MONTREAL, QUEBEC--(Marketwired - Nov. 21, 2016) - Dynacor Gold Mines Inc. (TSX:DNG)(OTC:DNGDF) (Dynacor or the Corporation) today provides an update on the first month of ore processing at its new Veta Dorada plant in Chala, Peru. The Corporation has added new ore providers to its growing list of suppliers. This recent ore provider growth is in large part the result of Dynacor boosting its ore-purchasing business (see press release dated August 16, 2016) in anticipation of the opening of the new modernized and large scale Veta Dorada plant strategically located in the small-scale mining hub of southern Peru.
During its first month of operation, Dynacor increased gold production to a 2016 monthly best of 7,449 oz, a 17% increase compared to the monthly average of 6,377 oz during the third quarter 2016. The average daily processing rate at Dynacor's new Veta Dorada plant, was 243 tpd (tonnes per day), an increase of 16% as compared to the average daily processing rate of 210 tpd in the third quarter 2016 at its Huanca plant. Only one day was lost due to process adjustments.
Ore purchases have increased continuously since the beginning of the year. Monthly average ore purchases were 4,678 mt in Q1-2016, 5,702 mt in Q2-2016 and 6,475 mt in Q3-2016. In October, at Chala ore purchases further increased to reach 7,029 mt.
Finally, Dynacor is pleased to report that it has been able to increase its ore stockpile at Chala and will continue its effort to maintain an inventory of at least ten to twelve days of ore processing to ensure continuous production in the coming months as it ramps up its effective processing rate.
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 gold ore-processing. Dynacor's basic share count at 38.7 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, a 85,000-tpy gold and silver ore processing mill on care and maintenance at Huanca and the newly operating Veta Dorada 300-tpd (102,000-tpy) ore processing plant located in Chala (Southern Peru). 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.
FORWARD LOOKING INFORMATION
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: 38,684,911