New Report Increases Estimated Gold Resources On Dynasty's Jerusalem Project
Vancouver, BC, February 10, 2005 - Dynasty Metals & Mining Inc. (TSXV:DMM, the “Company”) announces that it has received a supplemental gold resource estimation (the “Supplemental Report”) on its 100% owned Jerusalem Project, in south-eastern Ecuador. This report follows on from, and adds to, the resource estimation contained in an initial report announced by the Company on November 8, 2004 (the “October Report”).
The October Report noted that a review of underground sampling from the high-grade vein system for resource tonne estimates was in progress, and that results were expected to have a positive effect on the total resources at Jerusalem. The new report estimates an additional measured and indicated gold resource of 155,100 ounces, from 445,300 tonnes of ore at an average grade of 10.9 grams/tonne (measured) and 10.7 grams/tonne (indicated), and an additionalinferred gold resource of 48,500 ounces, from 142,400 tonnes of ore at an average grade of 10.6 grams/tonne.
In total, the two reports estimate a measured and indicated gold resource from nine main veins at Jerusalem of 585,100 ounces, from 1,466,700 tonnes of ore and an inferred gold resource of 710,130 ounces, from 1,927,600 tonnes of ore.
The reports are by Allen J. Maynard, BAppSc(Geol), MAIG, MAusIMM, a “qualified person”, based upon a review of recent and historical underground sampling data, and comply with the requirements of NI 43-101.
The detailed resources from the Supplemental Report are set out below. For details of the October Report, please see the Company’s news release dated November 8, 2004. Both reports may be viewed in their entirety at www.sedar.com.
SUPLEMENTAL MINERAL RESOURCES CALCULATED
FROM UNDERGROUND SAMPLING AT JERUSALEM PROJECT
The Jerusalem Project comprises a single concession covering 225 hectares in the Sierra del Condor of the Ecuadorian Amazon region. The concession is located in a mineralized district that contains several styles of precious and base metal deposits. The main feature is an intrusive-volcanic complex, the Chinapintza Porphyry, consisting of andesite, dacite and rhyodacite porphyry bodies, cut by numerous dykes of similar composition. The Chinapintza Porphyry hosts a 1.5 km long vein system featuring at least ten main high-grade gold and silver veins.
About the Supplemental Report
The Supplemental Report is based upon the results of the Company’s recent underground sampling data and upon underground sampling data generated by previous third-party exploration. The report should be read in conjunction with the October Report.
The Supplemental Report notes that five previously unknown, highly-oxidized disseminated sulphide-bearing rhyodacite dykes, with a total strike length of 1400 metres, constitute new bulk tonnage targets with widths ranging from six metres to 100 metres. The report recommends that further exploration be conducted to determine the full extent of the currently identified mineralization and to continue to explore for new mineralized bodies. Ongoing exploration at Jerusalem is expected to further increase the project resources.
About Dynasty Metals & Mining Inc.
Dynasty Metals & Mining Inc. is a Canadian based mining company involved in the exploration and development of mineral properties in Ecuador. In addition to its Jerusalem Project, the Company is currently conducting an initial exploration program on its extensive Dynasty Copper-Gold Belt - a new discovery comprising a north-easterly trending corridor, 90 km long and 20 km wide, running from the Peruvian border to the Portovelo-Zaruma District.
Separately, on November 1, 2004, the Company announced an initial resource estimation on its Zaruma Gold Project, which includes its Portovelo District, in south-western Ecuador, consisting of an existing indicated resource of 644,600 oz. of gold, from 1,131,889 tonnes of ore at an average grade of 17.73 grams/tonne, and an inferred resource of 817,200 oz. of gold, from 2,444,066 tonnes of ore at an average grade of 10.4 grams/tonne. The Company plans to continue its exploration activities at Zaruma, with a view to proceeding on to a scoping study.
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 NI 43-101. Mr. Whitfield is responsible for the preparation of technical information in this News Release.
For further information about the Company, please contact Murray Oliver at (604) 687-0888 Ext. 3 or firstname.lastname@example.org or visit the Company’s web-site 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.