Vancouver, B.C., June 14, 2016 – Dynasty Metals & Mining Inc. (“Dynasty” or the “Company”) (TSX: DMM, OTCQX: DMMIF) announces that, as a result of its ongoing negotiations to resolve the work stoppage at the Zaruma Project, its subsidiary Elipe S.A. (“Elipe”) reached an agreement with workers with the aim of financing a partial payment of their outstanding wages.
Under this agreement, workers were permitted to extract ore from the Zaruma mine for a 10 day period ending today. The material extracted will be processed at third party mills in Ecuador at the workers’ risk and cost. Over the next few days, Elipe’s staff members together with workers’ representatives will monitor processing at such mills to ensure that mineralized material is processed effectively in accordance with industry standards in order to maximize purity, as well as subsequent sales of processed gold and silver in order to ensure that sales are completed on a commercially reasonable basis, and that net proceeds of such sales are fully applied towards outstanding wages.
“We are very pleased to announce this innovative agreement reached by Elipe with workers at the Zaruma mine and look forward to achieving favourable results that will assist in our efforts in restarting operations”, commented Robert Washer, CEO of Dynasty. “We believe our good faith efforts at finding solutions for our workers and re-starting operations will contribute to resolving the labour interruption with workers and Government officials.”
About Dynasty Metals & Mining
Dynasty is a Canadian based mining company involved in the exploration and development of mineral properties in Ecuador.
The Company is currently focused on developing its Zaruma Gold Project, at which the Company is engaged in intermittent production. The Company also has the following non-producing assets: the Jerusalem Project and Dynasty Goldfield Project.
For further information please visit the Company’s website at www.dynastymining.com or please contact:
Robert Washer, CEO.
Ruben R. Gellibert, CFO
Quito Office: 011-593-2-226-1170
Vancouver Office: 604-687-7810
Toll Free: 1 888-735-3881 (North America only)
This news release contains statements which are, or may be deemed to be, “forward-looking information” which are prospective in nature. Often, but not always, forward-looking information can be identified by the use of forward-looking words such as “plans”, “expects” or “does not expect”, “is expected”, “scheduled”, “estimates”, “forecasts”, “projects”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Such information in this news release includes, without limitation, statements regarding the Company’s efforts at resolving the labour interruption at the Zaruma Project. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause Dynasty’s actual results, revenues, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Important risks that could cause Dynasty’s actual results, revenues, performance or achievements to differ materially from Dynasty’s expectations include, among other things, that the Company will be unable to resolve the worker stoppage at the Zaruma Project, that the Company will be unable to re-commence operations at the Zaruma Project, that equipment will no longer function as intended, that alternative transactions or arrangements to fund the Company will not be available on terms acceptable to the Company or at all,and other risks found in Dynasty’s Annual Information Form for the year ended December 31, 2015, which is available on SEDAR at www.sedar.com. Other than in accordance with regulatory obligations, Dynasty is not under any obligation and Dynasty expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.