Dynacor: New Record Gold Production in October of 6,169 Ounces
MONTREAL, QUEBEC, Nov 29, 2012 (Menafn - MARKETWIRE via COMTEX) --Dynacor Gold Mines Inc. (Dynacor or the Company) ispleased to announce an operations update from its ore-processingdivision in Peru. During the month of October, the Company recordedits best month ever, producing 6,169 ounces of gold from purchasedore with an average gold grade of 1.004 oz/tonne. In addition, 14,775ounces of silver were produced generating total sales of USD 10.6million for the month.
In the first ten months of 2012, Dynacor has generated gold andsilver production of 48,839 and 129,606 ounces, respectively. Thisresult is due in large part to the increase in gold grades availablefrom the influx of small scale miners and the ore-processing plantoperating at its maximum capacity. The Company now expects to producemore than 58,000 ounces of gold which is 18% above its published 2012guidance.
Mr. Jean Martineau, President and CEO of Dynacor Gold Mines, stated:"Dynacor offers junior resource sector investors two strategicadvantages:
--The Company is auto-financed since it generates from its gold ore-
processing business, the cash flow it needs to expand, to explore its
properties and to pay all of its administrative expenses.
--Dynacor's business model protects its shareholders from dilution due to
external share-based financings that characterize most junior resource
exploration companies.
We have been operating our ore-processing business since the late 1990sand are organically growing into one of the foremost and trustedore-processing operations in Peru. Cash flow and liquidity levels areas robust as the company has seen throughout its history.
The company is planning to build a new 300 tpd ore-processingfacility in 2013.We expect that our financial results will enable usto finance the construction of our new plant, our explorationcampaign and continue to provide strong shareholder value in thecoming quarters."
Gold produced from ore-processing from January to October 2012 isshown in the Table, below.
Monthly Production (oz Au) to date
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Total
10 Total 10
monthsmonths
JanFebMarAprMayJunJulAugSepOct20122011
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3,774 4,747 4,589 4,395 2,663 5,334 5,701 5,710 5,757 6,169 48,83937,123
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ABOUT DYNACOR GOLD MINES INC.
Dynacor is a gold exploration and mining company active in Peruthrough its subsidiaries since 1996. The Company differentiatesitself from pure exploration companies as it also generates incomeand cash flow from its wholly owned ore processing plant in Peru. TheCompany's assets include six exploration properties, including theTumipampa property, along with its recently upgraded 220 tpd oreprocessing mill at Acari. Dynacor's mill produces gold from theprocessing of ore purchased from local producers. Dynacor's strengthand competitive advantage comes with the experience and knowledge theCompany has developed while working in Peru. Its pride remains inmaintaining respect and positive work ethics toward its employees,partners and local communities.
FORWARD LOOKING INFORMATION
Certain statements in the foregoing may constitute forward-lookingstatements, which involve known and unknown risks, uncertainties andother factors that may cause the actual results, performance orachievements of Dynacor, or industry results, to be materiallydifferent from any future result, performance or achievementexpressed or implied by such forward-looking statements. Thesestatements reflect management's current expectations regarding futureevents and operating performance as of the date of this news release.
Dynacor Gold Mines Inc.
Website:http://www.dynacorgold.com
Twitter:http://twitter.com/DynacorGold
Facebook:http://www.facebook.com/pages/Dynacor-Gold-Mines-Inc/222350787793085
Shares outstanding: 35,890,167
Contacts:
Dynacor Gold Mines Inc.
Jean Martineau
President and CEO
514-288-3224 ext. 228
Dynacor Gold Mines Inc.
Dale Nejmeldeen
Investor Relations
604.492.0099 / M: 604.562.1348
604.608.9223 (FAX)
nejmeldeen@dynacorgold.com
SOURCE: Dynacor Gold Mines Inc.
mailto:nejmeldeen@dynacorgold.com
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