Duran Ventures Inc. is pleased to announce the first shipment of zinc and lead-silver concentrates from the Aguila Norte mineral processing plant was received earlier this week at the Impala Terminals in the port of Callao in Lima, Peru.
These concentrates are 100% wholly owned by Minera Aguila de Oro, the Company's 80% owned subsidiary that owns Aguila Norte. The Company entered into an agreement with mineral trader Ocean Partners to purchase the concentrates and the final settlement of this batch of concentrates will be approximately US$141,000. The proceeds from the sale includes recoverable VAT taxes which will be used as free cash flow as the Company has no significant debt and has available significant tax losses and VAT taxes recoverable. Approximately 10 metric tonnes of concentrate still remains at the Plant and will be shipped shortly under the same terms.
The Company is actively negotiating additional mineral contracts to source feed for the Plant. Third party mineral is currently being processed and will continue throughout the month of May and the Company expects that the plant should be operating at full capacity by the end of June 2017. Mineral purchases will commence in May and processing of the mineral and related concentrate sales will be in June.
Jeffrey Reeder, CEO and President of Duran states, "The sale of our first concentrates is a milestone for our Company. We expect to continue purchasing this Pb-Zn-Ag mineral from the small miner and will process third party mineral to maintain full capacity of the plant. Currently copper concentrates are being produced for a client and the next batches will include gold-silver-copper bearing mineral owned by another third party. Our corporate goal once the plant is fully commissioned is to enter into profit sharing agreements and purchase agreements with miners. Several miners are now expressing strong interest in the Plant since we are able to produce three concentrates from the same mineral source."
Jeffrey Reeder, P.Geo., and a qualified person as defined in National Instrument 43-101, has prepared, supervised the preparation, or approved the scientific and technical disclosure contained in this news release.