|By Marketwired .||
|January 29, 2014 07:00 AM EST||
MONTREAL, QUEBEC -- (Marketwired) -- 01/29/14 -- Dynacor Gold Mines Inc. (TSX: DNG)(OTC: DNGDF) (Dynacor or the Corporation). Government authorities and the Customs Agency in an effort to crack down on illegal mining and illegal gold exports from Peru have reinforced the inspection process at the ports and airports that are used for the export of gold and now require much more detailed information than previously. This has created a rather confused situation which the Corporation expects will be clarified by the authorities shortly.
Dynacor has, consequently, temporarily and voluntarily decided to suspend gold ore purchases from its suppliers. The Huanca gold ore processing plant will however continue operating at its full capacity using stockpiled ore for the next 3 weeks.
Dynacor is one of the leading gold ore processing companies in Peru and only purchases gold ore from Government registered suppliers and complies with all Government regulations at all steps of its gold and silver processing operations. Dynacor's compliance department is currently working to get all the newly required information ready for the authorities.
As soon as the Peruvian authorities have reviewed and approved this additional information, Dynacor will resume its gold exports and ore purchases on a normal daily basis.
The Corporation will keep its shareholders informed and will update the market of any new developments as soon as possible.
ABOUT DYNACOR GOLD MINES INC.
Dynacor is an ore processing and 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 ore producers from all over Peru. 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)
Shares outstanding: 36,323,587
President and CEO
Dynacor Gold Mines Inc.
514-393-9000 Ext. 228
Dynacor Gold Mines Inc.
604.492.0099 / M: 604.562.1348