This reconfirmation assures the security of tenure and good standing of the Company’s concessions under the new mining law. This was a necessary step to further progress the negotiation of an exploitation contract with the Government.
Vancouver, B.C. (PRWEB) May 28, 2010
Dynasty Metals & Mining Inc. (TSX: DMM, OTCQX: DMMIF, “Dynasty” or the “Company”) is pleased to announce that the Company has completed the substitution of all of its mining titles with the Ministry of Non-renewable Natural Resources and that all of its previously held concessions at the Zaruma Gold, Jerusalem and Dynasty Goldfield projects have been reconfirmed, as required under the new Ecuadorian mining act and regulations (collectively the “new mining law”).
Robert Washer, President and CEO of Dynasty commented, “This reconfirmation assures the security of tenure and good standing of the Company’s concessions under the new mining law. This was a necessary step to further progress the negotiation of an exploitation contract with the Government.” Mr. Washer further commented, “Last week, I had the pleasure of meeting the new Minister of Non-renewable Natural Resources, Wilson Pastor, the Vice Minister of Mines, Luis Bustamante, and other government officials, to update them on our operations and progress. The meeting was positive and I look forward to working closely with the Ministry in the future.”
The Company continues to make steady progress on all three declines at the Zaruma Gold project. To date the Company has developed approximately 3.5 kilometres of tunnels to a vertical depth of between 65 to over 200 metres depending on the decline. The Company has reached and commenced development of the resource at its main decline, “Cabo de Hornos” and currently expects to commence mining the resource in approximately thirty days.
With respect to the other declines, based on current mining plans, the Company projects to reach the resource at “Barbasco” towards the end of the second quarter and at Ayapamba at the start of the third quarter of this year.
The Company has continued to strengthen its mine management team, with the employment of two additional experienced underground mining supervisors from Australia.
About Dynasty Metals & Mining
Dynasty Metals & Mining Inc. is a Canadian based mining company involved in the exploration and development of mineral properties in Ecuador.
The Company has the near production Zaruma Gold Project, the advanced-stage Jerusalem Project, and a highly prospective exploration project, the Dynasty Copper-Gold Belt, which includes the Dynasty Goldfield.
For further information please visit the Company's website at http://www.dynastymining.com, or please contact:
Dynasty Metals & Mining Inc.
Tel: (604) 687-0888
Brisco Capital Partners Corp.
Tel: (403) 262-9888
This news release includes "forward-looking information", as such term is defined in applicable securities laws. Users of forward-looking information are cautioned that actual results may vary from forward-looking information contained herein. The forward-looking information includes, without limitation, the anticipated dates that the Company will reach the resources at the Zaruma Gold Project declines, the anticipated date for commencement of mining at the “Cabo de Hornos” decline, and other similar statements concerning anticipated future events, conditions or results that are not historical facts. In certain cases, forward-looking information was developed using the material factors or assumptions stated herein. Such factors and assumptions include, amongst others, the effects of general economic conditions, the price of gold, changing foreign exchange rates and actions by government authorities, uncertainties associated with legal proceedings and negotiations and misjudgements in the course of preparing forward-looking information. In addition, there are also known and unknown risk factors which could cause the Company's actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Known risk factors include, among others, risks and uncertainties relating to exploration and development; the ability of the Company to obtain additional financing; the Company's limited operating history; uncertain mining legislation; the need to comply with environmental and governmental regulations; political and economic instability and general civil unrest in Ecuador; potential defects in title to the Company's properties; fluctuations in currency exchange rates; fluctuating prices of commodities; operating hazards and risks; competition; and other risks and uncertainties, including those described in the Company's Annual Information Form dated March 26, 2010 filed with the Canadian Securities Administrators and available at http://www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward looking information, will prove to be accurate. Accordingly, readers should not place undue reliance on forward-looking information. All statements are made as of the date of this news release and the Company is under no obligation to update or alter any forward-looking information except as required by law.