TORONTO, ONTARIO - (March 12, 2009) - Duran Ventures Inc. (TSX VENTURE: DRV) has signed a Letter Agreement with Centurion Minerals Ltd. of Vancouver (TSX VENTURE:CTN). The Agreement outlines the terms of a Property Option whereby Duran grants Centurion the right to earn up to a 60% interest in the 2,900 hectares, ten concession, Corongo Property in Ancash, Peru. The Corongo Property hosts a number of gold, silver, and copper showings and historic mine workings, including the Santa Rosa and the Pucapampa targets, which contain both porphyry copper and vein and manto style gold and silver mineralization. Recent work on the property reported anomalous grab samples with assay values of up to 7.8 g gold/t and 191.0 g silver/t (February 23, 2009 news release).
Centurion may earn an initial 50% interest for 1,000,000 shares of Centurion subject to regulatory approval; 250,000 by each of May 1, 2009, December 31, 2009, December 31, 2010, and December 31, 2011. Centurion is required to spend US$1,000,000 by December 31, 2011 with US$200,000 committed spending by December 31, 2009.
Once Centurion have completed their initial 50% earn-in, they have the right to increase their interest to 60% by issuing an additional 250,000 shares within 120 days and committing to an additional US$250,000 of exploration expenditures within 12 months.
Duran has received a non-refundable US$25,000 due upon executing the Letter Agreement as an advance towards Centurion's first year exploration expenditure commitment. Centurion will be appointed as operator and Duran appointed as Manager entitled to a 10% management fee calculated on exploration expenditures.
Duran welcomes Centurion as a joint venture partner. Attracting qualified joint venture partners is part of Duran's strategy to add value to our exploration property portfolio while minimizing share dilution. This Property Option will help Duran maintain our core Peru staff while maintaining our 100% interest in the Aguila and Pasacancha Targets.
Duran would like to bring your attention to a mining and oil & gas research website, www.StockResearchPortal.com . We believe this website can be a valuable investor research tool worthy of your consideration. You may click on the following link to sign-up for free access: http://www.stockresearchportal.com/s... . There is also a link on the Duran website to our segregated pages on StockResearchPortal.com which provides access to additional data not included on Duran's website.
Investors are invited to visit the Duran Ventures IR Hub at www.agoracom.com/ir/duran where they can post questions and receive answers or review existing questions and answers. Investors may also ask questions or request to be added to the investor email list at DRV@agoracom.com
Duran Ventures Inc. is a Canadian resource company listed on the TSX Venture Exchanges: Symbol "DRV".
The TSX Venture Exchange has not reviewed and accepts no responsibility for the adequacy or accuracy of this news release.
CONTACT INFORMATION:
Duran Ventures Inc.
George A. Brown
CEO
(416) 867-1101
Fax: (416) 867-1222
Email: duranventures@ca.inter.net
Website: www.duranventuresinc.com
