Dynacor-Ore Purchases and Gold Production Increase
MONTREAL, QUEBEC--(Marketwired - Aug. 16, 2016) - Dynacor Gold Mines Inc. (TSX:DNG)(OTC: DNGDF) (Dynacor or the Corporation). During the past few months, Dynacor boosted its ore purchasing efforts in Southern Peru in preparation for the opening of our new Veta Dorada plant in Chala. As shown in Figure 1, ore purchases spiked up in July as compared to the previous months and reached a high of 6,809 metric tonnes an increase of 32% as compared to July 2015 (5,142 mt) and an increase of 20% as compared to the Q2-2016 monthly average of 5,681 tonnes.
In July 2016, gold production reached 6,995 ounces which is 2056 ounces more than the 4,939 ounces produced in July 2015 representing a 41.6% increase. Gold production during the first six months of 2016 was 33,332 oz. as compared to 32,152 oz in 2015 and 29,783 in 2014.
Jean Martineau the Company's CEO and President has commented the following on Dynacor's current situation "We are successfully increasing our ore purchases in preparation for the start-up of our new Veta Dorada plant. Once we begin operating in Chala we expect to see significant increases in our monthly ore purchases. The increase in the price of gold since the beginning of 2016 (approximately 27%) has also created a more active market and which will in turn stimulate more ore production by individual and groups of artisanal miners."
ABOUT DYNACOR GOLD MINES INC.
Dynacor is a gold ore-processing and exploration Corporation active in Peru since 1996. The Corporation differentiates itself from pure exploration companies as it generates income from its wholly owned ore-processing plant. Dynacor's basic share count at 38.4 million outstanding is in the lowest quartile of the resource sector. The Corporation's assets include three exploration properties, including the advanced high-grade gold Tumipampa property and an operating 85,000 TPA gold and silver ore processing mill at Metalex-Huanca. The Corporation is currently commissioning its new 300 tpd ore processing plant in Chala (Southern Peru) and expects to begin operations during Q3-2016. This new plant represents an important milestone for the Corporation's future growth. The Corporation's strength and competitive advantage comes with the experience and knowledge it has developed while working in Peru. Its pride remains in maintaining respect and positive work ethics toward its employees, partners and local communities.
Certain statements in the foregoing may constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Dynacor, or industry results, to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statements. These statements reflect management's current expectations regarding future events and operating performance as of the date of this news release.
Dynacor Gold Mines Inc. (TSX:DNG)
Shares outstanding: 38,380,911
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2016 Monthly Ore Purchases in Metric Tons: http://www.marketwire.com/library/20160815-Dynacor_image_en_lg.jpg
FOR FURTHER INFORMATION PLEASE CONTACT:
Dynacor Gold Mines Inc.
President and CEO
T: 514-393-9000 Ext. 228
Dynacor Gold Mines Inc.
Director, Investor Relations