Post by pasacancha on Nov 25, 2008 18:20:11 GMT -5
Duran has cash in the bank, a strong new Board, great resources and prospects to expand them. Please read the attached.
1) For those of you who missed the AGM, a Power Point Presentation highlighted 3 additional anomalies within less than one kilometer from the Aguila Main Pit. These anomalies are shown on the attachment. Surface samples taken from these anomalies indicate copper and moly grades similar to those published from drill results of the Aguila Main. Although I am very excited to learn about these anomalies, ultimately each must be drilled to determine grade depth, tonnage and economic value. These anomalies could have a profound impact on the ultimate size and value of any future mining project. However, given the current economic environment, the price of copper and moly must recover along with the world economy.
2) During the presentation, the Santa Rosa anomaly which contains gold and copper, was revealed. Surface samples contain 3 grams of gold and .25% copper per ton. Even with gold at $750/ ounce such a grade would be worth $75/ tonne plus copper credits.
3) We are very fortunate to have three new senior mining professionals as members of our Board of Directors. They joined our Board after reviewing both the drill results and geological data, thereby reflecting their positive view of the potential to outline one or more mines. Our new directors have either visited the mine site or have immediate plans to do so. Reports from those who attended the first visit speak very positively about the site management, people in the field and the potential of our properties.
4) Hole #2 on the Passacancha went off course at about 125 meters and could not be recovered. Another site has been selected where it is believed that there will only be about 25 meters of difficult material to drill through. A road must be built to access this site. The team has been instructed to work around the clock to complete the road. In about two weeks, it is expected that assays will be received pertaining to holes one and a short hole #2. Cary Pothorin refers to these holes as numbers two and three.
5) Hole 14 on the Aguila has been set up on the north side on top of a steep incline and will be drilled across the deposit from northeast to southwest.
6) A budget and plan of action will be prepared for the directors to approve. Costs will be cut and all spending will focus on value added activity where the company can get the maximum impact for the dollars spent. Since the value of gold and silver have the greatest likelihood of increasing in the near term, successful holes on the Passacancha and possible drilling at the Santa Rosa gold copper anomaly would have the best chance of attracting new investors or a possible industry partner.
7) Reduced spending can extend our existing cash for up to 12 months. A lot of positive news can develop during that time.
8) Although firms in Peru may be interested in Duran, none can realistically promise to be able to raise equity capital at this time. Management does not think it would be wise to rush to list in Peru at this time unless it could generate more trading and provide new equity at a reasonable price. I agree.
Summary
We now know why management thought the Aguila could be worth as much as the Passacancha. If the other three anomalies near the Aguila hold the same grade and tonnage, Duran could have a billion tonnes. This quantity of ore would certainly attract attention of the majors. Only time will tell.
I believe that the CEO, George Brown, is doing a great job in the decisions being made and the direction he is taking the company. I agree with the approach George is taking in reducing the costs and by focusing Duran on activities that generate the best value added for the dollar spent. Delaying a 43-101 report and a preliminary economic feasibility study on the Aguila is necessary in preserving cash. Both gold and silver have a better chance of gaining in price (than the base metals) and possibly capturing the attention of new investors and or an industry partner.
Tax Saving Idea
Tax loss selling is now upon us. For anyone who paid capital gains tax in 2005, 2006 or 2007 attached is an idea on how you may recover some of the tax previously paid. It is important if you are contemplating the sale of Duran shares (at these ridiculously low prices) that you do so with a prearranged buyer. Please read the attached tax-planning tip.
Attachments:
Geology
www.jrinvestors.com/maps/Aguila%20and%20Pasacancha%20Geology.jpg
Land Holdings
www.jrinvestors.com/maps/Concessions.jpg
Tax Saving Idea
www.jrinvestors.com/misc/tax%20loss%20saving%20idea.pdf
1) For those of you who missed the AGM, a Power Point Presentation highlighted 3 additional anomalies within less than one kilometer from the Aguila Main Pit. These anomalies are shown on the attachment. Surface samples taken from these anomalies indicate copper and moly grades similar to those published from drill results of the Aguila Main. Although I am very excited to learn about these anomalies, ultimately each must be drilled to determine grade depth, tonnage and economic value. These anomalies could have a profound impact on the ultimate size and value of any future mining project. However, given the current economic environment, the price of copper and moly must recover along with the world economy.
2) During the presentation, the Santa Rosa anomaly which contains gold and copper, was revealed. Surface samples contain 3 grams of gold and .25% copper per ton. Even with gold at $750/ ounce such a grade would be worth $75/ tonne plus copper credits.
3) We are very fortunate to have three new senior mining professionals as members of our Board of Directors. They joined our Board after reviewing both the drill results and geological data, thereby reflecting their positive view of the potential to outline one or more mines. Our new directors have either visited the mine site or have immediate plans to do so. Reports from those who attended the first visit speak very positively about the site management, people in the field and the potential of our properties.
4) Hole #2 on the Passacancha went off course at about 125 meters and could not be recovered. Another site has been selected where it is believed that there will only be about 25 meters of difficult material to drill through. A road must be built to access this site. The team has been instructed to work around the clock to complete the road. In about two weeks, it is expected that assays will be received pertaining to holes one and a short hole #2. Cary Pothorin refers to these holes as numbers two and three.
5) Hole 14 on the Aguila has been set up on the north side on top of a steep incline and will be drilled across the deposit from northeast to southwest.
6) A budget and plan of action will be prepared for the directors to approve. Costs will be cut and all spending will focus on value added activity where the company can get the maximum impact for the dollars spent. Since the value of gold and silver have the greatest likelihood of increasing in the near term, successful holes on the Passacancha and possible drilling at the Santa Rosa gold copper anomaly would have the best chance of attracting new investors or a possible industry partner.
7) Reduced spending can extend our existing cash for up to 12 months. A lot of positive news can develop during that time.
8) Although firms in Peru may be interested in Duran, none can realistically promise to be able to raise equity capital at this time. Management does not think it would be wise to rush to list in Peru at this time unless it could generate more trading and provide new equity at a reasonable price. I agree.
Summary
We now know why management thought the Aguila could be worth as much as the Passacancha. If the other three anomalies near the Aguila hold the same grade and tonnage, Duran could have a billion tonnes. This quantity of ore would certainly attract attention of the majors. Only time will tell.
I believe that the CEO, George Brown, is doing a great job in the decisions being made and the direction he is taking the company. I agree with the approach George is taking in reducing the costs and by focusing Duran on activities that generate the best value added for the dollar spent. Delaying a 43-101 report and a preliminary economic feasibility study on the Aguila is necessary in preserving cash. Both gold and silver have a better chance of gaining in price (than the base metals) and possibly capturing the attention of new investors and or an industry partner.
Tax Saving Idea
Tax loss selling is now upon us. For anyone who paid capital gains tax in 2005, 2006 or 2007 attached is an idea on how you may recover some of the tax previously paid. It is important if you are contemplating the sale of Duran shares (at these ridiculously low prices) that you do so with a prearranged buyer. Please read the attached tax-planning tip.
Attachments:
Geology
www.jrinvestors.com/maps/Aguila%20and%20Pasacancha%20Geology.jpg
Land Holdings
www.jrinvestors.com/maps/Concessions.jpg
Tax Saving Idea
www.jrinvestors.com/misc/tax%20loss%20saving%20idea.pdf