Dynasty Gold Announces Termination of Earn-in Agreement on Opinaca D
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/15/11 -- Dynasty Gold Corp. (TSX VENTURE: DYG) (FRANKFURT: D5G) ("Dynasty" or the "Company") announces that it has terminated its option to earn up to a 65% interest (the "Option") in the Opinaca D property, situated in the James Bay region of Quebec, Canada (the "Property"), through a Letter of Intent ("LOI") signed between the Company and Azimut Exploration Inc. dated December 13, 2010.
The Company has received assay results for its 2011 summer rock and soils sampling program. The assay results revealed 3 out of 185 rock samples tested returned gold values greater than 0.1 parts per million (ppm) (equivalent of 0.1 g/t). The three highest gold values are 0.147 ppm, 0.138 ppm and 0.1 ppm. All 387 soils samples tested returned gold values below 0.02 ppm (equivalent of 0.02 g/t). Based on these assay results, the Company cannot confirm the previously defined drill targets on the property nor confidently place drill hole locations on the property.
After careful consideration of these assay results and the Company's assessment of the stage of the Property, management has determined that it is not able to justify the continuation of future work expenditures on this Property. Accordingly, the Board has determined that it is in the best interest of the Company to terminate the LOI and focus its resources on other opportunities.
The Company has a strong balance sheet and it is well positioned to pursue new opportunities.
This press release was reviewed by Larry Kornze, a director of the Company and a Qualified Person under the definition of National Instrument 43-101.
About Dynasty Gold Corp.
Dynasty Gold Corp. is a Canadian gold exploration company focusing on gold exploration in North America. For more information on the Company and its projects, please refer to the website .
ON BEHALF OF THE BOARD OF DYNASTY GOLD CORP.
Ivy Chong, President & CEO
This press release contains certain "forward-looking statements" that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Dynasty Gold Corp. - Vancouver Office
Ivy Chong
President & CEO
604.633.2100
604.484.3559 (FAX)
Investor Relations:
Scott McCormick
Toll Free: 1-888-818-1365
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Unternehmensinformation / Kurzprofil:
Datum: 15.12.2011 - 14:30 Uhr
Sprache: Deutsch
News-ID 97508
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contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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