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Duran, Otuzco to jointly produce copper in Peru

Duran Ventures Inc. entered into an agreement to purchase and process high-grade copper sulfide mineralized material from a private Peruvian company, Otuzco Copper Mining Corp. SAC.

The companies intend to equally share the profits by unifying operations, according to the Feb. 5 release.

Otuzco's main property has small-scale artisanal miners extracting copper sulfides from several adits.

Duran plans to purchase the mineralized material and will support Otuzco to ensure the extracted material is properly documented and transported to the company's Aguila Norte flotation plant.

Duran can purchase up to 1,500 tonnes per month with at least 5.0% copper in sulfides, and the first delivery of the material is expected late this month. After recovery of operational costs, Duran will share profits on a 50/50 basis with Otuzco.

The company is also in discussions with several metal traders to secure working capital for purchasing the mineralized material on a revolving credit facility.