Vancouver, B.C., October 16, 2012 - Dynasty Metals & Mining Inc. ("Dynasty" or the "Company") (TSX: DMM, OTCQX: DMMIF) announces it has obtained small scale mining licenses for five concessions at its Zaruma Gold Project.
These five concessions are the focus of the Company's current mine development plans at Zaruma . Under the current Mining Law of Ecuador such licenses permit the Company to mine up to 300 tonnes per day from each concession at a reduced royalty of 3%, payable to the Ecuador government, and no windfall tax on the extraction and sale of precious metals. Other corporate taxes are unaffected.
To date, four of the licenses have been duly registered with the Mining Registry, which is required in order for them to be effective. It is expected the fifth will be registered in due course. License registration is generally an administrative procedure under Ecuadorian mining law.
Robert Washer, the Company's President and CEO commented: "We worked in collaboration with the government to successfully qualify these particular concessions for small scale mining licenses. The Company can now continue mine development at Zaruma, and in due course operate the processing plant up to its current capacity, with greater economic certainty. We would like to thank the Ecuadorian government for their continued efforts towards developing a responsible and sustainable mining industry."
About Dynasty Metals & Mining
Dynasty Metals & Mining Inc. is a Canadian based mining company involved in the exploration and development of mineral properties in Ecuador.
The Company has the producing Zaruma Gold Project, the advanced-stage Jerusalem Project and a highly prospective exploration project, the Dynasty Copper-Gold Belt, which includes the advanced-stage Dynasty Goldfield.
For further information please visit the Company's website at www.dynastymining.com, or please contact:
|Dynasty Metals & Mining Inc.|
Tel: (604) 687-0888
|Brisco Capital Partners Corp.|
Tel: (403) 262-9888