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February 06, 2016 11:53 PM ET

Metals and Mining

Company Overview of Dunav Resources Ltd.

Company Overview

Dunav Resources Ltd. engages in the acquisition, exploration, and development of mineral resource properties in Serbia. It holds mineral licenses related to the Tulare copper and gold project, the Surdulica molybdenum project, and other early stage projects. The company was formerly known as Queensland Minerals Ltd. and changed its name to Dunav Resources Ltd. in May 2011. Dunav Resources Ltd. was incorporated in 1996 and is headquartered in Longueuil, Canada. As of October 2, 2014, Dunav Resources Ltd. operates as a subsidiary of Avala Resources Ltd.

1111 Street Charles Boulevard West

West Tower

Suite 411

Longueuil, QC J4K 5G4


Founded in 1996





Key Executives for Dunav Resources Ltd.

Executive Vice Chairman, Chief Executive Officer and President
Age: 57
Executive Chairman
Age: 62
Chief Financial Officer
Age: 54
Corporate Secretary and Legal Counsel
Age: 56
Vice President of Administration
Compensation as of Fiscal Year 2015.

Dunav Resources Ltd. Key Developments

Dunav Resources Ltd., Annual General Meeting, Sep 30, 2014

Dunav Resources Ltd., Annual General Meeting, Sep 30, 2014., at 10:30 Eastern Daylight. Location: 1111 St-Charles Street West. Agenda: To approve business combination of Avala Resources Ltd. and Dunav Resources Ltd; to receive the audited consolidated financial statements of Dunav for the year ended December 31, 2013, together with the auditor's report thereon; to elect the directors of Dunav; to appoint Raymond Chabot Grant Thornton LLP, Chartered Accountants, as auditor of Dunav for the year ending December 31, 2014 and authorize the directors to determine the remuneration to be paid to the auditor; to confirm Dunav's stock option plan; and to act upon such other matters, including amendments to the foregoing, as may properly come before the meeting or any adjournments or postponements thereof.

Dunav Announces Increased Mineral Resource for its Tulare Copper-Gold Project

Dunav Resources Ltd. announced a mineral resource update for the Kiseljak deposit and a new mineral resource estimate for the Yellow Creek deposit, both part of Dunav's Tulare Copper-Gold Porphyry Project in Southern Serbia. The combined Kiseljak and Yellow Creek mineral resource estimate, prepared by AMC Consultants Limited (UK) (‘AMC’), an independent mining consulting firm, has been estimated at 547 million tonnes grading an average of 0.23% copper (‘Cu’) and 0.22g/t gold (‘Au’) in the inferred resource category, for 2.8 billion pounds of copper and 3.8 million ounces of gold, using a 0.15% copper equivalent (‘CuEq’) cut-off and an open pit mining scenario for Kiseljak and a 0.30% CuEq cut-off and a bulk underground mining scenario for Yellow Creek. The Kiseljak updated inferred mineral resource has been estimated at 459 million tonnes grading an average of 0.22% copper and 0.20g/t gold for 2.2 billion pounds of copper and 3.0 million ounces of gold, using a 0.15% CuEq cut-off. The Yellow Creek inferred mineral resource has been estimated at 88 million tonnes grading an average of 0.30% copper and 0.30g/t gold for 0.6 billion pounds of copper and 0.8 million ounces of gold, using a 0.30% CuEq cut-off. At a 0.30% CuEq cut off, Yellow Creek has a sub-vertical pipe-like morphology, which would be potentially suitable for an underground 'bulk' mining approach.

Dunav Resources Ltd. Provides an Update on its Degrmen Gold-Copper Porphyry Project, Serbia

Dunav Resources Ltd. to present an exploration update on its 100% held Degrmen Porphyry Project located 20 km northwest of its Kiseljak copper-gold porphyry deposit in Southern Serbia. Based on the increase in the understanding of the geology and controls of mineralization gained during the initial wide-spaced diamond drilling program at Degrmen, a short, follow up diamond drilling program was completed during late 2013. Diamond drilling has returned the following, selected, moderate to strong intercepts, calculated using a 0.33g/t AuEq cut-off grade. 0.33g/t AuEq cut-off ($1,400/oz. Au, $3.30/lb. Cu), 5m minimum composite length, 5m maximum internal dilution. AuEq = ((Au g/t*45.01) + (Cu%*72.75))/45.01, CuEq = ((Cu%*72.75) + (Au g/t *45.01))/72.75, Metal prices used are based on the 2 year trailing average of the monthly gold (spot) and copper (grade A cathode) prices. Diamond drill samples are PQ, HQ or NQ half core, using a nominal 1m sampling basis and weigh 3-6kg. Assay method: Fire assay Au (50g); Cu by aqua regia digestion with AAS finish. Intercept widths do not necessarily represent true width. No top cut applied. Mineralization remains open at depth. Eight diamond drill holes were completed for a total of 2,293.5m. The objective of the Phase 2 exploration program was to define more clearly the stronger gold-copper mineralization in the northern portion of the system, together with further defining the extents of the mineralized porphyry system. Dunav has selected two, large, representative, composite samples from its diamond core material from the Degrmen Porphyry Project for initial metallurgical characterization test work focusing on flotation.

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