Dynasty Provides an Update on Zaruma Mine, Ecuador
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/21/16 -- Dynasty Metals & Mining Inc. ("Dynasty" or the "Company") (TSX: DMM)(OTCQX: DMMIF) wishes to provide an update on the labour situation at its Zaruma gold mine in Ecuador.
An agreement has been reached between Elipe, SA, Dynasty's Ecuadorian subsidiary, and the Zaruma mine workers such that, effective immediately, these miners return to work at Zaruma and continue mining activities. Under the terms of the agreement, the mine workers are entitled to 20% of all material processed to satisfy outstanding wages owed to them with the remaining 80% to be the property of the Company. The transportation and milling costs will also be divided proportionally such that 20% of those costs are to be borne by the mine workers. All material is to be processed at the Zaruma processing plant. Once the current outstanding wage obligation has been satisfied, Dynasty is entitled to 100% of the material processed.
The agreement also stipulates that Dynasty has the right to engage contract miners, in addition to the current mine workers, with all material mined by the contract workers remaining the property of the Company. The agreement between the mine workers and the Company is the result of consultation and negotiation between these two groups with participation from the Ecuador Ministry of Labour.
"We are extremely pleased to have arrived at this agreement following our negotiations with our mine workers," commented Dynasty CEO Robert Washer. "We believe all parties have acted in good faith to arrive at an equitable arrangement for all concerned."
About Dynasty Metals & Mining
Dynasty Metals & Mining Inc. is a Canadian based mining company involved in the mining, exploration and development of mineral properties in Ecuador. The Company is currently focused on gold production and continued development at its Zaruma Gold Project. The Company also owns the Dynasty Goldfield Project, a permitted property 180km southwest of the Zaruma project, and the Jerusalem Project, an exploration property immediately south of the Fruta del Norte project.
For further information please visit the Company's website at .
Contacts:
Dynasty Metals & Mining Inc.
Robert Washer
CEO
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Datum: 21.07.2016 - 13:46 Uhr
Sprache: Deutsch
News-ID 484658
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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