|By Marketwired .||
|August 30, 2013 09:38 AM EDT||
MONTREAL, QUEBEC -- (Marketwired) -- 08/30/13 -- Dynacor Gold Mines Inc. (TSX:DNG) (Dynacor or the Company), a company with gold and silver ore processing operations and exploration projects in Peru, is pleased to announce that it has increased its 2013 gold production guidance to 71,000 ounces up from 66,000 ounces an increase of 7.5%.
During July 2013, gold production at Dynacor's Huanca ore-processing plant reached 6,460 ounces of gold an increase of 13.3% as compared to July 2012 (5,701 oz.). Also in July, the plant produced 12,526 ounces of silver. As of July 31, 2013 Dynacor has produced 44,381 ounces of gold compared to 31,203 oz as of July 31, 2012, an increase of 42.2%.
During Q2-2013, Dynacor's process engineers have been working on the Huanca mill and have implemented a series of changes that have led to further process optimization. These measures that required a minimal investment have allowed the Company to increase its ore processing rate by 5% to 230 tpd and the plant is currently running at this capacity.
From January to June 2013, Dynacor has been able to purchase and process exceptionally high grade ores which averaged over 1.07 oz/t well above the forecasted 2013 ore grade of 0.88 oz/t. In July 2013, the Company processed 6,778 DMT of high grade ore with an average grade of 1.01 oz/t and despite a lower price of gold on the world market there was no decrease in the availability of ore. Therefore, considering the first seven months of gold production and the increase in the plant's milling capacity, the Company has increased its 2013 production guidance to 71,000 ounces of gold. This new conservative target assumes that for the rest of 2013 purchased ore grades will probably revert to the forecasted ore grade of 0.88 oz/t Au.
Jean Martineau, President and CEO of Dynacor stated "Despite the difficult overall operating environment for gold companies worldwide, our gold and silver processing division continues to exceed our targets and has allowed us to increase our gold production guidance for 2013 from 66,000 oz. to 71,000 oz. I would like to acknowledge the dedication and expertise of our employees in Peru who have made this possible.
ABOUT DYNACOR GOLD MINES INC.
Dynacor is an ore processing and a gold exploration and mining 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, as well as its 230 tpd gold and silver ore processing mill at Huanca. Dynacor's mill produces gold from the processing of ore purchased from many different ore suppliers. 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.
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. (TSX:DNG)
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