DynaResource, Inc. Reports Initial Gold Sale From San Jose de
Gracia
IRVING, TX--(Marketwired - May 9, 2014) - DynaResource, Inc.
(OTCQB: DYNR) ("DynaUSA", and "the Company") is pleased to
announce that Mineras de DynaResource S.A. de C.V. ("MinerasDyna"),
the 100% owned subsidiary of DynaUSA and the Exclusive Operator of
the San Jose de Gracia Property in northern Sinaloa, México
("SJG"), is reporting the delivery for sale of approximately 236
Oz. gold and 90 Oz. silver (exact weights in gold and silver Oz. to
be determined at final settlement).
The results were produced from
mineralized material obtained during cleaning and rehabilitation
mining activity at the San Pablo mine. The mineralized material was
processed through the pilot mill circuit at SJG which was also
recently refurbished. MinerasDyna further reports that contract
mining work has provided approximately 3,000 tons of newly mined
mineralized material, which is stockpiled and available for
processing through the pilot mill facility. Internal assays
recorded for the 3,000 tons report an average grade of approx. 12
g/t Au.
MinerasDyna also reports
continuing test operations of the pilot mill facility at SJG. The
capacity of the pilot mill facility is currently estimated at 6
tons/hour, or approximately 150 Tons per 24 hour day.
MinerasDyna plans to continue
its current operations at SJG, consisting of contract underground
mining at San Pablo; and delivery of mined mineralized material to
the SJG Pilot Mill facility for subsequent processing and
metallurgical testing. The Pilot Mill facility consists of a basic
gravity-flotation circuit which has been refurbished and improved
from the Pilot Mill facility operated at SJG during the 2003-2006
Period.(See "MinerasDyna; Mine Plan and Mill Operations",
below).
Mr. K.D. Diepholz,
Chairman-CEO of DynaUSA, and President of MinerasDyna said: "I
would like to express my thanks to the operating managers of
MinerasDyna, whose focused, committed work have allowed MinerasDyna
to achieve this recovery of gold from test mill operations during
the rehabilitation work phase. And, I would also like to recognize
Dr. Jose Vargas Lugo, President of México Operations for his
continued full energy support to MinerasDyna and DynaUSA. I would
also like to recognize Ing. Jose Vizcarra, the on-site mining
engineer at SJG, and Mr. Gustavo Ruiz, the Pilot Mill facility
manager, for their commitment and leadership. I'm excited to
confirm this dedicated team of professionals working in
coordination at SJG, and I look forward to announcing further
results of the underground mining and pilot milling operations at
SJG."
MinerasDyna will continue to
manage activities at SJG under the terms of the Exploitation
Amendment Agreement ("EAA") with DynaResource de México
("DynaMéxico"), the 100% owner of the SJG Project. DynaUSA
currently owns 80% of DynaMéxico and DynaUSA owns 100% of
MinerasDyna.
MinerasDyna - Mine Plan and
Mill Operations (Pilot Operations) MinerasDyna is conducting
operations at SJG according to internally developed mine plans and
through the internally designed SJG Pilot Mill facility which was
previously operated during the 2003-2006 period. There is no
preliminary economic assessment report completed for SJG so the
precise cutoff grade for underground mining has not yet been
determined. The operations are being funded internally by
MinerasDyna and DynaUSA. The mine plan was developed from the block
model of resources as defined in the DynaMéxico NI 43-101 Mineral
Resource Estimate ("See Current NI 43-101 Mineral Resource Estimate
for SJG", below); and from the analysis of underground mining works
conducted in 2003-2006. The operations at SJG are managed by Dr.
Jose Vargas Lugo, President of México Operations for Mineras and
DynaUSA.
MinerasDyna - Exclusive
Operating Entity at San Jose de Gracia (DynaUSA Owns 100%)
Under the provisions of
Operating Agreements between Mineras de DynaResource S.A de C. V.
("MinerasDyna") and DynaMéxico, including the Exploitation
Amendment Agreement dated May 15, 2013 ("EAA"); MinerasDyna is
named the exclusive operating entity at the SJG Project. Under the
provisions of the EAA, MinerasDyna is granted the rights to
finance, operate, maintain, explore and exploit the SJG Property.
(See DynaUSA news release dated June 21, 2013.) DynaUSA owns
100% of MinerasDyna.
DynaMéxico Ownership - DynaUSA
owns 80%
At a DynaMéxico shareholder
meeting, held on the second call for shareholder's meeting on May
17, 2013 in Mazatlan, Sinaloa, México, the attending shareholders
unanimously approved the issuance of 300 Series B Shares of
Variable Capital of DynaMéxico to DynaUSA in exchange for the
settlement of accounts payable by DynaMéxico to DynaUSA. After the
issuance and receipt of the 300 Series B Shares, DynaUSA holds 80%
of the total outstanding Capital of DynaMéxico. (See DynaUSA news
release dated June 24, 2013.)
MinerasDyna - 20 Year Land
Lease Agreement
On January 6, 2014,
MinerasDyna entered into a 20 year land lease agreement (The "20
Year Land Lease") with the Santa Maria Ejido Community ("SJG
Ejido") surrounding SJG.
The 20 Year Land Lease
continues through 2033. It covers an area of 4,399 hectares
surrounding the main mineral resource areas of SJG, and provides
for annual lease payments by MinerasDyna of $1,359,443 Pesos
(approx. $104,250 USD), commencing in 2014. Additionally, under the
description of the 20 Year Land Lease, MinerasDyna expects to
construct a Medical Facility at SJG in year 2014, and a Community
Center in year 2015. (See DynaUSA News Release dated January 13,
2014).
DynaMéxico - Mining Permit
(Permission to Exploit and
conduct mining activities at the San Pablo Area of San Jose de
Gracia; Issued by the Federal Environmental Authority in
México-SEMARNAT)
On September 30, 2013,
DynaMéxico received from the Secretaria de Medio Ambiente Y
Recursos Naturales, the Federal Environmental Authority in México
("SEMARNAT"), the approval and permission which allows for the
exploitation and mining activities at the San Pablo Area of
SJG ("the Semarnat-SJG San Pablo Exploitation
Permit"). Under the terms of the Semarnat-SJG San Pablo
Exploitation Permit, DynaMéxico is restricted to conducting
exploitation activities within the San Pablo Area of SJG (as
defined in the Map of the San Pablo area as submitted to
Semarnat). (See DynaUSA News Release of October 3, 2013).
DynaMéxico - Pilot Mill
Permit
(Permission to Operate Pilot
Mill Facility at SJG; Issued by the Federal Environmental Authority
in México-SEMARNAT)
On June 17, 2013 DynaMéxico
received from "SEMARNAT", the approval and permission which allows
for the rehabilitation and operation of the pilot mill facility at
SJG ("the Semarnat-SJG Mill Permit"). Under the terms of the
Semarnat-SJG Mill Permit, DynaMéxico is responsible to maintain the
SJG pilot mill facility, and including the adjacent tailings pond
area, in compliance with the regulations described in la Norma
Oficial Mexicana ("NOM-141-SEMARNAT-2003"). (See DynaUSA news
release dated June 28, 2013.)
DynaUSA - DynaMéxico DynaUSA
(the "Company") is a Resource Investment and Management Company
based in Irving, Texas, with a current focus on the San Jose de
Gracia Project in Sinaloa México ("SJG"), targeting growth in the
defining and future production of predominately gold resources. The
Company formed DynaResource de México S.A. de C.V. ("DynaMéxico")
in March 2000 specifically for the purpose of acquiring and
consolidating the SJG District; and it completed the consolidation
of the entire SJG District to DynaMéxico in 2003 (approx. 15 sq.
km. at that time), with the exception of the San Miguel Mining
Concession (7 Hectares, for which DynaMéxico is proceeding towards
accomplishing the transfer of title to DynaMéxico, under previously
signed sale and purchase agreements). During the period 2003-2006,
DynaMéxico conducted pilot production operations at the San Pablo
area of SJG, reporting production results of: 18,250 Oz. Gold sold;
42,000 tons mill feed; average feed grades of 15-20 g/t Gold; and,
average production costs of less than $175./Oz. Gold.
DynaResource Management Team
In a prior news release dated May 15, 2013, the Company announced
the promotion of Dr. Jose Vargas Lugo to the position of President
of México Operations. Dr. Vargas is a Mexican National and
licensed physician, has worked with DynaResource for over 12 years,
and is an integral part of company operations in México.
In a prior news release dated
September 19, 2013, DynaUSA announced the appointment of Mr. Chad
Mooney to the position of Executive Vice President-Capital Markets.
Mr. Mooney previously built a top 10 business at Smith Barney, and
he reported directly to his mentor, Mr. Jamie Dimon, the current
Chairman and CEO of JP Morgan Chase.
In a prior news release dated
January 29, 2014, the Company announced the appointment of Mr.
David S. Hall, CPA to the position of Executive Vice-President and
Chief Financial Officer of DynaUSA. Mr. Hall was formerly the
owner and CEO of the Hall Group CPA's, a certified public
accounting and auditing firm in Dallas, Texas, which served as the
public auditing firm for DynaUSA since 2004.
Operator MinerasDyna Accounts
Receivable from DynaMéxico As of May 8, 2014, Operator MinerasDyna
reports a current accounts receivable from DynaMéxico of $3,250,000
USD.
DynaMéxico - President Holding
General Powers of Attorney The Chairman-CEO of DynaUSA, who also
serves as the President of DynaMéxico, holds broad powers of
attorney ("POA's") for DynaMéxico which were granted and ratified
by the shareholders of DynaMéxico in several written acts of the
shareholders.
San Jose de Gracia ("SJG") The
San Jose de Gracia District, currently covering an area of 69,121
Hectares, is 100% owned by DynaResource de México, S.A. de C.V.
("DynaMéxico"). DynaResource, Inc. ("DynaUSA") currently holds
80% of the outstanding shares of DynaMéxico.
In excess of one million
ounces gold was reportedly produced from the SJG District in the
early 1900's, originating from high grade gold veins, including
approximately 470,000 Oz. gold reportedly produced from the La
Purisima area of SJG at an average gold grade of 66.7 g/t. In
June 2010, the SJG Project was recognized by the State of Sinaloa
as the most significant Gold Project in the State for the year
2010.
National Instrument 43-101
("NI 43-101") Technical Report for DynaMéxico - SJG DynaResource,
Inc. received from DynaMéxico on March 28, 2012 a National
Instrument 43-101 ("NI 43-101") compliant Technical Report for the
San Jose de Gracia Project (the "2012 DynaMéxico Luna-CAM SJG
Technical Report", the "Technical Report"), and approved by
DynaMéxico, the 100% owner of SJG. The 2012 DynaMéxico
Luna-CAM SJG Technical Report was prepared by Mr. Ramon Luna, BS,
P.Geo., of Servicios y Proyectos Mineros, Hermosillo, México and a
Qualified Person as defined under NI 43-101; and by Mr. Robert
Sandefur, BS, MSc, P.E., a senior reserve analyst for Chlumsky,
Armbrust & Meyer LLC, Lakewood, CO., and a Qualified Person as
defined under NI 43-101. The 2012 DynaMéxico Luna-CAM SJG Technical
Report includes as Section Fourteen (14) a Mineral Resource
Estimate for SJG as prepared by Mr. Sandefur (the "2012
DynaMéxico-CAM SJG 43-101 Mineral Resource Estimate", and, the
"Mineral Resource Estimate"). The Company filed the Technical
Report on SEDAR (www.sedar.com) on March 28, 2012.
The Company received from
DynaMéxico on December 31, 2012, an updated NI 43-101 compliant
("NI 43-101") Technical Report for the San Jose de Gracia Project
(the "Updated 2012 DynaMéxico Luna-CAM SJG Technical Report, and
the "Updated Technical Report"). The Updated Technical Report was
approved by DynaMéxico, and filed by the Company with SEDAR on
December 31, 2012. (See DynaUSA news release dated January 10,
2013.)
National Instrument 43-101
("NI 43-101") Mineral Resource Estimate for SJG The 2012
DynaMéxico-CAM SJG Mineral Resource Estimate concentrates on four
separate main vein systems at SJG: Tres Amigos, San Pablo, La
Union, and La Purisima. The Mineral Resource Estimate includes
Indicated Resources at: (1) Tres Amigos of 893,000 tonnes with an
average grade of 4.46 g/t, totaling 128,000 Oz. Au; and (2) San
Pablo of 1,308,000 tonnes with an average grade of 6.52 g/t,
totaling 274,000 Oz. Au. The Mineral Resource Estimate also
includes an Inferred Resource of 3,953,000 tonnes in aggregate for
the four main vein systems, with an average grade of 5.83 g/t,
totaling 741,000 Oz. Au. The Effective Date of the 2012 DynaMéxico
Luna-CAM SJG Technical Reports and including the 2012
DynaMéxico-CAM SJG 43-101 Mineral Resource Estimate is February 6,
2012. The Mineral Resource Estimate is reported using a 2.0 g/t cut
off grade for underground mining. As of the Effective Date of the
Technical Reports and Mineral Resource Estimate, there is no
economic assessment report completed for SJG so the precise cutoff
grade for underground mining has not yet been determined.
On behalf of the Board of
Directors of DynaUSA,
K.D. DIEPHOLZ; DynaResource,
Inc; Chairman and CEO
For further information on
DynaUSA and DynaMéxico, please visit
www.dynaresource.com or contact:
IMPORTANT CAUTIONARY NOTE REGARDING CANADIAN DISCLOSURE
STANDARDS The Company is an "OTC Reporting Issuer" as that
term is defined in Multilateral Instrument 51-509, Issuers
Quoted in the U.S. Over-the-Counter Markets, promulgated by
various Canadian provincial Securities Commissions.
Accordingly, certain
disclosure in this news release or other disclosure provided by the
Company has been prepared in accordance with the requirements of
securities laws in effect in Canada, which differ from the
requirements of United States securities laws. In Canada, an issuer
is required to provide technical information with respect to
mineralization, including reserves and resources, if any, on its
mineral exploration properties in accordance with Canadian
requirements, which differ significantly from the requirements of
the United States Securities and Exchange Commission (the "SEC")
applicable to registration statements and reports filed by United
States companies pursuant to the Securities Act of 1933, as
amended, or the Securities Exchange Act of 1934, as amended. As
such, information contained in this news release or other
disclosure provided by the Company concerning descriptions of
mineralization under Canadian standards may not be comparable to
similar information made public by United States companies subject
to the reporting and disclosure requirements of the SEC and not
subject to Canadian securities legislation. This news release or
other disclosure provided by the Company may use the terms
"measured mineral resources", "indicated mineral resources" and
"inferred mineral resources". While these terms are recognized and
required by Canadian regulations (under National Instrument 43-101,
Standards of Disclosure for Mineral Projects), the SEC
does not recognize them. United States investors are cautioned not
to assume that any part or all of the mineral deposits in these
categories will ever be converted to reserves. In addition,
"inferred mineral resources" have a great amount of uncertainty as
to their existence and economic and legal feasibility. It cannot be
assumed that all or any part of an inferred mineral resource will
ever be upgraded to a higher category. Under Canadian securities
legislation, estimates of inferred mineral resources may not form
the basis of feasibility or pre-feasibility studies, although they
may form, in certain circumstances, the basis of a "preliminary
economic assessment" as that term is defined in National Instrument
43-101, Standards of Disclosure for Mineral Projects. U.S.
investors are cautioned not to assume that part or all of an
inferred mineral resource exists, or is economically or legally
mineable.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION This
News release contains forward-looking statements within the meaning
of Section 27 A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934.
Certain information
contained in this news release, including any information relating
to future financial or operating performance may be deemed
"forward-looking". All statements in this news release, other than
statements of historical fact, that address events or developments
that DynaResource expects to occur, are "forward-looking
information". These statements relate to future events or
future performance and reflect the Company's expectations regarding
the future growth, results of operations, business prospects and
opportunities of DynaResource. These forward-looking
statements reflect the Company's current internal projections,
expectations or beliefs and are based on information currently
available to DynaResource. In some cases forward-looking
information can be identified by terminology such as "may", "will",
"should", "expect", "intend", "plan", "anticipate", "believe",
"estimate", "projects", "potential", "scheduled", "forecast",
"budget" or the negative of those terms or other comparable
terminology. Certain assumptions have been made regarding the
Company's plans at the San Jose de Gracia property. Many of these
assumptions are based on factors and events that are not within the
control of DynaResource and there is no assurance they will prove
to be correct. Such factors include, without limitation:
capital requirements, fluctuations in the international currency
markets and in the rates of exchange of the currencies of the
United States and México; price volatility in the spot and forward
markets for commodities; discrepancies between actual and estimated
production, between actual and estimated reserves and resources and
between actual and estimated metallurgical recoveries; changes in
national and local governments in any country which DynaResource
currently or may in the future carry on business; taxation;
controls; regulations and political or economic developments in the
countries in which DynaResource does or may carry on business; the
speculative nature of mineral exploration and development,
including the risks of obtaining necessary licenses and permits,
diminishing quantities or grades of reserves; competition; loss of
key employees; additional funding requirements; actual results of
current exploration or reclamation activities; changes in project
parameters as plans continue to be refined; accidents; labor
disputes; defective title to mineral claims or property or contests
over claims to mineral properties. In addition, there are
risks and hazards associated with the business of mineral
exploration, development and mining, including environmental
hazards, industrial accidents, unusual or unexpected formations,
pressures, cave-ins, flooding and gold bullion losses (and the risk
of inadequate insurance or inability to obtain insurance, to cover
these risks) as well as those risks referenced in the Annual Report
for DynaResource available at www.sec.gov.
Forward-looking information is not a guarantee of future
performance and actual results and future events could differ
materially from those discussed in the forward-looking
information. All of the forward-looking information contained
in this news release is qualified by these cautionary
statements. Although DynaResource believes that the
forward-looking information contained in this news release is based
on reasonable assumptions, readers cannot be assured that actual
results will be consistent with such statements. Accordingly,
readers are cautioned against placing undue reliance on
forward-looking information. DynaResource expressly disclaims any
intention or obligation to update or revise any forward-looking
information, whether as a result of new information, events or
otherwise.
Brad J. Saulter DynaUSA V.P. Investor Relations K.D. Diepholz
DynaUSA Chairman / CEO DynaResource de Mexico S.A. de
C.V.-Presidente Mineras de DynaResource S.A. de C.V.-Presidente
U.S. Telephone: 972-868-9066
Dynaresource (QX) (USOTC:DYNR)
Historical Stock Chart
From Aug 2024 to Sep 2024
Dynaresource (QX) (USOTC:DYNR)
Historical Stock Chart
From Sep 2023 to Sep 2024