Dynasty Metals applies for contract negotiationsDynasty Metals applies for contract negotiations
Ticker Symbol: C:DMM
Dynasty Metals applies for contract negotiations
Dynasty Metals & Mining Inc (C:DMM)
Shares Issued 42,068,583
Last Close 1/20/2011 $4.11
Friday January 21 2011 - News Release
Mr. Robert Washer reports
DYNASTY COMMENCES FORMAL CONTRACT NEGOTIATIONS
Dynasty Metals & Mining Inc. has made an application to the Ecuadorian Ministry of Non Renewable Natural Resources to commence formal negotiations in order to finalize an exploitation contract.
Although the company and the ministry have been in informal discussions for an extended period, the ministry only recently passed a resolution that invites mining companies in the exploitation phase to apply to commence formal negotiations for the purpose of settling the terms of an exploitation contract. It is expected that the contract will provide specific terms and conditions relating to the company's mining operations at its Zaruma project, including royalties payable to the Ecuadorian government from the sale of metals. Once the application is accepted by the ministry, it is expected that such negotiations will be concluded and an exploitation contract finalized within 180 days.
Company president and chief executive officer, Robert Washer, commented: "We welcome the opportunity to commence formal contract negotiations with the government of Ecuador and hope to quickly reach an agreement that is mutually satisfactory and beneficial to all stakeholders. Once the contract is settled, the company expects to accelerate its development of the mine at Zaruma in order to increase gold and silver production levels."
We seek Safe Harbor.