Dynacor Gold Mines' (DNG - TSX) Q4-2010 Gold Production From Custom Milling Jumps by 101% over Q4-2009 - Video News Alert Posted on InvestmentPitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, January 25, 2011 - InvestmentPitch.com, a
multimedia technology company, offering a combined solution for creating,
hosting and distributing financial video content has posted the latest video
"News Alert" for Dynacor Gold Mines Inc. If the link is unavailable, please
visit www.InvestmentPitch.com and enter "Dynacor" in the search box.
Dynacor mines Inc., (TSX - DNG & OTCBB - DNGDF) reported a 101% increase in gold
production during the 4(th) quarter of 2010, compared to the 4(th) quarter of
2009.
During the fourth quarter 2010, the Company produced 10,478 ounces of gold from
its custom-milling plant in Peru, an increase of 101% as compared to Q4-2009
(5,201 ounces). As of December 31, 2010, annual gold production from custom
milling totalled 33,525 ounces, surpassing the Company's 2010 target of between
25,000 to 28,000 ounces and representing an increase of 43 % as compared to
total production in 2009 of 23,411 ounces.
+---------------------------------------------------------------------------+
| Gold produced from Dynacor's custom milling plant |
+---------------+-----------+-----------+-----------+-----------+-----------+
| Date | Q4 - 2009 | Q1 - 2010 | Q2 - 2010 | Q3 - 2010 | Q4 - 2010 |
+---------------+-----------+-----------+-----------+-----------+-----------+
| Gold - Ounces | 5,501 | 5,179 | 7,292 | 10,576 | 10,478 |
+---------------+-----------+-----------+-----------+-----------+-----------+
The table above clearly shows the very significant and sustainable increase in
gold produced from custom milling in 2010 and the progress made since 2009.
Currently, the mill is operating at an average milling rate of 165 tonnes per
day, an increase of 41% as compared to the average milling rate in 2009 which
was about 117 tpd. In 2010, the rate of production increased sharply in Q3-2010
due to the increase in working capital in June 2010 as a result of a financing
agreement (see press release dated June 7, 2010). Overall in 2010, gold produced
from custom milling increased from 5,179 ounces in Q1 to 10,478 ounces in Q4.
In November, Dynacor completed the construction of a new cyanidation tank and is
currently building another one. These two new tanks will increase the residence
time in the process circuit and consequently maximise the yield and enable to
company to run the plant at its full rated capacity of 180 tonnes/day which is
equivalent to 11,250 ounces of gold per quarter or approximately 45,000 ounces
of gold per year.
Gold production from custom milling is expected to continue to increase through
the balance of 2011 and into 2012 as a result of higher throughput at the mill
and future expansion.
Mr. Pierre Monet, Vice-President and CFO of Dynacor, stated: "In 2011, cash
gross margin generated from custom milling operations is forecasted to be about
$9.5 million based on gold sales of 45,000 ounces and an average cash gross
margin per ounce of gold of $210. It should be noted in the third quarter of
2010, Dynacor reported a cash gross margin per ounce of gold of $237".
Mr. Jean Martineau, President and CEO of Dynacor, stated: "Dynacor has surpassed
its production target for 2010 and is now producing at an annualized rate of
over 40,000 ounces. Management is expecting, in the fourth quarter of 2010, to
report another solid quarter of cash flow from operations. Looking forward, we
expect the cash flow from the custom milling business to continue to provide
capital to finance our Tumipampa exploration program and the continued growth of
our custom-milling business."
The Tumipampa property, which contains a large gold/copper skarn deposit, is
located between Southern Copper's Los Chancas mine and Xstrata's Las Bambas
mine.
Management expects to be able to publish an update on its Tumipampa drilling and
exploration campaign within the next two weeks.
Jay Taylor, editor of the J. Taylor Gold, Energy & Tech Stocks Newsletter,
recently picked Dynacor Gold Mines as his stock pick of the week. Please contact
Dynacor for a copy of this report.
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.
CONTACT:
Dynacor Gold Mines Inc.
Dale Nejmeldeen, Investor Relations
778-574-2806
nejmeldeen(at)dynacorgold.com
InvestmentPitch.com
Barry Morgan, CFO
604-684-5524
bmorgan(at)investmentPitch.com
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: InvestmentPitch via Thomson Reuters ONE
[HUG#1482464]
Unternehmensinformation / Kurzprofil:
Datum: 26.01.2011 - 01:50 Uhr
Sprache: Deutsch
News-ID 50730
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Kategorie:
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