Dynasty Adds Significant New Gold And Silver Resources
Vancouver, BC, April 24, 2006 - Dynasty Metals & Mining Inc. (TSXV: DMM, the “Company”) has received an independent, initial estimation of gold and silver resources at its Dynasty Goldfield project in southern Ecuador. The estimates are contained in a technical report (the “Technical Report”) that is based upon the results of first-stage drilling on the project, completed in December 2005.
As detailed in Table 1, below, the Technical Report estimates initial measured and indicated resources of 424,422 ounces of gold and 4,762,935 ounces of silver, with additional inferred resources of 427,017 ounces of gold and 5,521,474 ounces of silver.
Company President and CEO, Robert Washer, commented: “We are pleased with the results of this initial independent assessment. The Dynasty Goldfield is a new discovery, associated with the one of eight porphyry-style exploration targets that we have identified to date in the Dynasty Copper-Gold Belt. Before our initial campaign on the Dynasty Goldfield, none of these targets had been previously drilled, or even systematically explored. This report demonstrates both the potential of the belt and our ability to turn exploration dollars into ounces in the ground.
“With gold and silver occurring at surface along strike we expect that our ongoing exploration will increase the resources at the Dynasty Goldfield and demonstrate the potential for open pit mining. In addition, we have recently announced initial success at Copper Duke, the second porphyry-style system in the Dynasty Copper-Gold Belt on which we have mobilized detailed exploration. We plan to drill Copper Duke, as well, this year, at the conclusion of the current sampling program.
“We believe that we have assembled, in Ecuador, one of the pre-eminent property portfolios held by a junior explorer, anywhere. In addition to the discovery potential of the Dynasty Copper-Gold Belt, we have two advanced gold projects, Jerusalem and Zaruma, each of which has independently-estimated measured and indicated gold resources. Together with the estimates disclosed today, we now have three projects with combined estimated measured and indicated resources of 2,119,722 ounces of gold and 9,151,035 ounces of silver and additional inferred resources of 2,520,547 ounces of gold and 11,797,944 ounces of silver.*
*See detailed resource estimates for Jerusalem and Zaruma Gold Projects in Tables 2 and 3, below.
Table 1 - Initial Resource Estimates - Dynasty Goldfield
** grams per tonne
The Dynasty Goldfield
The Dynasty Goldfield consists of seven concessions with mapped and sampled veins and stockworks that cover an area of approximately 30 km2 within the Company’s 100% owned Dynasty Copper-Gold Belt, in south-western Ecuador. It includes the Papayal, Cerro Verde and Cola mineralized vein systems and stockworks, which lie on a north east trend over a distance of 13 km. Three of the concessions are subject to a 1% net smelter royalty.
On April 6, 2006, the Company announced the discovery of new mineralized vein swarms in previously unexplored areas of the Dynasty Goldfield, significantly increasing the area of known mineralization at the project. The resources estimates contained in this news release do not include any mineralization in the expanded area.
The Company has commenced a second-stage drilling program aimed at further testing the existing and newly discovered vein swarms and expects to have a second diamond drill in operation on the project by the end of this month. The Technical Report
The initial estimates of gold and silver resources in the Dynasty Goldfield are contained in a technical report dated April 21, 2006 that complies with the requirements of National Instrument 43-101 (“NI 43-101”) of the Canadian Securities Administrators. The Technical Report was prepared by Allan J. Maynard, BAppSc(Geol), MAIG, MAusIMM, an independent, “qualified person”, as defined by NI 43-101.
The resources estimates are based upon the results of the Company’s first-stage drilling program on the project, completed in 2005. The database includes 1,816 drill sample assays from 6,843 meters of diamond core drilling in 58 holes and assays from 1,186 trench channel rock samples. The Technical Report notes, inter alia, that the Dynasty Goldfield represents a bulk tonnage target.
The Jerusalem and Zaruma Gold Projects
Estimates of resources on the Jerusalem property are contained in two technical reports, dated October 29, 2004 and December 22, 2004, respectively, prepared by Allen J. Maynard BappSc, MAIG, MAusIMM, an independent, “qualified person”, as defined by NI 43-101. These estimates are summarized in the following table:
On March 6, 2006, the Company announced the results of an independent preliminary economic assessment report on its Jerusalem Project. The technical report, which recommends the commencement of a bankable feasibility study, is available for viewing at www.sedar.com.
Gold resources on the Zaruma Gold Project were first estimated by Miroslav Kalinaj MSc in a technical report dated October 22, 2004, and subsequently updated by Allen J. Maynard BappSc, MAIG, MAusIMM in a technical report dated October 21, 2005. The authors of both reports are independent, “qualified persons”, as defined by NI 43-101. The current resources estimates for the Zaruma Gold Project are summarized in the following table:
Table 3 - Estimated Resources - Zaruma Gold Project
The Company expects to receive the results of an independent preliminary economic assessment on its Zaruma Project shortly.
Quality Control and Assurance
Exploration of the Company’s properties is under the supervision, of Greg Whitfield, the Company’s Exploration Manager and a “qualified person”, as defined by National Instrument 43-101. Mr. Whitfield is responsible for the preparation of technical information in this news release. Samples are sealed on the property and shipped to the BSI Inspectorate laboratory in Quito, Ecuador for preparation. Sample pulps are shipped by BSI Inspectorate to its laboratory in Lima, Peru for gold fire assay, silver and multi-element ICP analysis.
The Technical Report is being prepared for electronic filing with the Canadian Securities regulators and on the Company’s website. Upon filing, it will be available for viewing, together with the previously-filed technical reports relating to the Jerusalem and Zaruma Gold Projects, at www.sedar.com and www.dynastymining.com.
For further information about the Company, please contact Murray Oliver at (604) 687-0888 or firstname.lastname@example.org or visit the Company’s website at www.dynastymining.com
Dynasty Metals & Mining Inc.
Robert Washer, President and CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.