Precious Metal Exploration
Focused on exploration and advancement of mineral projects in Peru
Message: Pinnacle Interview with Jeff Reeder
PINNACLE FEATURED COMPANY UPDATE - INTERVIEW WITH JEFFREY REEDER, DURAN VENTURES (DRV:TSXV) NEW CEO
Since Jeff Reeder took over Duran Ventures as the new CEO of the company, the stock has been rising steadily, increasing roughly 65% over the past six weeks. Our team spent an afternoon with Jeff last week discussing the company, its assets, move forward plan and what value he brings to Duran and its shareholders. We've included our interview with Jeff below.
Pinnacle:
What is your background in the mining industry, more specifically in Peru?
Mr. Reeder:
I have been in the business for 22 years. I first started with Noranda Exploration as a young field geologist then joined the Hunter Dickenson Group. This was an incredible opportunity for me as I worked on every major porphyry project in their group, including Mt. Milligan, Kemess, Fish Lake and Casino porphyry projects.
I later moved to Peru and have worked there continuously since 1994. I initially started with MacMillan Gold as Exploration Manager where in 1996, I recognized the potential of the Aguila area and acquired the Santa Rosa and the main Aguila deposit. Due to the downturn in the junior resource market MacMillan closed it's office in 2000 but still maintained the properties. In 2002 I returned to Peru and I formed my own Peruvian private exploration company called Canper Exploraciones and acquired the Pinaya Copper-Gold Project in southern Peru. I later sold my private company to Acero-Martin Exploration. This property has seen extensive exploration with over 160 drill holes.
On the personal side, I am fluent in Spanish and married a Peruvian Lady. I live in the Toronto area now, but we own a second home in Peru. I feel right at home in Peru.
Pinnacle:
Why did you take on the role of CEO for Duran Ventures?
Mr. Reeder:
There are a couple of reasons why I took on the role of CEO. I have been involved with the company since 1994 and spent considerable time in the Aguila during the late 1990's. I always knew that the Aguila property and it's surrounding properties are located in a potential major mining district. As a geologist, I am excited to get involved to prove, in my opinion, that the Aguila area is one of last under explored mining districts in Peru.
The second reason is the people already involved in the company. The daily operational and technical team headed by my long time friend, Cary Pothorin. Cary is a professional geologist and is fluent in Spanish. He is married to a lady from South America and is very conformable in Peru. He works extremely well with the Peruvian people and fully understands how to manage the company; both from the technical side and also from the personal side.
Pinnacle:
How will your extensive experience in Peru help Duran Ventures create shareholder value?
Mr.Reeder:
I believe that my experience working on these giant porphyry projects (Hunter Dickenson and Acero-Martin) will help to discover additional mineralized centers. Porphyries never occur alone and I am sure we will eventually discover new zones. I must note that Cary Pothorin and several of our Peruvian geologists worked with me on other projects such as the Pinaya Copper-Gold project. We all know each other very well and we all have the same vision that Duran is well positioned in a major mining camp.
Also, I am well connected in Peru and know many of the expatriate and local managers of the major companies. I also know the mining laws, procedures, and all contractors.
Pinnacle:
Many of our members are interested in Duran's Aguila (world class copper-molybdenum porphyry), Pasacancha, (high grade silver-lead zinc target) and Corongo (high grade gold-silver vein system) assets. With all three targets having different types of mineralization, our community wants to know which asset we can expect the most development from in the coming months and why?
Mr. Reeder:
Initially we are going to focus on the Aguila. Copper and Molybdenum prices are rising and Aguila property's size and grade could attract additional capital or major mining company's interest.
I believe with the sampling, mapping, more drilling and the current geophysical program, we will be able to show potential investors and/or potential strategic partners that the potential of the Aguila area, including the Pasacancha, will be considerable.
Pinnacle:
What differentiates Aguila, Pasacancha and Corongo from other exploration properties in Peru?
Mr. Reeder: Simple: the length and grade of the porphyry mineralization. Our best intersection of 718 meters of 0.55% Cu and 0.041% Mo. It is important to note that the molybdenum grade is extremely impressive. Most of the other copper porphyries have molybdenum grades in the 0.010 to 0.015 % range. We have three times the grade.
It is important that our shareholders understand that many of the advanced porphyry projects in Peru with other juniors have or had significant option payments and obligations to complete. Duran owns all the properties 100%. This gives us tremendous flexibility on how to develop the project.
Pinnacle:
Explain Duran Ventures business model and ultimate goal as a company.
Mr. Reeder:
We will first explore the Aguila Cu - Mo deposit and show the public the potential of the area. The current sampling and geophysical program will show the potential of Aguila area.
My goal is to eventually attract a major to complete a feasibility study and move the project towards production. At this moment we are too early to discuss what types of deal or what a Joint Venture would look like, but we must continue with our current exploration program.
The goal of the company is to create shareholder value by exploring and developing our properties. We must continue to add value and if necessary bring in a partner, but we must continue to do what we do best: Exploration.
Pinnacle:
What will be the biggest challenge facing Duran Ventures in the coming 6 months?
Mr. Reeder:
We have to continue to keep our presence in the area and continue to keep the Pasacancha community informed. We are working on new agreements with the community and we must be careful that we keep our good relationship with them intact. Community issues are always difficult to deal with, but I believe we are on the right track and have the right people in place to deal with the local issues.
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