MONTREAL, June 15, 2022 (GLOBE NEWSWIRE) — Dynacor Gold Mines Inc. (TSX-DNG) (Dynacor or the “Corporation”), an international gold ore industrial corporation servicing ASMs (artisanal and small-scale miners), today announces sales of US$19.5 million (unaudited) (C$25.1 million) (1) for May 2022 compared to US$15.7 million in May 2021, a 24.2% increase over last year and a 10.8% month-over-month increase from the previous month sales.
During May, the Veta Dorada plant continued working at its full 430 tpd production capacity.
The average selling price of gold per ounce in May was US$1,845/oz compared to US$1,873/oz in May of last year.
The 2022 cumulative sales at the end of May amount to US$87.2 million compared to US$69.2 million for the same period in 2021, a 26.0% increase.
For 2022, the Corporation forecasted sales in the range of US$200 – $220 million based on US$1,800 per ounce average gold price.
(1) US$ sales are converted into CA$ using the average monthly exchange rate for the concerned month or months
Dynacor is a dividend-paying industrial gold ore processor headquartered in Montreal, Canada. The corporation is engaged in gold production through the processing of ore purchased from the ASM (artisanal and small-scale mining) industry. At present, Dynacor operates in Peru, where its management and processing teams have decades of experience working with ASM miners. It also owns a gold exploration property (Tumipampa) in the Apurimac department.
The corporation intends to expand its processing operations in other jurisdictions as well.
Dynacor produces environmental and socially responsible gold through its PX IMPACT® gold program. A growing number of supportive firms from the fine luxury jewelry, watchmakers and investment sectors pay a small premium to our customer and strategic partner for this PX IMPACT® gold. The premium provides direct investment to develop health and education projects for our artisanal and small-scale miner’s communities.
Dynacor is listed on the Toronto Stock Exchange (DNG).
Certain statements in the preceding may constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements of Dynacor, or industry results, to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statements. These statements reflect management’s current expectations regarding future events and operating performance as of the date of this news release.
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