Dana Resources Acquires the Property Las Horquetas
LAS VEGAS, Mar 24, 2009 (BUSINESS WIRE) -- Dana Resources (OTCBB: DANR) is a US-based precious and base metals exploration company with advanced stage gold properties in Peru. Dana Resources is pleased to announced today they have acquired 100% interest in the claim herein known as the Turmalina Project, in Peru. Turmalina is a copper project located in Northern Peru and is accessible by road with existing infrastructure in the area for power, water and labour. The Turmalina project has mineralization over an area of 2.5 km by 1.25km and covers over 1450 acres. As of 2007, the Turmalina project has historical reserves of 305,586 tons of 2.5% copper. Dana Resources believes that there is a potential for over 330,000 tons of copper at Turmalina.
The Turmalina project is in the same trend as Anglo American's (Nasdaq:AAUK; LSE:AAL) Michiquillay copper porphyry deposit. Michiquillay hosts reserves of 544 million tonnes with 0.69% Cu, 0.1-0.5 g/t Au and 2-4 g/t Ag at a cut-off of 0.4% copper equivalent. Turmalina is also in the same trend as Buenevenutra's (NYSE: BVN) Mina Conga (6 million oz gold) and Monterrico Metals plc's (LSE: MNA) Rio Blanco porhyry copper project with a resource of 1,257 million tonnes at 0.57% copper and 228 ppm molybdenum.
The Turmanlina project is also in close proximity to Newmont's (NYSE:NEM) Yanacocha gold mine. The Yanacocha operation, with three active open pits, is the largest gold producer in South America.
Mr. Len De Melt states, "The addition of the Turmalina project has added depth and diversity to Dana Resources' portfolio and increased our land holdings in Peru."
With some of the richest mineral reserves in the world, Peru is one of the highest producing countries of precious & base metals in Latin America. Previously inaccessible regions are now becoming available through modern technology and equipment, making the high diversity of marketable minerals an extremely attractive prospect. Peru holds about 16 percent of the world's known mineral reserves.
About Dana Resources
Dana Resources is a precious and base metals exploration company with offices in the United States and Peru. Dana's management team possesses local knowledge, extensive international connections, a wealth of experience and technical expertise in mining, mining finance, exploration and production. Dana Resources has acquired a portfolio of gold, silver and other precious & base metal properties located in Peru's most prolific mining regions.
With Peru growing as a producer of gold, silver and other metals on the international market, Dana Resources is well positioned to capitalize on the escalating global demand for commodities. The management team and Directors are committed to creating value for their shareholders and to the long-term success of Dana Resources.
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Most all indicators show oversold... Could go on some volume... keep an eye on er... i may pick a little up...
Dana Market Capitalization Below Book Value Dana Market Capitalization Below Book Value LAS VEGAS, NV, Sep. 8, 2009 (Marketwire) --
LAS VEGAS, NV -- (Marketwire) -- 09/08/09 -- Dana Resources (OTCBB: DANR) (FRA: OD0) is a US-based precious metals development company with advanced stage gold and base metal properties in Peru. Management has commented on the recent market capitalization of the Company.
"Our current share price is well below book value and trading at an even further discount to our peers the current industry standard evaluates in-situ gold deposits at over $35 USD per ounce. With an initial deposit of 1.17 million ounces, Dana's Collota gold deposit alone has a market value of $41 million USD or 81 cents per share. With the additional land packages to be included in the production process, we are confident that Collota hosts a deposit much larger than what has already been defined. Furthermore, our base metals portfolio includes the Turmalina copper deposit with an initial resource of 15 million pounds of copper. Recent copper prices of over $2.75 per pound earn the Turmalina resource an in-situ value of over $40 million $USD as well. Dana's local management has successfully taken development stage mining projects into production in Peru. Together with our international financial partners, we are on the road to producing precious and base metals in a strong commodity price era. We are committed to our projects long term and confident that shareholders will be rewarded with consistent efforts towards production," said Mr. DeMelt, President of Dana.
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