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Duran Ventures Inc. (TSX-V: DRV)

       Duran Ventures Inc. is a Peruvian focused mineral exploration mining company listed on the TSX Venture Exchange (ticker symbol DRV) (OTC: DUVNF) (Frankfurt: 6D7) (BVL: DRV). The Company has come to our attention due, in part, to the exceptional opportunity afforded shareholders as DRV.V is advancing key concessions located in Central Peru toward meaningful revenue generating status through joint ventures with proven miners, and is eagerly watching the situation at its 100% owned flagship Aguila copper-molybdenum porphyry deposit where geologists agree the deposit is part of a large porphyry cluster in a major mineral district actively taking shape with Peñoles and Duran Ventures holding key ground. DRV has defined a sizeable deposit at Aguila and has published this year a first resource estimate of 375 Million lbs Copper & 22 Million lbs Molybdenum Indicated and 2.1 Billion lbs Copper & 166 Million lbs Molybdenum Inferred.

All of Duran Ventures' properties are located in mining friendly, politically stable, Peru. The properties were acquired as a result of having a highly skilled technical and management team active in Peru for over 17 years, able to secure (and outmaneuver other interested parties for) some of the most prospective targets in the country. Mining Marketwatch Journal provides insight into each of Duran Ventures properties in the sections below.

The top 4 properties of Duran Ventures that are being advanced toward potential meaningful revenue generation are profiled in the following order below:

#1) Minasnioc high sulphidation gold project) -- The new JV with Rio Alto Mining on Duran's Minasnioc high sulphidation gold project is profiled first below as it is particularly significant since this is Rio Alto's first foray outside its exceptionally successful 200,000+oz gold La Arena project in central Peru (which Rio accomplished in under 2 years).

#2) Aguila copper-molybdenum porphyry -- The 100% owned flagship Aguila copper-molybdenum project is demonstrating world class tonnage potential and approaching a climax with Penoles having been active, drilling with 10 drill rigs this summer, on its adjacent ground. DRV.V has a 2013 drill program now underway focusing on the central pit area with the objective to expand the higher grade measured and indicated resource.

#3) Ichuña copper-silver project -- Ichuna is another Rio Alto Mining JV, and is located only ~3 km from new 7.6M Oz Gold eqiv. Chucapaca discovery of Gold Fields.

#4) Don Pancho Silver-Lead-Zinc Project -- Duran has recently entered into a strong JV with a well funded private Peruvian company on this property. The property is proximal to the 2000TPD mill of Trevali Resources' Santander Silver-Lead-Zinc Mine and it is believed Duran's Don Pancho property is potentially equally as rich.

1) Minasnioc High Sulphidation Gold Project - Central Peru - in JV with Rio Alto Mining (Rio has option to earn up to 70%)

Joint venture terms: For specific terms of JV see related January 25, 2013 news release entitled "Duran Signs Definitive Agreement with Rio Alto Mining for Minasnioc and Ichuña Properties in Perú"; In short, Rio Alto Mining will earn 70% interest by completing an initial resource and advancing the project to the point where it has obtained mining permits. Duran will also receive $1 million.

Location & background: The Minasnioc property covers 3800 hectares and is located in the Department Huancavelica, approximately 300 kilometres southeast of Lima, Perú. The Minasnioc property has seen previous intensive exploration campaigns by Barrick Gold Corporation ("Barrick") and Compañia de Minas Buenaventura S.A.C ("Buenaventura") between 2001 and 2004, which included surface channel sampling and drilling. Duran recently acquired the historical geological and drill data from Barrick.

• High sulphidation epithermal gold-silver project, similar to Barrick’s Pierina and Lagunas Norte gold-silver mines.

 
• 3,800 hectare property in the Department of Huancavelica, Peru.

• Favorable infrastructure.

 
• Located 40 km from Compañia de Minas Buenaventura’s Antapite gold mine (2009 production of 31,004 oz Au and 50,100 oz Ag.

• Work completed by Barrick/Hochschild JV from 2001 to 2004:
  41 drill holes and over 5863 m of drilling
           • Hole MNP 16: 1.2 g/t Au over 17.7 m
           • Hole MNP 23: 1.6 g/t Au over 18.4 m
           • Hole MNP 02: 0.55 g/t Au over 55.8 m

Awarded to Duran in closed government auction in 2010

This property came open for staking in May 2010 and Duran was awarded it in a closed government auction. Barrick, which was the previous operator and had drilled it, was owner of the surrounding land and was also bidding on the property. Certainly Barrick would not have intentionally let such an advanced project with 41 drill holes and quality values to have intentionally lapsed; Mining MarketWatch Journal figures Barrick had somehow unintentionally failed in some clerical type of maintenance on the claim and was attempting to reclaim it when Duran was astutely there to outbid it.

High Sulphidation Target similar to IRL’s Corihuarmi Gold Mine and Pan American Silver’s Pico Machay Gold Project

 
Low Capital Expenditures and low cash cost per ounce

What had peaked Duran's geological acumen to bid on the property is the vuggy silica mineralization found on Minasnioc. The benefit of this type of ore is that it can be blasted and put in a dump leach easily. Several highly profitable mines have been brought from exploration to production with nominal capital outlay with this type of ore.

Figure 5. Map showing Duran's Minasnioc project in same geological rock as IRL’s Corihuarmi Gold Mine and Pan American Silver’s Pico Machay Gold Project, mineralization amenable to low capital expenditures and low cash cost per ounce.

The economics of these types of deposits can be  phenomenal

Excerpt from nearby Minera IRL's Corihuarmi Gold Mine's description of their own property underscores the point; "The project was completed on schedule in the first quarter of 2008 for a capital cost of US$20 million. The first gold pour from Corihuarmi was on 15 March 2008 and over 117,000 ounces have been produced through the end of 2010. The capital cost was recovered from ex-mine, pre-tax cash flow within the first 7 months." (click here to go to source for full copy). The numbers are phenomenal when a miner is able to zero in on such deposits; in 2011, Barrick's Lagunas Norte produced 763,000 ounces of gold at total cash costs of $269 per ounces. Similarly, Pan American Silver's Pico Machay Gold Project is such a good property is it can be brought into heap leach production for ~$12 million and the first years production could push 44K ounces gold.

Figure 6. Rio Alto Mining is looking to replicate the success, in part, it has had at its La Arena heap leach mining gold project (seen in image above).

Rio Alto Mining, the JV partner that will carry Duran's Minasnioc project to mining permit stage, has been remarkably successful at its heap leach gold mining La Arena project and is looking to replicate that success, in part, with Duran. Rio Alto Mining also has a proven knack for advancing projects without being bogged down in the minutia of expensive drawn-out studies; a good video presentation of Rio Alto's CEO Alex Black at the Denver Gold forum can be seen here http://www.denvergoldforum.org/dgf12/webcast/webcast-day-1.html -- it provides insight into these types of deposits, the financial strength of Duran's JV partner, and their geological/mining acumen. When watching this video bare in mind this JV with Duran is Rio Alto's first foray outside of their La Arena project.

Figure 7. Duran's Minasnioc claim map. The original claim section that Duran was awarded in the closed government auction is the central section of the image above with the intensive drilling having been conducted upon it. Barrick subsequently sold Duran the related data and surrounding claims.

Figure 8. Drill site location figure excerpt, click the image to access full PFD version. The block sections are 500 metres in distance.

In the image above, the area above P1 & P2 drill holes with dots is believed to be gold laden colluvium (loose rock that has been deposited) which appears to be run-of-mine. The distance from P2 across to P16 is ~1,500 meters. The Minasnoic gold-silver project appears destined to become a mine with Rio Alto Mining at the helm, it is Mining MarketWatch Journal's opinion that Rio Alto will be able to get to mine permit stage (including impact studies and mine plan) and achieve its 70% for under $5 million and within a couple years. At that point Duran will either be bought out or they will put up their 30% of the required capital costs to initiate production. Rio Alto, as they did at La Arena, would simply put the Minasnoic  into production for minimal cost and expand with the cash flow generated.

Near-term exploration/plans for Minasnoic Q4 2012 - 2013

• Conduct initial exploration program with Rio Alto Mining Rio to earn 70% by completing an initial resource and obtaining mining permits over 3 years. Also completing $1 million payments.

 
• Minasnioc Social and Environmental Baseline Study – apply for drill permits for early 2013.

• Conduct drill program to confirm historical results.

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2) Aguila copper-molybdenum porphyry  - Central Peru - 100% Owned by Duran Ventures

Phenomenal grades • World class bulk tonnage potential being developed • Penoles active off claim line

Drill Program Now Underway: On January 29, 2013 Druan announced it was initiating a new drill program on Aguila. This phase of drilling will focus in the Aguila central pit area where previous drilling intersected numerous, significant intersections of copper and molybdenum. The objective of this drill program is to expand the higher grade measure and indicated resource previously announced by the Company.

First resource estimate on Aguila, Excerpt from March 8, 2012 news release:

Duran Reports Initial Aguila Copper/Molybdenum Resource Estimate of 375 Million lbs Copper & 22 Million lbs Molybdenum Indicated and 2.1 Billion lbs Copper & 166 Million lbs Molybdenum Inferred;

Click here for the complete PDF copy of the NI 43-101 Report on the Aguila Project's Resource Estimate 

The mineralized area established so far is large yet represents only a fraction of the prospective contact from one IP anomaly alone which stretches 1400m in length and is open in all direction. The deposit is host to a past producing open-pit mine with high grade copper molybdenum porphyry in the main intrusives surrounded by material that should result in a modest strip ratio. This expanding deposit is part of a major mineralized district actively taking shape with Peñoles active on its own (Racaycocha) porphyry adjacent DRV's claim line.

Figure 12. Area Photo Showing DRV's Aguila Property and Neighbour Peñoles (above). Visible in the foreground of the photo above is the open-pit from the past producing mine on Duran's Aguila property -- this is where Duran's main Cu-Mo deposit is located. Visible near the property line on Duran's side is the Peñoles camp. Peñoles has set up camp there (with permission from Duran) as their porphyry is on the north facing slope of the mountain above and Duran's property is the most practical place for their base of operations -- this underscores the beauty of the scenario unfolding; the size and scope of the exploration/development operation at the Penoles Cu-Mo find is large, growing fast, and Peñoles will need to ultimately deal with Duran. Peñoles has been intensively drilling (10 drill rigs were on site in 2012) what is understood to be a separate porphyry body just off Duran's claim line to the south and it also shares a separate porphyry body in the SW section of Duran's claim group. Any mine Peñoles hopes to build would ultimately need to involve Duran as DRV.V has a sizeable ore body on one side of the gully and all the flat land across the gully and sloping up to where Peñoles is drilling; DRV.V has the only logical place to build plus it would make no sense for two mines to be built.

Drilling to date -- 23,000+ metres (43 holes) of core drilling from 2007 - 2011

Figure 12. Select drill holes location map 1 (above). More recent drilling (seen below and on page 5 of the inset PDF) has affirmed the strength of the mineralized system at Aguila, as well as the considerable tonnage potential, and suggests the wall rock is minable which dramatically enhances the economics of the deposit as it will result in a modest strip ratio.

 Figure 13. Drill hole location map 2 (above). Overlay of most recent drilling (performed in 2011).

Figure 14. Building size at the Aguila Cu-Mo Porphyry (above). In the sectional diagram above we have indicated in blue as an example of where the overlay seen in figure 13 of recent (2011) drilling has drilled out the rock wall; a drill rig was carried up the ridge and the results seen on the news release of November 16, 2011 show for example hole 41, which was drilled towards the pit, intersected 490 metres of 0.31% Cu and 0.023% molybdenum in the sedimentary host rock (seen in green above, naturally significantly higher grades are found in the main intrusive rock (seen in pink above)) -- proving the wall rock is sufficiently mineralized. In fact hole 41, which is a 400 m intersection was drilled from the high peak on the west and it found grade all the way down. The same applies to holes on the other side and in between; holes 19, 4, & 5 drilled the wall rock between the two porphyries and those have grades. Similarly to the east up the ridge with holes 33 and 35 too. This is significant as the Aguila can be modeled as a modest strip ratio deposit. Mining MarketWatch Journal has looked at models of comparable deposits in Peru and found they are modeled down to 0.2% copper. Duran clearly has exceptional grades in the intrusive rock and adequate numbers in sedimentary rock; Hole 18 for example for the first 480 metres is almost 0.7% Cu, hole 20 DRV intersected 0.6% copper in the intrusive and the sediments are running between 0.2% and 0.3% copper.

Drill hole results from 2007 - 2010:

Drill hole results from 2011:

Duran's president, Jeffrey Reeder, P. Geo., has an abundance of experience drilling out/defining porphyries and appears to have strategically delineated sizeable tonnage and filled in gaps in the resource during this last round of drilling. Hole 29, which is the most northern hole (it was drilled from the north), is fairly telling; Duran drilled a -65 degree angled hole all the way to the south as it already had drilling in both directions to the east and to the west making a triangle down at depth that needed to be filled -- hole 29 drilled 999 metres of .33 Cu and 0.029 Mo which means from the vertical to the horizontal there was over 800 metres and we know from hole 33 & 35 up on the hill the mineralization is well over 1000 metres. In looking at the numbers for hole 29 the first ~500 metres was in mineralized sediment running 0.37 Cu equivalent, 0.56 Cu equivalent, the next 306 metres DRV intersected high grade intrusive rocks (0.87% Cu eqiv.) and then the last 200 metres was lower grade intrusive rock that was still in grade.

Related releases:

January 29, 2013 "Duran Ventures Initiates Aguila Drill Program"

December 11, 2012 "Duran Options Concessions Adjacent to Aguila Copper/Moly Project in Peru and Acquires Mamanina Historical Database and Drillcore"

March 8, 2012 "Duran Reports Initial Aguila Copper/Molybdenum Resource Estimate of 375 Million lbs Copper & 22 Million lbs Molybdenum Indicated and 2.1 Billion lbs Copper & 166 Million lbs Molybdenum Inferred"

Nov. 16, 2011 "Duran Ventures Reports Final Results From 2011 Aguila Drill Program: Drilling Continues to Intersect Wide Intervals of Copper/Molybdenum Mineralization"

Sept. 15, 2011 "Duran Ventures Reports Latest Positive Results From 2011 Aguila Drill Program: Highlights include 999.1 Metres of 0.33% Copper and 0.029% Molybdenum (0.53% Copper Equivalent) incorporating 306.6 metres of 0.55% Cu and 0.047 Mo (Cu equivalent value of 0.87%)"

June 6, 2011 "Duran Ventures Reports Positive Initial Results of 2011 Aguila Drill Program: Highlights include 480 metres of 0.69% Copper (“Cu”) with 0.031% Molybdenum (“Mo”) and 333 metres of 0.60% Cu and 0.035% Mo."

Feb. 23, 2010 "Duran Announces 396.0 Metres of 0.69% Copper and 0.042% Molybdenum (0.98% CuEq) in Drill Hole 10AGD016"

Jan. 13, 2010 "Duran Drills 223.6 Metres of 0.51% Copper and 0.021% Molybdenum at Aguila"

Highly favorable metallurgy - 93% copper & 91% molybdenum recoveries

Enormous Size Potential

The geophysics map Figure 16 (found to the left) is a compilation of all the geophysical anomalies from the 2km x 3km grid Duran ventures had performed on the property in 2009. In the map the largest IP anomaly is labeled "IP2" and the location of hole 16 is indicated which intesected 480 metres of 0.69% Copper with 0.031% Molybdenum and 333 metres of 0.60% Cu and 0.035% Mo., Duran collared outside the intrusive and drilled into the anomaly intersecting tremendous grades -- the entire area all along the contact of that IP is very prospective.

To date most of Duran’s drilling at Aguila has focused in and around the Aguila pit (central zone) where Duran has established a large deposit, encountering numerous stellar intercepts flanking this IP anomaly. The mineralized area established so far is large yet represents only a fraction of the prospective contact from one IP anomaly alone which stretches 1400m in length and is open in all direction. The size potential at Aguila is enormous as there are many other IP anomalies on the property believed to be equally as prospective.

Figure 18 shows the intrusive trend is going slightly to the SW, mimicking the IP anomaly rout. Remember 2% chalcopyrite will give you a weaker anomaly than 3% pyrite on an IP so drilling the highest IP numbers are not always the best thing -- it appears the best grades are flanking the IP anomaly. Right in the pit the trend is NS then it deflects and goes to the SW – that is what the intrusive body does too and it appears prospective all along that contact towards Aguila West. 

Mining MarketWatch Journal notes the prospects of a Major coming into this area to take advantage of the size potential that Duran and Penoles are revealing is a distinct possibility, astute investors should be looking to position themselves now to take advantage of what is developing -- Duran now has large quantified tonnage on its ground and Penoles has likely defined even more (since they have a bigger budget and had 4 drills going full blast in 2011 and 10 drill rigs in 2012) -- some big company is going to come in and buyout DRV.V and deal with Penoles or Penoles will buy DRV.V out – one of the two are probably going to happen.

Background on the Aguila Copper-Molybdenum Project

Duran Ventures has been active at the El Halcon concession Aguila project since 2003 and has now consolidated 100 percent ownership. Originally comprising 100 hectares of property area, the project includes the past producing Aguila open-pit copper mine. The historic resources consist of a near surface porphyry structure bearing copper and molybdenum, from which a low volume mining operation had been active in the 1970s.
 
Duran Ventures was able to add surrounding property acquisitions to its holdings to gain control of the area immediately adjacent to the historic deposit. As preliminary exploration work was completed a larger area of interest was identified. Additional property area was also acquired elsewhere in the district on the premise that other porphyry structures may be awaiting discovery in nearby targets that bear a similar geological setting.

In 2008 a total of 14 drill holes were completed which have demonstrated a large tonnage of continuous mineralization, and the deposit remains open laterally and to depth. The first 8 drill holes were to investigate the potential around the historic workings of a past producing open pit mine. Another 7 holes were completed in a second drill fence to step out the original discovery zone and expand the limits of the known deposit. High grade and consistent lateral extension have been reported in assay results; see June 3, 2008 release 'Duran Report Entire 718.1 Metre Hole 6 Averages 0.555% Cu and 0.041% Mo') and July 14, 2008 release 'Duran Ventures Report Over 1% Copper Equivalence Averages' -- these demonstrated the existence of a near surface, copper-molybdenum porphyry structure with significant tonnage.

World class bulk tonnage Cu-Mo potential: Aguila copper-molybdenum deposit has yielded impressive grades in the order of 0.5 - 0.6% copper (ie.718m grading 0.555% Cu and 0.041% Mo = 1%+ copper equivalent ) and is host to a past producing open-pit mine. Drilling has expanded the deposit to the west, east and at depth, encountering higher grade porphyry than other companies in the region, the deepest hole is over 800m from surface down and is still in copper mineralization. Recent exploration work at Aguila has now outlined a much larger target, the dimensions of the porphyry are believed to be large and results from recent exploration efforts are expected soon and will improve on the dimensions. Indications are positive for having big porphyry at depth. There is strong potential for further expansion of the Aguila deposit through additional drilling.

When comparing Duran's potential to established Cu-Mo deposits in the region such as recent success stories like Norsemont Mining, which was bought out by HudBay Minerals, it is important to note that the grades at Duran's Aguila porphyry are higher in the main intrusive and favourably comparable when factoring the mineable sedimentary rock wall. Norsemont Mining has a defined resource of ~277M tonnes -- Duran has phenomenal grades and everything points to the fact Duran has potential for similar size porphyry and a correspondingly significant upside move in valuation. Transactions over the last several years involving copper deposits similar to what Duran Ventures is targeting in Peru have seen multiple deals made in the $400M - $800M range.

Near-term exploration/plans for Aguila Q4 2012 - 2013

• Further drilling to complete a resource update for the Aguila Project following the drill program

 
• Preliminary Economic Assessment following the resource update

• Commissioning an environmental baseline study for the Aguila Project.

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Region - stable, mining friendly region

Peru is unanimously agreed in the mining community to be a stable, mining friendly region. The mining claim and permitting process is highly transparent and clearly laid out. At the tail end of September 2011, Peru passed three new mining laws. The new mining law provides clarity for mining companies, it modifies some mineral royalties and establishes a new legal framework for the industry. The end result is that Peru is now considered stable and mining-friendly, there is no uncertainty, and the level of interest from majors regarding junior resource deposits/projects of significance in Peru is high. The new royalty is not prejudicial towards juniors and affected mostly the large established producers that had sweetheart deals that kept their royalty payments low. Numerous new projects are progressing including Peru miner Milpo's $400 million investment to start up of the copper-molybdenum Magistral deposit.

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3) Ichuña Copper-Silver Project - Central Peru - in JV with Rio Alto Mining (Rio has option to earn up to 65%)

Joint venture terms: For specific terms of JV see related September 17, 2012 news release entitled "Duran Signs Letter of Intent With Rio Alto Mining for Minasnioc and Ichuna Properties in Peru; and Announces Private Placement Financing"; In short, Rio Alto Mining may earn 65% by spending $8 million in exploration costs and paying $500,000.

Duran's Ichuña project is adjacent to Gold Fields-Buenaventura's 7.6M oz gold equivalent Chucapaca discovery

Figure 24. Map showing location of Ichuna Property in relation to the Canahuire and Chucapaca projects of Gold Fields and Buenaventura. Also active in the region with similar geology is Bear Creek Mining which has drilled 60 m of 7.20 opt Ag, 40 m of 3.56 opt Ag, and 82 m 2.44 opt Ag (area diagram showing proximity of DRV, Bear Creek, and Gold Field/Buenaventura relative to each other may be seen here).

Duran Ventures' sampling program to date has yielded quality values at surface including 27 metres of 6 ounces silver with .32% copper and 10 ounces silver with .2 copper. DRV has found strong surface Cu-Ag mineralization covering an area of 2.5 x 1.0 km, strong copper oxide mineralization, and high grade Silver mineralization flanking geophysical anomalies.

Channel Sample Highlights Include:

See related October 6, 2010 release entitled "Duran Reports Significant Silver and Copper Values from Ichuña Project"

We have circled the ~area Duran Ventures' Ichuna is located on an image of the geology of the area lifted from Gold Fields' overview presentation on Chucapaca found at the following URL:

http://goldfields.co.za/presentations/2011/south_america_chucapaca_15112011.pdf (page 10).

Figure 26. District Geology with DRV's Ichuna intrusive rocks circled. Gold Fileld's Canahurie discovery was a blind discovery (there was no outcropping), Duran Ventures has very similar geology in target areas of Ichuna where sub volcanics intrude the limestones -- that is why DRV has a lot of copper and silver mineralization, Gold Feilds has found where gold replacement is in the limestone and DRV believes it can do the same.

DRV has similar IP signature at proposed drill target to Gold Field's major discovery IP

A close look at the IP section at the major discovery zone of the aforementioned Gold Fields Chucapaca overview PDF (page 24) is very telling for DRV as Duran has identified a very similar IP anomaly with the same twists....

Figure 27 & 28 Geophysics -- Ripe for major discovery in 2013. DRV has high grade Silver mineralization flanking geophysical anomalies. There is coincident resistivity and chargeability trending NW showing possible strong structural control. There is no outcrop exposure of the anomaly (just as Gold Fields had none). Important to note is that Gold Field's anomaly trends ~290 degrees and similarly Duran Ventures ~trends degrees (the same general direction). When comparing DRV's high IP (the big red one labeled "IP1") to an aerial topographic photo of the same area it's following and trending the valley which is exactly similar to how Gold Fields' drilled their anomaly and is where their ore body was found (only ~3.5 km away from DRV).

Near-term exploration/plans for Ichuna Q4 2012 - 2013

• Conduct initial exploration program with Rio Alto Mining allow Rio to earn 65% by spending $8million and paying $500,000 over 4 years.

 
• Ichuña Diamond Drill Program – 4000 meters.

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4) Don Pancho Silver-Lead-Zinc Project - Central Peru - In JV with a private Peruvian mining company that has an option to earn 70%

Joint venture terms: For specific terms of JV see related December 4, 2012 news release entitled "Duran Signs Definitive Agreement for Don Pancho Property in Peru"; In short, the private Peruvian mining company is to earn 70% interest in Duran's 600 hectares Don Pancho's polymetallic project in consideration of a US$2,030,000 payment schedule to DRV, completion of US$3,500,000 in exploration, and undertaking to commence an economic study.

 The 600 hectares Don Pancho Silver-Lead-Zinc Project is a prime mineralized property next to a 2000TPD mill now being built located in the Lima Department. Trevali Resources Corp. is recommencing operations at the former Santander Mine in west-central Peru (source: http://www.trevaliresources.com/s/Santander.asp ).

Figure 29. Partial claim map of Trevali with approximate location of Duran Ventures' 600 hectares superimposed on map

There is a large breccia body on the Don Pancho property that runs ~400m wide and 800m long that has numerous lead-zinc showings all over the place -- Duran has taken a number of samples and many are up to 250 grams of silver (~8-10 ounces) per tonne and 4% - 5% lead-zinc. These are very similar numbers as to the Trevali numbers and it is the same geology.

This project is approximately 10 kilometres to the west of Trevali Resources’ Santander Mine, which has updated a resource estimate (April 2009) of 5.3 MT of 3.34% Zn, 1.27% Pb, and 38 g Ag/T (indicated category) and 2.24 MT of 2.92% Zn, 0.5% Pb, and 18 g Ag/T (inferred category).

Figure 30. Large polymetallic pipes on Trevali's ground -- Duran and its JV partner believe similar structure(s) exist on the Don Pancho property.

The Don Pancho has similar geology to the Santander Deposit, with carbonate-replacement style Ag-Pb-Zn mineralization. The Don Pancho alteration system covers a northwest-trending area of over 300 x 800 metres, with large galena and sphalerite bearing breccias, veinlets, and stockwork zones visible on surface.
 
Hatum Minas conducted several sampling campaigns on the property, including the collection of 41 surface grab and chip samples, and a total of 28 underground chip and channel samples. Surface samples have returned up to 238 grams silver per tonne, 9.49% lead, and 4.15% zinc. Underground sampling returned up to 838 grams silver per tonne, 11.6% lead, and 7.92% zinc.

Near-term exploration/plans for Don Pancho Q4 2012 - 2013

• Conduct 3000 metres of drilling.

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5) Mamanina Cu-Mo-Zn-Au Project, Central Peru - 100% Owned

High silver values • Past producing • Significant bulk tonnage potential  • Silver-Gold-Lead-Zinc target

• 1800 Hectares located 14 km south of Aguila.

• Previous Exploration by Queenstake Resources in 1997 identified classic porphyry style mineralization.
 

• Limited scout drilling by Monterrico Metals in 2002 returned encouraging Cu results in the Skarn Zone.
 

• Gold Zone discovered southeast of the porphyry intrusives.

This property came open for staking in early 2011. As stated earlier, as a result of having a highly skilled technical and management team active in Peru for over 17 years, DRV was able to secure and outmaneuver other interested parties for this prized property. See related April 14, 2011 release entitled "Duran Ventures Acquires Mamaniña Porphyry Copper-Molybdenum-Gold Concessions in Peru".

Also see December 11, 2012 release entitled "Duran Options Concessions Adjacent to Aguila Copper/Moly Project in Peru and Acquires Mamanina Historical Database and Drillcore"

The concessions are high quality copper molybdenum exploration targets located approximately 14 kilometres to the south of the Company’s flagship Aguila Copper-Molybdenum Porphyry Project. The Company now holds a total of 1,800 hectares in three contiguous concessions.

Queenstake and Alamos found copper-molybdenum bearing porphyritic stocks hosted by clastic and carbonate sediments at Mamaniña. Carbonate replacement skarn-type mineralization occurs at contacts between the intrusive and sedimentary units. An airborne magnetic and radiometric geophysical survey defined an anomaly two kilometres in diameter which coincides with these mineralized zones on surface. Sampling by Queenstake and Alamos returned values of up to 2.1% copper, 0.6% zinc, and 9.48 grams of gold per tonne. The following link refers to a joint news release filed on Sedar by Queenstake and Alamos dated November 3, 1997:

http://www.sedar.com/GetFile.do?lang=EN&docClass=8&issuerNo=00012639&fileName=/csfsprod/data7/filings/00047098/00000001/c%3A%5Cjunk%5Cjnr97-2.pdf

The property essentially sat unexplored since 1997 except for one tiny drill rig that was hoisted up the hillside in 2002 by Chinese interests; they drilled the skarn and it is purported that they intersected 25 m of 1.65% copper however did no follow through. Historic surface samples are up around ~2% copper with significant gold results.

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6) Pasacancha Silver-Lead-Zinc Project - Central Peru - 100% Owned

High silver values • Past producing • Significant bulk tonnage potential  • Silver-Gold-Lead-Zinc target

Location: Pasacancha is a continuation of Aguila; Duran Venture's Aguila Project (reviewed further above) and Pasacancha project are part of the same geological system.

Peru was the second top silver producing country in the world in 2011, responsible for a recorded 109.8 million ounces (source Market Equities Research Group). Miners know ‘the best place to find a new resource is amidst the workings of an old mine’ -- The Pasacancha concession is host to the past producing Pasacancha mine, where historical production focused on high grade silver veins that have been mapped across a large part of the property.
 
The Pasacancha mine workings are situated at the top of a hill above a town with the same name. Several tunnels have been identified which access the vein deposits at various elevations. The combined workings have been mapped for several kilometers and this extensive underground infrastructure serves as evidence of the intensity of mineralization throughout the area. The historic mining activity was concentrated on the highest grade veins and the project geologists have begun work to search for deposit areas of interest that were overlooked by the previous mine operator.
 
Early stage exploration work at this target included soil sampling and trenching programs that covered a much wider zone surrounding the old mine workings. The results from this work indicated the potential for a large area of alteration bearing lower grades of silver and gold, along with the presence of significant lead and zinc values. This has been interpreted to suggest that a potential bulk tonnage poly-metallic deposit of disseminated alteration may exist at Pasacancha.
 

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7) Panteria Porphyry Copper Prospect - Central Peru - 100% Owned by Duran Ventures

The Panteria Porphyry Copper prospect is located in the Department of Ica in south-central Peru. It consists of twelve contingious concessions totalling 5,300 hectares. 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.

Duran has advanced with surficial geological mapping of over 200 hectares, and has collected over 200 chip, channel, and panel samples. Duran geologists have identified extensive zones with stockwork quartz veinlets and oxidized pyrite, which are part of a large phyllic alteration system that grades outwards to zones of argillic and propylitic alteration. The alteration system appears to be controlled by a northeast trending structural zone. Duran's geologists have seen a lot of copper mineralization associated with quartz. They found magnetic stringers in the potasic alteration zone, indicating another porphyry target.

Jeffrey J. Reeder, P. Geo., has a B.Sc. from the University of Alberta and since 1992 has been registered as a professional geologist with the Association of Professional Engineers and Geoscientists of British Columbia. Mr. Reeder is the geologist that originally identified and acquired the Aguila copper-moly project in Peru for MacMillan Gold Corp. (now a wholly-owned subsidiary of Duran Ventures). Mr. Reeder has 16 years of experience in Peru and is fluent in Spanish. Mr. Reeder's experiences prior to joining MacMillan Gold included working with Noranda Exploration and the Hunter-Dickenson Group of Companies. Mr. Reeder was also responsible for identifying the Pinaya Copper-Gold project currently being explored by AM Gold Inc.
 

Alex Black, Director
Alex Black lives in Lima, Perú and has 30 years' experience in the mining industry. Mr. Black holds a BSc in Mining Engineering from the University of South Australia and is a member of the Australasian Institute of Mining and Metallurgy. Mr. Black is currently the President, CEO and a Director of Rio Alto Mining Limited, which operates the La Arena gold mine located in north central Perú.

David Prins, Director
David Prins is a Civil Engineer with extensive experience in the evaluation, design, planning and subsequent development execution stages of mining projects, principally in Latin America. Mr. Prins' previous position was as President and CEO of Explorator Resources Inc. Prior to this he was the principal of his own Santiago, Chile, based consulting firm which provided project evaluation and management services to many leading precious and base metals mining companies. Mr. Prins has also worked for Placer Dome Project Development Group directly and indirectly for a period of over 16 years which included a 10 year period at the Zaldivar Mine in Northern Chile.

  
Oscar Francisco Pezo Camacho , Director and Vice-President, Corporate Development
Based in Lima, Peru, Mr. Pezo is a Peruvian National and is well known in the Peruvian mining and financial communities. From January 2011 to February 2012, Mr. Pezo was the CEO of NCF Bolsa SAB, a Peruvian brokerage house based in Lima. Prior to that, from 2004 to 2010, he was one of the founding shareholders and CEO of NCF Inversiones S.A., a Peruvian financial group experienced in Peruvian capital markets and holding direct investments in junior mining companies with projects in Peru, and the parent company of NCF Bolsa. Mr. Pezo has a degree in Industrial Engineering from Pontificia Universidad Catolica del Peru and an MBA from Universidad Peruana de Ciencias Aplicadas (Lima, Peru).

Daniel Hamilton, Chief Financial Officer
Mr. Hamilton has a Bachelor of Commerce and a Bachelor of Administration from the University of Ottawa. He brings over 25 years of post-qualification experience in senior accounting and financial roles. He previously served as Chief Financial Officer of Crystallex International Corporation and his experience includes Vice President, Controller for Amec Americas (a multi-national engineering and project management services firm) and Group Controller, Zinc at Noranda (now Xstrata Zinc).

For more information contact Duran Ventures Inc.'s head office at: Ph (416) 867.1591
  

E-mail: info@duranventuresinc.com   Company's web site: www.duranventuresinc.com

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