Duran Ventures Inc. said March 12 that it signed a 10-year mineral lease agreement on a 300-hectare concession, prospective for gold-silver mineralization, in northern Peru.
Duran paid an initial US$17,000 to secure the option, allowing it to conduct due diligence on the property. Should it proceed, it will pay US$10,000 and hold an option to acquire the property outright for US$400,000.
The property owner retains a 2.5% net smelter returns royalty, with a minimum annual payment of US$100,000 per year, until Duran elects to purchase the property.
Duran owns two concessions totaling 727 hectares near the property.
