VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 16, 2012) - Dynasty Metals & Mining Inc. ("Dynasty" or the "Company") (TSX:DMM)(OTCQX:DMMIF) announces it has obtained small scale mining licenses for five concessions at its Zaruma Gold Project.
These five concessions are the focus of the Company's current mine development plans at Zaruma. Under the current Mining Law of Ecuador such licenses permit the Company to mine up to 300 tonnes per day from each concession at a reduced royalty of 3%, payable to the Ecuador government, and no windfall tax on the extraction and sale of precious metals. Other corporate taxes are unaffected.
To date, four of the licenses have been duly registered with the Mining Registry, which is required in order for them to be effective. It is expected the fifth will be registered in due course. License registration is generally an administrative procedure under Ecuadorian mining law.
Robert Washer, the Company's President and CEO commented: "We worked in collaboration with the government to successfully qualify these particular concessions for small scale mining licenses. The Company can now continue mine development at Zaruma, and in due course operate the processing Plant up to its current capacity, with greater economic certainty. We would like to thank the Ecuadorian government for their continued efforts towards developing a responsible and sustainable mining industry."
About Dynasty Metals & Mining
Dynasty Metals & Mining Inc. is a Canadian based mining company involved in the exploration and development of mineral properties in Ecuador.
The Company has the producing Zaruma Gold Project, the advanced-stage Jerusalem Project and a highly prospective exploration project, the Dynasty Copper-Gold Belt, which includes the advanced-stage Dynasty Goldfield.
For further information please visit the Company's website at www.dynastymining.com.
This news release contains certain forward-looking statements that reflect the current views and/or expectations of Dynasty with respect to its performance, operations and future events, including statements regarding the anticipated effect of the small scale mining licenses on the progress of the Company's business plan and development activities at Zaruma. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which the Company operates, including that there will be no other disruptions, legislative developments or government acts that will adversely affect the perceived impact of the small mining licenses. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties which are difficult to predict, including uncertainty in the Company's ability to fund the development of its mineral properties; uncertainty that in the profitability of the Company's mining operations and the ability to reach planned production capacity at the Company's processing facility; risks related to governmental regulations, including taxation statutes; risks related to political, economic, and regulatory instability in Ecuador; and other risks and uncertainties described in the Company's public filings. These risks, as well as others, could cause actual results and events to vary significantly. Accordingly, readers should not place undue reliance on forward-looking statements, which are qualified in their entirety by this cautionary statement. There can be no assurance that forward-looking statements, or the material factors or assumptions used to develop such information, will prove to be accurate. The Company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.