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Duran Ventures Inc
Symbol DRV
Shares Issued 167,348,958
Close 2011-01-12 C$ 0.345
Market Cap C$ 57,735,391
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Duran Ventures secures Corongo drill permit

2011-01-12 08:44 ET - News Release

Mr. Cary Pothorin reports

DURAN VENTURES PROVIDES SUMMARY OF CORONGO EXPLORATION WORK AND RECEIVES CATEGORY 1 DRILL PERMIT FOR CORONGO PROJECT

Duran Ventures Inc. has released a summary of phase 2 exploration activities at the company's Corongo project in Ancash, Peru. The Corongo project is considered very prospective for sediment-hosted structurally controlled gold-silver, as well as porphryry copper-related mineralization. The work program focused on two main areas, the Santa Rosa East and Descubridora zones, both of which returned strongly anomalous gold and silver values in company sampling conducted in 2009.

The field campaign was conducted from Sept. 1 to Nov. 8, and included continuous channel sampling, detailed one-to-1,000-scale geological mapping and a geophysical survey conducted by VDG del Peru S.A.C. (Val D'Or Geophysics). The geophysical survey includes 19.2 line kilometres of induced polarization (IP) and 43 line kilometres of ground magnetics (MAG), spectrometry (SPEC) and differential GPS (DGPS). This survey is split between the Descubridora and Santa Rosa East zones.

The company has been granted a Category 1 drill permit for the Corongo project from the Peruvian Ministry of Energy and Mines that allows up to 20 drill platforms. Surface rights agreements have been signed with the two communities which underlie the Santa Rosa East and Descubridora zones, and are valid until Oct. 9, 2011. The company is in the process of selecting a drill contractor and interpreting the geophysical results.

Sampling

A total of 401 samples were collected during the program, including 243 in the Santa Rosa East and 158 in the Descubridora zones. Samples were collected as continuous channel and chips. Results from the first 260 samples were reported in Stockwatch news dated Oct. 12, 2010, and Nov. 4, 2010.

In the Santa Rosa East zone, 25 of 243 samples returned values greater than one gram of gold per tonne, with a high value of 8.3 grams of gold per tonne. A total of 49 of 243 returned values of over 10.0 grams of silver per tonne, with peak values of 976 and 897 grams of silver per tonne. The relevant table summarizes significant gold and silver results. Anomalous gold and silver mineralization occurs over an irregular area measuring roughly 200 by 500 metres in size.

A total of 17 of 158 samples collected from the Descubridora zone returned values over one gram of gold per tonne, with values up to 24.3 grams of gold per tonne. A total of 11 out of 158 samples returned values of greater than 10.0 grams of silver per tonne, with high values of 469 and 119 grams of silver per tonne. Sampling highlights from the Descubridora zone are shown in the relevant table. The main mineralized zone measures approximately 350 by 50 metres in size, but anomalous gold and silver values occur over a 600-by-250-metre area.

Geophysics

Strong IP high chargeability anomalies form a broad zone roughly one by one kilometre in size in the Santa Rosa East zone, starting at surface and persisting to 250 metres depth. This is the effective depth limit of the survey. A magnetic high occurs in the same area. These anomalies appear to be associated with a diorite intrusive body which outcrops in Santa Rosa. The strongest gold and silver mineralization occurs near the edges of the IP and MAG anomalies in Santa Rosa. The contractor, VDG del Peru, is processing the data and preparing a full report.

Corongo project

The Corongo project is located in the department of Ancash in northern Peru. The project is located approximately 400 kilometres north of Lima, and five to 10 kilometres to the northwest of the company's flagship Aguila porphyry copper-molybdenum project. A total of 3,100 hectares are covered by 11 contiguous concessions. The company has entered into a mineral property option agreement with Viper Gold Ltd. (previously LeBoldus Capital Inc.), whereby Viper can acquire a 50-per-cent interest in Duran Ventures' Corongo project. The details of this transaction are described in Stockwatch news dated March 18, 2010.

Qualified person statement

Cary Pothorin, PGeo, a qualified person as defined in National Policy 43-101, is responsible for all technical information contained in this news release.

  SUMMARY OF SAMPLE RESULTS FROM SANTA ROSA EAST ZONE

Location   From To  Length      Au       Ag         Cu
                    (m)        (g/t)    (g/t)       (%)                         
Santa Rosa                                              
East                                                   
Channel                                               
samples                                                
Channel     0.0 48.0 48.0        0.58     24.0       -     
CSRE 
1 *                                                           
Including   0.0  8.0  8.0        2.20     49.5       -  
And        22.0 28.0  6.0        0.64     54.5       -  
Channel     2.0  5.0  3.0        1.85      8.0       -  
CSRE
3 *     
Channel     0.0 25.0 25.0        0.98     23.2       -          
CSRE    
6 *  
Including   2.0 19.0 17.0        1.40     32.0       - 
Channel     7.0 40.5 33.5        1.07     69.1       - 
CSRE    
8 *                                                           
Including   7.0 14.5  7.5        2.89    160.6       - 
Channel     2.0  9.3  7.3        2.04     15.0       -
CSRE
10 * 
Channel     2.0  3.0  1.0        1.37     19.1       - 
CSRE                  
18 *                  
Channel     0.0  8.0  8.0        0.24      3.3       - 
CSRE                      
19 *                     
Individual continuous chip samples        
20105 *      -   --   2.0        4.86     78.7       -
20187 *      -   --   2.0        3.28     10.2       - 
20217        -   --   1.5        2.83     31.4       - 
20242        -   --   1.0        0.77     16.2       - 
Underground                                           
samples                                               
Adit 1 --    -   --   1.0        4.05    897.0      0.49
20000 *                  
20001 *      -   --   0.6        7.08    976.0      0.68
Adit 2 --    -   --   1.0        3.64    162.0      0.30
20002 *              
20003 *      -   --   1.2        4.14    130.0      0.27
20004 *      -   --   0.7        2.02     11.7       - 

* Indicates sample reported in previous news release.

      SUMMARY OF SAMPLE RESULTS FROM DESCUBRIDORA ZONE

Location    From To  Length    Au        Ag         Cu 
                      (m)     (g/t)     (g/t)       (%)
Descubridora                                        
Channel samples                                      
Channel     0.0   6.0 6.0      5.09     165.8       0.17
CDES                                       
5 **                                   
Channel     10.0 16.0 6.0      2.15       6.0        -
CDES 7                              
Channel      0.0  2.0 2.0      1.69      62.4        - 
CDES 8                            
Channel      0.0  4.5 4.5      0.17      20.3        - 
CDES                           
12
Individual samples                                  
20374 **     -   --   1.1     18.85      56.0        - 
20375 **     -   --   1.0      5.31      17.6        - 
20382        -   --   0.5      3.22      12.1        - 
20384        -   --   1.0      1.77       1.1        - 
20385        -   --   0.3      1.27       1.6        -
20391        -   --   2.0      1.25       5.3        - 
20394        -   --   2.0      4.79       7.5        - 
20399        -   --   2.0      1.82     119.0        -
20400        -   --   2.0      2.43       3.9        -  
Underground                                                 
samples                
Adit 6 -     -   --   1.0 by 0.52.56     16.1       1.69
Panel  -               
20244 *                              
Adit 6 -     -   --   1.2 by 0.324.30   116.0        -   
Panel -     
20245 *            

* Indicates samples reported in previous news release.
** Indicates sample collected parallel to and on main structure.

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