Dynacor Gold Mines Inc. (dynacor)
Toronto Stock Exchange (TSX)
MONTREAL, Feb. 10 /CNW Telbec/ - Dynacor Gold Mines Inc. (TSX: DNG) is
pleased to announce that for the 12-month period ending on the 31st of
December 2008 it has registered record gold sales of 36,800 ounces which is
22% above its target of 30,000 ounces that had been announced previously.
During its 8-month operating period in 2007, Dynacor produced from its
custom gold milling operations more than 19,000 ounces of gold. Sales in 2008
in comparison have thus increased by approximately 90%. Gross sales reached
$34 million, an increase of 143%, as compared to sales of $14 million in 2007.
Dynacor's President and CEO, Jean Martineau, considers that these results
have laid the foundation that should allow the Company to progress further in
the coming year. Indeed, he recently commented that "DNG's gold sales (in $)
have more than doubled since 2007 and the Company's financial results for Q4
2008 and in fact for all of 2008 should be rock solid. We expect that this
will continue in 2009 since most financial analysts expect the price of gold
to remain high considering its status as a store of value in these uncertain
economic times. Some of the more optimistic scenarios call for the price of
gold to even exceed $1000 per ounce".
RECORD 4TH QUARTER
Since the beginning of its operations, Dynacor's 2008 4th quarter
financial performance is its best ever with gold sales of 11,332 ounces
totalling 11.4 million dollars. This represents an increase of 75% (in $)
compared to sales of 6.5 million dollars in the same period in 2007 (gold
sales, 8,272 ounces in 2007, increased by 37%).
The previous record was registered in Q3 2008 with gold sales of 9,508
ounces, thus gold sales in Q4 2008 increased by 19%.
Financial data is preliminary and could be subject to adjustment.
ABOUT DYNACOR GOLD MINES INC.
Dynacor is a gold exploration and mining company, that has been active in
Peru through its subsidiaries since 1996. The Company's assets include the
Acari, Casaden and Tumipampa exploration properties. The Acari mill produces
gold by custom milling. Dynacor's strength and competitive advantage comes
with the experience and knowledge the Company has developed while working in
Peru. Its pride remains in maintaining respect and positive work ethics toward
its employees, partners and local communities.
For further information:
For further information: Jean Martineau, President & CEO, Dynacor Gold
Mines Inc., (514) 288-3224