Dynasty Readies for Zaruma Startup with New Financing
The Company is debt-free with 27,782,187 shares outstanding and has approximately $12 million in cash, prior to the new financing. Company President, Robert Washer, commented: "This new financing will provide us with sufficient capital to fund the completion of plant construction and mining start-up at our Zaruma Gold Project, without affecting our other aggressive development and exploration activity and plans."
The Zaruma Gold Project:
The Company is developing its Zaruma Gold Project, with production expected to commence in the first quarter of 2008. Approximately 100 men are working on underground exploration and the construction of the main access decline in the Ana Michele (Cabo de Hornos) area. The underground exploration program is aimed at expanding veins and stockworks that are included in mine design forecasts and at identifying new veins.
In addition, a small pilot plant is processing bulk samples of up to 20 tonnes of ore a day using ore that is being stockpiled from mine development activity. For further details, please refer to the Company's news releases dated June 12, 2007 and July 18, 2007, available at
Dynasty Readies for Zaruma Startup with New Financing
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