Scoping Studies Near Completion On Zaruma And Jerusalem Gold Projects
October 11th, 2005
Vancouver, BC, October 11, 2005 - Dynasty Metals & Mining Inc. (TSXV: DMM; the “Company”) is pleased to announce progress in scoping studies on its 100% owned, high-grade Zaruma and Jerusalem Gold Projects in Ecuador. The commencement of these studies was reported by the Company on May 3, 2005. They are focused on assessing the viability of a near-term production start-up at both projects. It is expected that the studies will be completed within the next 60 days and the results published at that time.
The studies are being prepared by Keith Dodd & Associates (“KDA”) and other consultants. Mr. Dodd has built more than twenty large gold treatment plants, worldwide. KDA is being assisted by Brian Speechly and by the Company’s technical staff. Mr. Speechly is a director of the Company and has designed and implemented more than 300 open pit and underground mining operations in Australia and elsewhere.
Project Gold Resources
Initial independent resources estimates for the Zaruma and Jerusalem Gold Projects, compliant with the requirements of NI 43-101 of the Canadian Securities Administrators, were announced by the Company on November 1, 2004 and November 8, 2004, respectively. The Company subsequently announced an increase in the size of Jerusalem resources on February 10, 2005. It is expected that these resources will be further expanded and upgraded as part of the scoping studies.
The Zaruma Gold Project is estimated to contain Indicated Resources of 644,600 ounces of gold in 1,131,000 tonnes, at an average grade of 17.7 grams per tonne (“g/t”) gold, and additional Inferred Resources of 817,200 ounces of gold in 2,444,000 tonnes, at an average grade of 10.4 g/t. The estimates are contained in a report prepared by Consulting Geologist Miroslav Kalinaj, MSc., a “qualified person”, based upon results of the Company’s exploration activities at Zaruma and from a number of databases generated by previous third party exploration. The author conducted additional sampling as required to confirm previous results.
The Jerusalem Gold Project is estimated to contain Measured and Indicated Resources of 585,100 ounces of gold in 1,466,700 tonnes at an average grade of 12.4 g/t gold (239,730 ounces in the “Measured” category, at an average grade of 12.6 g/t, and 345,370 ounces in the “Indicated” category, at an average grade of 12.2 g/t). In addition, Jerusalem is estimated to contain Inferred Resources of 710,130 ounces of gold in 1,927,600 tonnes at an average grade of 11.1g/t gold. The estimates are contained in reports prepared by Allen J. Maynard, BAppSc(Geol), MAIG, MAurIMM, a “qualified person”, based upon a review of recent and historical underground sampling data.
All of the reports may be viewed at www.sedar.com.
The scoping studies are now well advanced for both projects. The studies will provide guidance for the future exploration and development of the projects, in addition to assessing and proposing mine plans for each.
The Zaruma Gold Project comprises eighteen principal veins, within a 15 km by 5 km high-grade polymetallic vein system that hosts the gold and silver mineralization. The scoping study examines a mine plan based on underground mining via declines, with associated exhaust ventilation airways. Mine development would be directed by a series of tunnel and geological cross-sections, longitudinal projections and slice plans for each vein. The study will contemplate the production of gold and silver from a new, centrally-located treatment plant.
The Jerusalem Gold Project comprises a polymetallic vein system occurring within an area 1.6 km by 0.8 km. The scoping study will examine the production of gold and silver, lead and zinc from a number of open pits and declines. It will include designs for an underground mine component, as well as decline portals, ventilation and mine production scheduling, and a major treatment plant.
Both the Jerusalem and Zaruma projects offer good, accessible local infrastructure, including water and labour.
In particular, the Zaruma Gold Project is located in a historical mining district. Mineral extraction and processing operations are understood and supported both by the local community and by government at all levels. Access to the project is by paved and gravel roads. The near-by towns of Portovelo and Zaruma offer a ready work force, as well as accommodation, maintenance workshops and other basic facilities.
The Jerusalem Gold Project is accessed by existing gravel roads. Water is readily available from nearby sources and a small local population will provide a work force near the site.
Dynasty Metals & Mining Inc. is a Canadian-based mining company engaged in the exploration and development of mineral properties in Ecuador. 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 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.