Dynasty Receives Environmental Authorization for Dynasty Goldfield Project, Southern Ecuador
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Dynasty Metals & Mining Inc. has received the environmental authorization for the Dynasty Goldfield Project located approximately 160km southwest of Dynasty’s Zaruma gold mine and mill.
“We are extremely pleased to receive the environmental authorization for the Dynasty Goldfield Project. We would also like to thank the Ecuador Ministers of Mines and Environment and their staff, as well as the Government of Ecuador, for the support and cooperation we have received in consideration of this environmental authorization. This is a significant milestone for Dynasty, one which establishes a permitting framework for us to build and grow our gold production in the future in respect of this project, subject to obtaining adequate financing and finalizing a development plan and budget,” said Dynasty CEO Robert Washer.
“We are now proceeding with registration of this authorization and look forward to implementing a plan for the development of several shallow open pits along this system when economic conditions are appropriate and capital is available for this project. In addition, significant underground design work has been undertaken in the past and may also be carried out on this project in the future. It is anticipated that any production from the Dynasty Goldfield Project would be processed at the company’s Zaruma plant, and will assist in filling the spare capacity,” added Washer.
Under the Mining Act, three main permits are required to begin a mining operation, the most significant of which is the environmental authorization, permitting the company to continue to a mining license following the formal registration of the number of mining hectares to be exploited — an administrative detail. The other two permits have already been obtained by Dynasty for this project. This environmental authorization is in consideration of three main concessions within the Dynasty Goldfield project.
The Dynasty Goldfield Project is qualified under Ecuador’s small scale mining regime and subject to a fixed 3 percent royalty and no windfall tax, with no need to sign a mining contract with the government. The small scale mining regime allows open pit activities with an exploitation volume of up to 1,000 tonnes a day per concession, a total of 3,000 tonnes per day for the three concessions under consideration.
The Dynasty Goldfield Project has the potential to significantly augment Zaruma’s production and reduce overall milling costs. The open pit opportunity for this project suggests a lower level of capital required for development and the potential for commencing production in a shorter time frame than a traditional underground operation.
About Dynasty Metals & Mining
Dynasty Metals & Mining Inc. is a Canadian based mining company involved in the mining, exploration and development of mineral properties in Ecuador. The company is currently focused on gold production and continued development at its Zaruma Gold Project. The company also owns the Dynasty Goldfield Project and the Jerusalem Project, both exploration properties in southern Ecuador.
To stop by Dynasty’s website, CLICK HERE
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