VANCOUVER, British Columbia, June 16, 2022 (GLOBE NEWSWIRE) -- Montreal-based Dynacor Gold Mines (TSX:DNG), a dividend-paying industrial gold ore processor, has reported its unaudited monthly gold sales for the month of May. Gold sales for May 2022 came in at US$19.5 million or C$25.1 million, an increase of 24.2% over the US$15.7 reported in May 2021 and a 10.8% month-over-month increase over sales in April.
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The average selling price for gold in May was US$1,845 per ounce compared to US$1,873 per ounce for May of 2021. The 2022 cumulative gold sales to the end of May amounted to US$87.2 million compared to US$69.2 million for the same period in 2021, an increase of 26.0%.
The company is forecasting gold sales guidance for 2022 in the range of US$200 to $220 million, representing an expected growth of 4 to 14% over 2021 production sales, based on an average gold price of US1,800 per ounce for the year.
Dynacor processes the ore it purchases from artisanal miners at its Veta Dorada processing plant which is strategically located fifteen minutes off the Pan American Highway near Chala in southern Peru. In mid-2021, Dynacor completed the expansion of its Veta Dorada plant which is now running at its full 430 tpd production capacity.
At present, Dynacor operates in Peru, where its management and processing teams have decades of experience working with artisanal and small-scale miners. It also owns a gold exploration property in the Apurimac department in Peru. Dynacor intends to expand its processing operations in other jurisdictions as well.
Dynacor, a founding partner in the PX IMPACT® gold program, produces environmental and socially responsible 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 shares are currently trading at $3.01, with 38.8 million shares outstanding. For more information, please visit the company’s website www.dynacor.com, or contact the company at 514-393-9000 ext 230 or by email at investors@dynacor.com.
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