran during the 70% earn in period by Rampart.

The companies intend to convert the agreement into an industry standard joint venture agreement in the near future. Rampart may terminate the agreement at any time on condition that the agreement is in good standing for the cash and shares due to Duran, exploration commitments have been made, and the properties are returned in good standing with assessment work filed and credited and taxes paid. Exploration programs will be conducted by Rampart subject to review and approval by Duran management.

Attracting joint venture partners is part of Duran's strategy to add value to our properties while minimizing share dilution to our shareholders. Duran chose to receive all future option payments after the recovery of our $100,000 of acquisition costs in shares of Rampart due to Duran management wishing to participate in the market appreciation of the Rampart assets. It is Duran's intention to hold all Rampart shares until completion of the 70% earn in period and to use the $100,000 as part of the funding for the phase 1 drill program planned for Duran's Aguila Project in Ancash, Peru.

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

The NEX Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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