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dynacor gold mines inc (DNG) Details

Dynacor Gold Mines Inc., together with its subsidiaries, is engaged in the exploration, development, and mining of mineral properties in Peru. The company primarily explores for gold, silver, copper, and precious metals. It primarily holds interests in the Tumipampa property that covers 11 concessions and an area of approximately 4,862 hectares located to south of the city of Abancay in the Tumipampa region. It also produces and processes gold and silver from purchased ore. Dynacor Gold Mines Inc. was incorporated in 2006 and is headquartered in Montreal, Canada.

315 Employees
Last Reported Date: 03/28/14
Founded in 2006

dynacor gold mines inc (DNG) Top Compensated Officers

Chief Executive Officer, President, Non Indep...
Total Annual Compensation: C$206.0K
Chief Financial Officer
Total Annual Compensation: C$175.0K
Compensation as of Fiscal Year 2012.

dynacor gold mines inc (DNG) Key Developments

Dynacor Gold Mines Inc. Announces Audited Consolidated Earnings and Production Results for the Year Ended December 31, 2013

Dynacor Gold Mines Inc. announced audited consolidated earnings and production results for the year ended December 31, 2013. For the year, the company announced net income was $9.1 million or $0.24 per diluted share compared with $7.7 million $0.21 per diluted share a year ago. Cash flow from operating activities before changes in working capital items was $10.3 million or $0.29 per share compared to $9.2 million or $0.26 per share in 2012. EBITDA was $15.4 million compared to $14.0 million in 2012. Sales rose 6.8% to $112 million from $105 million a year ago. The company boosted capex spending to $3.7 million last year from $1.6 million in 2012 including equipment for the Huanca plant upgrade and pre-construction investment at its Chala plant project, it has spent $2 million to date. The company announced that it invested $2.3 million last year in exploration at its Tumipampa copper-gold deposit, where it plans to allocate $4.5 million in exploration work. Operating income was $14.819 million compared to $12.608 million a year ago. Cash flow from operating activities was $12.518 million compared to $3.929 million a year ago. For the year, the company announced gold production rose 25.5% to 76,883oz last year from 61,274oz in 2012 after the company upgraded its Huanca processing plant to 240t/d from 230t/d. Silver output fell to 131,685oz from 157,862 ounces the previous year. Grades of ore processed averaged 32.4g/t gold last year compared with 28g/t in 2012. The company sold gold at $1,412/oz in 2013 compared with $1,674/oz the year before. The company boosted cash reserves to $8.5 million by the end of the year from $3.3 million at end-2012. Record gold and silver sales of $112.1 million in 2013 compared to $105.0 million in 2012, a 6.8% increase. The increase in gold production compared to 2012 is explained by a higher tonnage and higher gold content of ore processed. Silver production was down from 157,862 ounces in 2012 to 131,685 ounces in 2013 mainly due to lower silver content in the ore processed.

Dynacor Gold Mines Inc. Announces Underground Drilling Results Performed on the Manto Dorado Structure Oriented N58degE Dipping 22degNW and on Three Mineralized Veins, Namely the A-, Rosa and Tumi Veins

Dynacor Gold Mines Inc. announced underground drilling results performed on the Manto Dorado structure oriented N58degE dipping 22degNW and on three mineralized veins, namely the A-, Rosa and Tumi veins, shows the results obtained from nine holes that have been drilled from the underground drilling station. Three drill holes, HDD-05-13-350, HDD-06-13-350 and HDD-09-13-350 have just been drilled from underground and intercepted the mineralized Manto Dorado structure and two drill holes, HDD-07-13-350 and HDD-08-13-350 intercepted three mineralized quartz veins with gold and polymetallic mineralization, the A-vein, Rosa vein and Tumi vein. One of the three drill holes intercepted gold grades and polymetallic mineralization in the Manto Dorado structure and one of the two drill holes intercepted high gold grades and high copper grades in the quartz vein structures (A-vein, Rosa vein and the Tumi vein. Manto Dorado Structure results of the three recent drill holes (HDD-05-13-350, HDD-06-13-350 and HDD-09-13-350) confirm the continuity of the mineralization from the cross cut downwards to the intersect of drill hole HDD-09-13-350 that is located 41.0 m below the cross cut. The latter drill hole returned grades of 7.09 g/t Au, 0.09 oz/t Ag and 0.46% Cu over a true width of 1.70 m. Overall, the seven underground drill holes (838 meters) targeting the Manto Dorado structure confirm the continuity of the high grade gold and copper mineralization extending the mineralization from the surface cut to the drill hole HDD-04-2008, to the cross-cut, to the drill holes HDD-09-13-350, HDD-01-13-350, HDD-04-13-350, HDD-02-13-350 and HDD-03-13-350 extending the mineralization 295 m downwards from the surface. The results of three drill holes HDD-05-13-350 (0.99 g/t Au, 0.07 oz/t Ag, 0.01% Cu over 1.91 m), HDD-06-13-350 (0.37 g/t Au, 0.09 oz/t Ag, 0.01% Cu over 1.10 m) and HDD-09-13-350 (7.09 g/t Au, 0.09 oz/t Ag, 0.46% Cu over 1.70 m). A-vein, Rosa vein and Tumi vein underground drilling of drill holes HDD-07-13-350 and HDD-08-13-350 tested the high grade gold and copper mineralization at depth in three quartz veins and extending the mineralization in the Rosa vein at depth an extra 245 m from the drill hole HDD-11 to the recently drilled hole HDD-08-13-350. High grade gold (Au) and copper (Cu) assays for all three veins were found in drill hole HDD-08-13-350 (A-vein 17.28 g/t Au, 0.25 oz/t Ag, 2.68% Cu over 1.50 m, Rosa vein 14.31 g/t Au, 0.70 oz/t Ag, 9.57% Cu over 0.50 m, and Tumi vein 122.00 g/t Au, 1.03 oz/t Ag, 6.59% Cu over 0.70 m), whereas lower grades were found in drill hole HDD-07-13-350. Sample Analysis and QA/QC procedures, the samples are sent to the internationally certified laboratory Certimin S.A. for analysis and checks of mineralized sections are made by sending reject samples to SGS del Peru S.A.C. Samples were assayed by ICP analysis and for assays greater than 10 g/t Au a gravimetric FAA finish assay is used. Standards, blanks and duplicates are used in the sampling process as part of the QA/QC for the sampling in the cross cut. Additional check samples were sent to SGS del Peru S.A.C for carrying out spot check analysis verifications. The program, sampling, collection of samples and the QA/QC is implemented and followed by Alonso Sanchez, Chief Geologist for Dynacor Gold Mines, B.Eng and QP under the American Institute of Professional Geologists (AIPG).

Dynacor Gold Mines Inc. Reports Production Results for Fourth Quarter and Full Year of 2013

Dynacor Gold Mines Inc. reported production results for fourth quarter and full year of 2013. For the quarter, the company’s gold production was 19,221 OZ against 61,274 OZ a year ago. For the year, the company’s gold production reached a record 76,883 OZ against 61,274 OZ a year ago. Silver production was 131,686 ounces.


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