VANCOUVER, British Columbia, Nov. 24, 2022 (GLOBE NEWSWIRE) -- Montreal-based Dynacor Group Inc (TSX:DNG), a dividend-paying international industrial gold ore processor, has completed the expansion of its plant processing capacity at its plant in Peru. The new plant expansion has increased gold ore-processing capacity to 500 tonnes per day, an additional 16% following the 25% increase completed in mid-2021.
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Dynacor purchases ore from artisanal and small-scale miners which it processes at its Veta Dorada processing plant which is strategically located fifteen minutes off the Pan American Highway near Chala in southern Peru.
The Veta Dorada plant has been steadily increasing its daily output over the last number of years, allowing Dynacor, through its Peruvian subsidiary, to become the ninth largest gold exporter in Peru for the first nine months of 2022. The total 2022 investment for this expansion amounted to approximately $0.8 million in areas including crushing, milling, desorption, laboratory, and transport.
The company’s growing ASM producer network and ore supplied contributed to the increase in the company’s ore inventory level in the last few months to over 9,000 tonnes at the end of September, representing twenty days of production at its previous processing capacity of 430 tpd. Dynacor's inventory continued to build up in October, while management estimates more than 13,000 tonnes of ore to be processed in November, a new monthly record high.
Jean Martineau, President and CEO, stated: "We continue to see increasing demand for growth from our network of ASM gold producers, and we expect this to continue, driven by more ASMs in Peru advancing through the formalization process. Dynacor Group is prepared to meet this growing demand with Veta Dorada, one of the largest ASM ore processing plants in Peru."
The company owns 100% of the advanced stage Tumipampa gold exploration property in south central Peru’s Apurimac department. It also intends to expand its processing operations in other jurisdictions.
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 $2.60, with 38.6 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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