Gold Stocks; Dynacor Gold (TSX:DNG): Gold Sales of USD 7.9 Million in the First Two Months of Q3, 2010
MONTREAL, QUEBEC--(http://www.investorideas.com/ gold and mining stocks blog ) - Sept. 27, 2010) - Dynacor Gold Mines Inc. ("Dynacor" or "the Company")(TSX:DNG) is pleased to announce an operations update. In the first two months of the third quarter, 2010, the Company produced 6,239 ounces of gold from its gold custom-milling Plant in Peru and had sales of USD 7.9 million.
The average selling price of gold per ounce for the first two months of the third quarter was CAD 1,259 (USD 1,208). Management expects to achieve the high end of the third quarter production outlook of 7,000 - 9,000 ounces of gold since 6,239 ounces of gold have been produced in the first two months of the quarter.
The company began the year with a milling rate of 110 tonnes/day and has progressively increased the rate to reach 150 tonnes/day at the end of the month of August, an increase of 36%. Gold production is expected to continue to increase through the balance of 2010 and into 2011 as the Dynacor's Mill ramps up to its full capacity of 180 tonnes/day or between 45,000 to 50,000 ounces of gold per year.
Mr. Jean Martineau, President and CEO of Dynacor Gold, stated: "I am very pleased as gold production have increased substantially following the 1 million dollar financing closed in June 2010. The increased cash flow will allow Dynacor to fast track its exploration campaign at Tumipampa. Dynacor is on track to attain gold sales of 30,000 ounces of gold in 2010".
ABOUT DYNACOR GOLD MINES INC.
Dynacor is a gold exploration and mining company active in Peru through its subsidiaries since 1996. The Company's assets include the Acari, Casaden and Tumipampa exploration properties. The Acari mill produces gold by custom milling. Dynacor's strength and competitive advantage comes with the experience and knowledge the Company 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.
The average selling price of gold per ounce for the first two months of the third quarter was CAD 1,259 (USD 1,208). Management expects to achieve the high end of the third quarter production outlook of 7,000 - 9,000 ounces of gold since 6,239 ounces of gold have been produced in the first two months of the quarter.
The company began the year with a milling rate of 110 tonnes/day and has progressively increased the rate to reach 150 tonnes/day at the end of the month of August, an increase of 36%. Gold production is expected to continue to increase through the balance of 2010 and into 2011 as the Dynacor's Mill ramps up to its full capacity of 180 tonnes/day or between 45,000 to 50,000 ounces of gold per year.
Mr. Jean Martineau, President and CEO of Dynacor Gold, stated: "I am very pleased as gold production have increased substantially following the 1 million dollar financing closed in June 2010. The increased cash flow will allow Dynacor to fast track its exploration campaign at Tumipampa. Dynacor is on track to attain gold sales of 30,000 ounces of gold in 2010".
ABOUT DYNACOR GOLD MINES INC.
Dynacor is a gold exploration and mining company active in Peru through its subsidiaries since 1996. The Company's assets include the Acari, Casaden and Tumipampa exploration properties. The Acari mill produces gold by custom milling. Dynacor's strength and competitive advantage comes with the experience and knowledge the Company 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.
For more information, please contact
Dynacor Gold Mines Inc.
Jean Martineau
President & CEO
514-288-3224
or
Dynacor Gold Mines Inc.
Dale Nejmeldeen
Investor Relations
514-288-3224
778-574-2806
nejmeldeen@dynacor.com
Dynacor Gold Mines Inc.
Jean Martineau
President & CEO
514-288-3224
or
Dynacor Gold Mines Inc.
Dale Nejmeldeen
Investor Relations
514-288-3224
778-574-2806
nejmeldeen@dynacor.com
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