What a difference 15 months makes! During this start-up phase of our operations, we have raised approximately $6.8 million, substantially increased our mineral concessions in southern Ecuador, and established gold resources on two of our three major projects.
In particular, since September 2003, when we completed a reverse merger and listed our shares on the TSX Venture Exchange (Symbol: DMM), we have:
- established gold resources, in compliance with Canadian National Instrument 43-101, at our Jerusalem and Zaruma Projects that total 1,074,628 measured and indicated ounces, at grades ranging from 12.8 to 17.9 grams per ton, and 1,478,849 inferred ounces, at grades ranging from 9.7 to 12.2 grams per ton;
- expanded our Zaruma Project, from a concession area of 7 km2 to 88 km2, so that it now covers approximately 80% of a world-class gold field that historically has produced over 5 million ounces of gold and 20 million ounces of silver from several high-grade polymetallic gold-silver vein systems;
- expanded the known strike length of our Jerusalem Project from 600 metres to 1,500 metres, containing 11 high-grade polymetallic gold-silver veins; and
- expanded the Dynasty Copper-Gold Belt from a concession area of 70 km2 to over 950 km2 within a 90 km x 20 km mineralized corridor that contains a number of copper-gold porphyry-style systems and associated quartz stockworks and vein swarms.
As a result of our successful equity financings, we now have approximately $4 million in cash to fund our continued exploration and operations - an amount sufficient to allow us to achieve our objectives in 2005.
The Company's recent share price ($1.10) values our in ground estimated gold resources at less than US$6.00 per ounce, on a fully-diluted share basis. And this valuation attributes nothing to either our highly-prospective Dynasty Copper-Gold Belt or to the potential of the unexplored areas of Jerusalem and Zaruma.
We are actively exploring and developing all three projects, with exploratory drilling to evaluate prospective target areas currently in progress or scheduled. Results will be announced this year, as they become available.
I would like personally to thank you for your support during our very successful, first full year of operations. Your Company is committed to achieving similar success in 2005.
Rob Washer, President"
About Dynasty Metals & Mining Inc.
Dynasty Metals & Mining Inc. is a Canadian based mining company involved in the exploration and development of mineral properties in Ecuador. The Company's present activities are focused on the discovery and development of gold, silver and copper resources on three major projects.
Dynasty Metals & Mining Inc.
Robert Washer, President and CEO
For further information about the Company, please contact Murray Oliver at (604) 687- 0888 Ext. 3 or firstname.lastname@example.org or visit the Company's web-site at www.dynastymining.com.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.