Dana Resources acquires Oro Chicama gold project in northern Peru

Dana Resources, a US-based precious minerals exploration company, announced that it has successfully acquired the Oro Chicama gold project in northern Peru.

Dana Resources (OTCBB: DANR) currently owns and operates seven mining concessions located in Peru's most prolific mining regions.

The Oro Chicama Gold Project covers 2471 acres in Ancash, Northern Peru's prolific mining region. The geology in this trend consists of volcanic sequences of andesitic spills and tuffs of the Calipuy Group which have been proven to contain some of the world's largest base and precious metals deposits.

The Ancash region of Peru is host to world famous silver, gold, and copper deposits owned by global mining leaders such as Barrick, Teck Cominco, BHP Billiton, Xstrata and Mitsubishi.

Dana Resources purchased the Oro Chicama Gold Project as its geology and position in the trend line is similar to several world class neighbouring mines.

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. In total, Peru holds about 16 percent of the world's known mineral reserves.

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.

Publication: Andina - English Newswire
Provider: Andina
July 27, 2009


Continental gets okay from Peruvian regulator to launch operations

Peru's financial sector regulator SBS has authorized Chilean credit insurer Continental's Peruvian subsidiary Insur Compañía de Seguros to begin operating in Peru's P&C segment, Continental told Chile's securities and insurance regulator SVS in a filing.

Continental indirectly owns 99.99% of Insur through investment vehicle Inversiones CSCC Peru, which in turn controls 99.99% of the Peurvian insurer.

Insur operates with its own independent management and reinsurance contracts, Continental said.

In July 2008, Continental received regulatory approval from the Argentine regulator to start operating in the surety bonds segment in that market.

And in February last year, Continental opened a subsidiary in Colombia.

Continental is Chile's leading domestic credit insurance company. Atradius, one of the world's largest credit insurers, has a 49.99% stake in Continental

Publication: Business News Americas - English News
Provider: Business News Americas
July 20, 2009


Nitratos de Peru to build plant in Paracas

Nitratos del Peru, part of Grupo Brescia and a producer of ammonium nitrate and ammonia, yesterday received authorisation to set up shop at the industrial zone I4 in Paracas, province of Pisco, Ica. This area will become the second petrochemical cluster, Marcona, also in Ica, being the first. Mariano Castro, a former executive secretary of the Peruvian Comision Nacional del Ambiente (Conam), states that, even so, the government will have to keep a close eye on matters such as land and sea transport by Nitratos del Peru to ensure that the national reserve of Paracas is protected. The firm hopes to have its plant ready for operations in 2011 after investment of US$650k.

Publication: SABI - Business News
Provider: South American Business Information
July 20, 2009