Vancouver, British Columbia–(Newsfile Corp. – July 23, 2021) – Montreal-based Dynacor Gold Mines (TSX: DNG) (OTC Pink: DNGDF), an industrial gold ore producer, announced the return of two gold bars from Peruvian authorities. The two gold bars, totalling 50.85 kilograms, are valued at approximately US$2.9 million or CDN$3.7 million.
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In 2019, an effort to stop the exportation of illegally mined gold, Peruvian authorities seized a large quantity of gold destined for shipment to overseas buyers. As disclosed by Dynacor in December 2019, Peruvian authorities requested at least three gold exporting companies, including Dynacor, to submit supporting documents relating to their gold production. However, it is essential to note that Dynacor was not a target of this process, although 5 of the suppliers of ore from the artisanal miners and the small-scale mining industry or “ASMs” from whom Dynacor had purchased ore were included in the investigations.
It should be noted that Dynacor currently purchases ore from more than 600 registered ASMs. The unexpected and lengthy approval process from the 2019 shipment was due to delays from the Covid-19 setback. Management also expects to obtain a favourable outcome for the remaining approximately 32 kilograms, valued at approximately US$1.8 million or CDN$2.3 million, of the seized shipment upon the Peruvian authorities completing their review. Upon the authorities’ final review, Dynacor will immediately issue a news release.
Strategically located minutes off the Pan American Highway in Peru, Dynacor is a significant processor of gold ore purchased from artisanal miners and the small-scale mining industry or “ASM” in Peru and has been consistently operating and exporting gold from Peru since 1998.
Dynacor, a founding partner in the PX IMPACT® gold program, produces environmental and socially responsive gold. A growing number of supportive firms from the fine luxury jewelry, watchmakers and investment sectors pay a small premium for this gold which provides direct investment to develop health and education projects for the artisanal and small-scale miner’s communities.
With decades of experience in Peru, the company intends to expand its processing operations to other jurisdictions. It also owns the advanced stage Tumipampa gold exploration property in south central Peru’s Apurimac department.
Dynacor recently reported unaudited total gold sales of US$83.6 million for the six-months ended June 30 and intends to publish its second-quarter 2021 financial results news release on Monday, August 16, 2021, before the market opens.
For more information, please visit the company’s website www.dynacor.com, or contact the company at 514-393-9000 ext 230 or by email at [email protected].
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