VANCOUVER, British Columbia, Sept. 15, 2021 (GLOBE NEWSWIRE) — Montreal-based Dynacor Gold Mines (TSX:DNG) (OTCPink:DNGDF) reported record unaudited gold sales for August. Sales of gold for the month of August 2021 came in at US$20.1 million or approximately CDN$25.2 million. This is an increase of US$4.1 million or 25.6% over the July gold sales and an increase of US$11.6 million or 136.5% over the August 2020 gold sales.
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The new monthly all-time high in sales is due to the continuous processing at the full 430 tonnes per day capacity at the recently expanded Veta Dorada plant along with a healthy gold market price, with the company receiving an average selling price of US$1,770 per ounce of gold in August.
Dynacor is well ahead of its previously released financial guidance and management will release revised annual financial guidance during the week of September 20, 2021.
The Veta Dorada plant is strategically located fifteen minutes off the Pan American Highway near Chala in southern Peru. Dynacor is a significant processor of gold ore, which it purchases from artisanal miners and the small-scale mining industry or “ASMs” in Peru, with more than 600 registered ASMs currently supplying ore. With decades of experience in Peru, consistently operating and exporting gold since 1998, the company intends to expand its processing operations to other jurisdictions.
Dynacor, a founding partner in the PX IMPACT® gold program, produces environmental and socially responsive gold. A growing number of supportive firms from the fine luxury jewelry, watchmakers and investment sectors pay a small premium for this gold which provides direct investment to develop health and education projects for the artisanal and small-scale miner’s communities.
The company also owns the advanced stage Tumipampa gold exploration property in south central Peru’s Apurimac department.
Keystone’s Small-Cap Stock Report, which has been covering Dynacor since July 2017, issued a FLASH UPDATE, forecasting revenues of US$0.22 per share for 2021 and giving the company a new fair value in the range of $3.50, a premium of 40% to the $2.51 price on August 17th, the day the FLASH UPDATE was issued. The shares are currently trading at $2.84.
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