October 22, 2008
MacMillan Gold and Duran Ventures Report Aguila Hole 11 604.3 Metres Averaging 0.718% Copper Equivalence
George A. Brown, CEO of both Duran Ventures Inc. (TSX VENTURE: DRV) and MacMillan Gold Corp. (TSX VENTURE: MMG), is pleased to provide the following update on exploration activities at the Aguila Cu-Mo Target and the Pasacancha Ag-Pb Zn Target. Cary Pothorin, P.Geo., President of Duran Ventures and Minera Aguila de Oro SAC is a Qualified Person as defined in National Policy 43-101, and is responsible for all technical information contained in this joint news release. Total Copper Equivalence % is the sum of the Cu% plus 10 times the Mo% based on an assumed 10:1 ratio of Mo to Cu commodity prices. Metallurgical recoveries and net smelter returns are assumed to be 100%. These equivalence grades should not be interpreted as actual grades since the conversion ratio varies with volatile prices of Cu and Mo and the economic recoveries of Cu and Mo can vary significantly in actual extraction and processing.
Aguila Hole 11 was drilled on section 9950N, and drilled to the southwest at an inclination of -60 degrees. It was drilled to a final length of 605.3 metres, which is a vertical depth of approximately 524 metres from the collar and 611 metres projected to surface from bottom of hole. Mineralized diorite and monzonite porphyry intrusive rock was cut through almost the entire intersection. The last 43 metres of the hole were drilled in mineralized sedimentary wallrock. Samples from Hole 11 were assayed and reported 0.425% Cu and 0.029% Mo, for a 0.718% copper equivalence weighted average over the entire sampled length of 604.3 metres.
Aguila Hole 12 has been completed also on section 9950N, drilled to the southwest at an inclination of -60 degrees. The collar is approximately 100 metres to the southwest of the collar of Hole 11. The final length was 567.1 metres, which is a vertical depth of approximately 491 metres from the collar and 600 metres projected to surface from bottom of hole. The first 260 metres were in mineralized diorite porphyry intrusive rock and intrusive breccia at the contact. The remaining 307 metres were drilled in altered and mineralized sedimentary wallrock. Assay results are pending.
Aguila Hole 13 is ongoing and was at 304.65 metres as at October 22nd. It is being drilled on section 10050N, approximately 50 metres to the southwest of the collar of Hole 8 (July 14 2008 news release - Hole 8 reported 522.3 metres averaging 0.626% Cu 0.049% Mo for 1.119% Copper Equivalence). The first 202 metres intersected mineralized diorite porphryry intrusive and the remaining hole to date has intersected altered and mineralized sedimentary wallrock with local narrow porphyritic dykes.
Pasacancha Hole 3 is currently underway and is at a depth of 125.45 metres as at October 22nd, 2008. The hole to date has cut brecciated and altered sedimentary host rock, and altered dioritic intrusive dykes. Mineralization encountered to date includes galena and sphalerite, with very common pyrite and pyrrhotite. Iron oxide phases such as goethite, jarosite, and limonite are common where the rock is oxidized.
Drilling advances at Pasacancha are slow, as the rock is very fractured and brecciated, resulting in a loss of circulation of drill fluids. To avoid serious problems with hole conditions or stuck drill pipe, our contractor is advancing a maximum of 30 metres, and cementing the hole to seal the walls. The cement is then drilled out and the hole is advanced another 30 metres. While the procedure is slow, it stabilizes the hole and results in a more efficient recovery of core.
The review of the C Permit application by the Peruvian Ministry of Energy and Mines is ongoing and the Company expects confirmation of the permit by the end of October 2008. We have extended the B permit for three months, until mid January 2009 to avoid any drilling interruptions.
All drill core was logged, photographed and split in half using a diamond saw. One half of the core was systematically sampled in three metre intervals and sent to the Lima laboratory of Inspectorate Services Peru SAC (a certified laboratory) for preparation and multi-element ICP analysis followed by AQR/AA assaying for Cu and Mo and 30 gram FA/AA assaying for Au and Ag. The company has a QA/QC protocol in place including the use of duplicate sampling by outside labs, certified standards and blanks and secure care and custody of samples.
Duran Ventures Inc. and MacMillan Gold Corp .are Canadian resource companies
listed on the TSX Venture Exchanges: Symbols "DRV"& "MMG".
To view a map of "Aguila Project", please visit the link below:
The TSX Venture Exchange has not reviewed and accepts no responsibility for the adequacy or accuracy of this news release.
Contacts: MacMillan Gold Corp. George A Brown CEO (416) 867-1101 (416) 867-1222 (FAX) Email: [email protected] Website: www.macmillangold.com Duran Ventures Inc. George A. Brown CEO (416) 867-1101 (416) 867-1222 (FAX) Email: [email protected] Website: www.duranventuresinc.com
SOURCE: Duran Ventures Inc. and MacMillan Gold Corp.