MONTREAL, QUEBEC–(Marketwired – April 20, 2017) – Dynacor Gold Mines Inc. (TSX:DNG) (OTC:DNGDF) (Dynacor or the Corporation) is pleased to report that its 1st quarter gold production reached 17,125 oz. This represents an increase of 1,318 ounces of gold, as compared to Q1-2016 (15,807 oz), despite the extreme weather conditions in northern and central Peru which has led to the destruction of many bridges and roads and localized severe flooding.
Total gold exported during Q1-2017 was 20,301 oz.
Monthly gold production data in 2017 and 2016 for the first quarter are presented in the Table 1 below. As compared to 2016, gold production was higher in January (+15%) and reached an all-time high for a month of February (+31%) but due to the extreme weather and its impact, production was lower in March (-16%). Nevertheless, total quarterly gold production increased by 8.3% (1,318 oz).
Table 1. Monthly Gold production for Q1 in 2017 and 2016
Dynacor’s quarterly gold production is generally lower in the first quarter of any given year due to the rainy season from January to March which slows artisanal mining activity and ore transport to the processing plant (see Table 2, below for the years 2012-2016).
Table 2. Gold Production in the 1st Quarter for 2012 to 2016
|% OF TOTAL ANNUAL GOLD PRODUCTION||21.4%||26.0%||17.7%||23.0%||21.5%|
|TOTAL ANNUAL PRODUCTION (oz)||61,274||76,883||68,923||67,604||73,477|
Jean Martineau, Dynacor’s CEO and President commented “Despite the worst rainy season in the last 20 years in Peru, we have achieved solid operational results since as compared to the 1st quarter of 2016 we have managed to increase not only our gold production but also our ore purchases by 15% and processed ore by 24%. This clearly shows the impact of our new plant. I would like to congratulate all of our employees for this excellent result which is opening the way for future success in the coming quarters“.
Dynacor’s new 300 tpd Veta Dorada plant is targeting 88-92,000 ounces of gold production in 2017, a 20-25% increase as compared to 2016.
ABOUT DYNACOR GOLD MINES INC.
Dynacor Gold Mines Inc. is a gold production corporation headquartered in Montreal, Canada. The corporation is engaged in production through its government approved ore processing operations. At present, Dynacor produces and explores in Peru where its management team has decades of experience and expertise. In 2016, Dynacor produced 73,476 ounces of gold, a 9% increase as compared with 2015 (67,603 ounces in 2015). In 2017, the corporation is targeting 88-92,000 ounces of gold production, a 20% increase from the previous calendar year. Dynacor trades on the Toronto Stock Exchange (DNG) and the OTC in the United States under the symbol (DNGDF).
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)
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President and CEO
Dynacor Gold Mines Inc.
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Director, Investor Relations
Dynacor Gold Mines Inc.