Tumipampa: Dynacor Signs Mining and Mineral Purchase Agreements with Artisanal Miners
MONTRÉAL, May 29, 2019 (GLOBE NEWSWIRE) -- Dynacor Gold Mines Inc. (TSX: DNG / OTC: DNGDF) (Dynacor or the Corporation) is pleased to announce the signing of agreements to mine and purchase mineralized material from its Tumipampa property with a group of local artisanal miners.
Dynacor has developed an expertise of more than 20 years working in Peru with hundreds of artisanal miners working across the country. These agreements are the first to be concluded with artisanal miners on one of the Corporation’s own properties.
The mining agreement signed by its Peruvian subsidiary Minera Veta Dorada SAC "Veta Dorada", authorizes this group of miners to carry out extraction work on a 5.7- hectare section in the high-grade vein zone where Dynacor has carried out major underground exploration programs in the past.
The group of artisanal miners began mining in mid-May and first deliveries are expected in the coming days. All the mineralized material produced by these miners will be purchased by Veta Dorada on negotiated terms and will then be transported and processed at its processing plant in Chala.
The artisanal mining sector covered by this agreement is located outside the exploration zone planned for the next drilling campaign at Tumipampa (disseminated and brecciated mineralization zone).
The Corporation applied for a new exploration permit covering a larger section of the property. This permit application was submitted to the MEM in March 2018 and we are still waiting for this permit to be granted. Drilling will begin as soon as it is received.
Dynacor is a dividend paying gold production Corporation headquartered in Montreal, Canada. The Corporation is engaged in production through the processing of ore purchased from small scale artisanal miners. At present, Dynacor produces and explores in Peru where its management team has decades of experience and expertise. In 2018, Dynacor produced 81,314 ounces of gold, a yearly best and 1.8% increase as compared with 2017 (79,897 ounces).
Dynacor produces environmental and socially responsible gold through its ‘’PX Impact’’ gold program. A growing number of supportive firms from the fine luxury jewelry, watchmakers and investment sectors are paying a small premium to our customer and strategic partner for this PX Impact gold. The premium provides direct investment to develop health and education projects to our small-scale artisanal miner's communities.
Dynacor trades on the Toronto Stock Exchange (DNG) and the OTC in the United States under the symbol (DNGDF).
Certain statements in the preceding 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 (TSX: DNG / OTC: DNGDF)
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Director, Shareholder Relations
T: 604.492.0099 | M: 604.562.1348