MONTREAL - DYNACOR MINES plans to roll over its gold assets into a new subsidiary. The new company, to be named later, will have all the current gold assets of Dynacor, namely the Acari mine and all the gold exploration properties, which include the Tumipampa and Casaden properties.
In 2005, the Acari gold mine 430 km south of Lima, Peru, produced 14,300 oz of gold from custom milling operations. During 2006, the mill capacity was enlarged from 60-100 t/d and will be increased again in 2007 to be able to process 130 t/d.
The Tumipampa copper-gold-moly property in southern Peru was acquired in 2001. So far, six major veins have been discovered. The very first drill hole intersected a structure called Manto Dorado that grades 7.33 g/t Au and 0.71% Cu over 5.18 m (true width). The third hole intercepted a structure grading 8.20 g/t Au and 0.06% Cu over 3.39 m. Finally, the sixth drill hole intercepted a vein grading 12.25 g/t Au over 1.30 m.
Dynacor plans that the new company will be domiciled in Canada and listed on a Canadian exchange. The current directors and officers of Dynacor will be the first directors and officers of the new company.
With its gold assets spun off, Dynacor intends to focus on tungsten production from its Pasto Bueno mine in northern Peru. (Visit www.Dynacor.com.)