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Dynasty Metals & Mining Inc. (TSX:DMM - News; OTCQX:DMMIF)
"Dynasty" or the "Company") announces that it has made an
application to the Ecuadorian Ministry of Non Renewable Natural Resources
(the "Ministry") to commence formal negotiations in order to
finalize an exploitation contract.
Although the Company and the Ministry
have been in informal discussions for an extended period, the Ministry only
recently passed a resolution that invites mining companies in the
exploitation phase to apply to commence formal negotiations for the purpose
of settling the terms of an exploitation contract. It is expected that the
contract will provide specific terms and conditions relating to the Company's
mining operations at its Zaruma Project, including
royalties payable to the Ecuadorian government from the sale of metals. Once
the application is accepted by the Ministry, it is expected that such
negotiations will be concluded and an exploitation contract finalized within
180 days.
Company President and CEO, Robert Washer
commented: "We welcome the opportunity to commence formal contract
negotiations with the government of Ecuador and hope to quickly reach an
agreement that is mutually satisfactory and beneficial to all stakeholders.
Once the contract is settled, the Company expects to accelerate its
development of the mine at Zaruma in order to
increase gold and silver production levels."
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 producing Zaruma Gold Project, the advanced-stage Jerusalem
Project, and a highly prospective exploration project, the Dynasty
Copper-Gold Belt, which includes the advanced-stage Dynasty Goldfield.
For further information please visit the
Company's website at www.dynastymining.com.
This news release contains certain
forward-looking statements that reflect the current views and/or expectations
of Dynasty with respect to its performance, business and future events,
including statements regarding the outcome of the Company's application to
the Ministry; the ability to negotiate an exploitation contract on terms
satisfactory to the Company; and the Company's plans in respect of its Zaruma Project. Forward-looking statements are based on
the then-current expectations, beliefs, assumptions, estimates and forecasts
about the business and the industry and markets in which the Company
operates, including assumptions relating to the Company's ability to
successfully negotiate a satisfactory exploitation contract; that all
governmental approval and permits will be received; and that the terms of the
exploitation contract will allow the Company to develop its mining project in
accordance with its business plan. Forward-looking statements are not
guarantees of future performance and involve risks, uncertainties and
assumptions which are difficult to predict. Investors are cautioned that all
forward-looking statements involve risks and uncertainties including that the
Company will be unable to negotiate an exploitation contract on terms
satisfactory to the Company and in the expected timeframe; that the terms and
conditions of the final exploitation contract will be restrictive on the
Company's business; that the terms and conditions of the exploitation
contract will impede the Company's development plans at its Zaruma Project; and those 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 listed in the Company's public
filings. These risks, as well as others, could cause actual results and
events to vary significantly. Accordingly, readers should not place undue
reliance on forward-looking statements and information, which are qualified
in their entirety by this cautionary statement. 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.
Dynasty does not undertake any obligations to release publicly any revisions
for updating any voluntary forward-looking statements, except as required by
applicable securities law.
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