Dynamite Resources Ltd.
TSX VENTURE : DNR

Dynamite Resources Ltd.

May 15, 2008 15:41 ET

Dynamite Resources to Begin Next Phase of Drilling at Its Mike Lake Project in Yukon, Canada

TORONTO, ONTARIO--(Marketwire - May 15, 2008) - Dynamite Resources Limited ('Dynamite') (TSX VENTURE:DNR) is pleased to provide details of the 2008 exploration program and announce that the seasonal start-up crew will be onsite to begin preparing for the drilling program as of Thursday, 15 May 2008 at the Company's Mike Lake Gold-Copper Project in west-central Yukon, Canada. Drilling is scheduled to commence in the middle of June 2008 with 8,500 metres planned.

The 2008 drill program will focus on the Upper Skarn Ridge target which was discovered in Dynamite Resources' 2007 exploration program. The Discovery Hole (DDH SK-07-01) on the Upper Skarn Ridge target results were 89 metres of 0.61% Copper, 1.38 g/t Gold, 13.6 g/t Silver and 0.044% Tungsten Oxide near surface (see Map 2: 2007 Exploration Program and 2008 Proposed Drilling Locations).

"The main objective of the 2008 program will be to calculate an inferred mineral resource based on the Upper Skarn Ridge discovery hole," states Dynamite Chairman, Stan Bharti. "We are eager to re-commence our exploration of this exciting new discovery and have planned an aggressive drill campaign this summer."

In addition to this target, Dynamite also intends to evaluate the potential of other high grade gold and Skarn Ridge type targets elsewhere on the property. The Company plans to drill approximately 1,100 metres on these Skarn Ridge type targets.

Dynamite is budgeted to spend $5.8 million and intends to drill approximately 48 holes. The drill program will be completed in three phases commencing in mid June (see Map 3: Proposed Diamond Drilling Program).

The property, located in the prospective Tintina Gold Belt, is 25 km north of the former Brewery Creek gold mine and 70 km northeast of the world famous Klondike Goldfields.

The work at the Mike Lake property was supervised by Bill Wengzynowski, P Eng. who is the qualified person for the project as defined by National Instrument 43-101. Mr. Wengzynowski has reviewed the technical content of this news release.

About Dynamite Resources

Dynamite Resources is a Canadian mineral exploration and development company with a focus on three highly prospective projects. The Company is fully financed with approximately $28 million cash on hand.

Dynamite's projects include the Mike Lake Project in Canada's mineral rich Tintina Gold Belt (gold-copper); Lake Torrens, an IOCG(U) project adjoining BHP Billiton's Olympic Dam Mine in South Australia; and two uranium & gold properties in Kyrgyzstan's Tien Shan Mineral Belt.

For more information concerning Dynamite Resources Ltd. or the Mike Lake Project please contact David Argyle, President and CEO at (416) 861-2260.

Cautionary Note Regarding Forward-Looking Information. This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects, statements regarding exploration prospects, the identification of mineral reserves and resources, costs of and capital for exploration projects, exploration expenditures, timing of future exploration and requirements for additional capital. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, political and social uncertainties; the actual results of current exploration activities; delay or failure to receive board or regulatory approvals; timing and availability of external financing on acceptable terms; not realizing on the potential benefits of the proposed transaction; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future mineral prices; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and shortages, other risks of the mining industry; and, delays in obtaining governmental approvals or required financing or in the completion of activities. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

MAP 1: REGIONAL MAP FOR MIKE LAKE PROJECT.

http://media3.marketwire.com/docs/dnrmap1.pdf

MAP 2: 2007 DRILL TARGETS AND 2008 PROPOSED DRILLING LOCATIONS FOR MIKE LAKE.

http://media3.marketwire.com/docs/dnrmap5.pdf

MAP 3: 2008 PROPOSED DIAMOND DRILLING PROGRAM - MIKE LAKE.

http://media3.marketwire.com/docs/dnrmap3.pdf

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OF THIS RELEASE.

Contact Information

  • Dynamite Resources Ltd.
    David Argyle
    President and CEO
    (416) 861-2260