MONTREAL, QUEBEC--(Marketwire - Jan. 24, 2013) - Dynacor Gold Mines Inc. (News - Market indicators) (Dynacor or the Company) today announced that for the month of December gold production from its ore-processing division achieved a monthly best of 6,437 ounces. Furthermore, fourth quarter 2012 gold production delivered a quarterly best of 18,604 ounces. Fourth quarter 2012 production was 41% higher than the same period last year (13,157 ounces) and was 8% higher than third quarter 2012 due to the availability of higher gold grade ore. In 2012, gold production was 61,274 ounces, a 33% increase from last year and another all-time Company high. This represents Dynacor's third consecutive year of 30% plus production growth.
During the fourth quarter of 2012, the Company averaged 218 tonnes per day while processing 19,360 tonnes of ore at an average gold grade of 1.03 ounces per tonne (32.03 grams per tonne gold), compared with an average gold grade of 0.747 ounce per tonne (23.23 grams per tonne gold) in the fourth quarter 2011.
The ore-processing division continues to outperform in both gold and silver production. Silver production for the fourth quarter was 43,039 ounces a quarterly best and 86% above the same period last year. Production for full-year 2012 was 157,863 Ag ounces, a 76% increase over 2011.
President and CEO of Dynacor, Jean Martineau commented: "The earnings trend is up and, with a steady gold price, we fully expect this to continue into 2013 and beyond as we are en-route to increase production substantially when our new mill at Chala, Peru starts production. Dynacor expects to begin the construction of its 300-tonne per day ore processing facility, shortly. Our auto-financed exploration and drilling campaign at Tumipampa is well underway and could add to the Company's value. We are proud of our achievements and would like to thank our employees for their commitment to the success of the Company."
ABOUT DYNACOR GOLD MINES INC.
Dynacor is a gold mining exploration company active in Peru through its subsidiaries since 1996. The Company differentiates itself from pure exploration companies as it also generates income and cash flow from its wholly owned ore processing plant in Peru. The Company's assets include five exploration properties, including the Tumipampa property, along with its recently upgraded 220 tpd ore processing mill at Acari. Dynacor's mill produces gold from the processing of ore purchased from local producers. Dynacor's strength and competitive advantage comes with the experience and knowledge the Company has developed while working in Peru. Its pride remains in maintaining respect and positive work ethics toward its employees, partners and local communities.
Shares outstanding: 36,170,167
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 (News - Market indicators)