MONTREAL, Oct. 11, 2018 (GLOBE NEWSWIRE) — Dynacor Gold Mines Inc. (TSX: DNG) (OTC: DNGDF) (Dynacor or the Corporation) and its Swiss partner PX Précinox are pleased to announce that they have completed their first large-scale social impact project under the PX Impact label focused on artisanal mining communities in Peru.
In September 2018, the inauguration of a US sixty-thousand-dollar Phase 1 project took place in Secocha, Southern Peru. This project focuses on education combining the construction of two laboratories – one for general science and one for computer sciences. The total size of the learning area is approximately 140 m2. The computer center includes seventeen new computers, teaching software and a high-speed wide-band internet connection. This participative project was implemented in the Ricardo Palma public school with 1,000 primary and secondary school students. The Municipality of Secocha and the parent association were also directly involved in the project from the beginning by providing some of the construction workers. Phase 2 of the project consists in setting up a school library and improving the sanitary and sports facilities at the school at Secocha.
This PX Impact project as well as the projects that are in the pipeline are financed from the sale of responsible gold under the PX Impact label in Europe. A small premium is paid by a growing number of supportive firms from the fine luxury jewelry, watchmakers and banking sectors. These firms wish to start incorporating the use of responsibly sourced traceable gold that is produced from small-scale artisanal miners (see Figure 1, below). One hundred percent of the premiums paid are used in the projects. There are no administrative fees, and the two partners Dynacor/PX Précinox jointly assume the overhead.
This business to business approach in the gold supply chain is the first of its kind and will greatly benefit the small-scale mining communities in Peru that supply the gold mineralized ore.
Furthermore, this well controlled, traceable and responsible gold supply chain from the producer to the end-user significantly reduces the use of mercury to extract gold from the ore mined by artisanal miners and consequent widespread environmental contamination in particular of water resources. Artisanal miners in Peru use 1 gram of mercury to extract 1 gram of gold. No mercury is used to extract gold in Dynacor’ processing plant resulting in a net gain for the environment.
This responsible gold supply chain supports:
- The formalization process of the artisanal mining sector in Peru;
- The eradication of illegal gold mining that contributes to money laundering, corruption, child labour, prostitution and deforestation;
- Better health, education and economic well-being for artisanal mining communities in Peru.
Further information on the PX Impact label for responsible gold and our operations in Peru and Switzerland is available on our corporate websites www.pxgroup.com, www.pxgroup.com/en/node/110 and www.dynacor.com.
ABOUT DYNACOR GOLD MINES INC.
Dynacor Gold Mines Inc. is a gold production corporation headquartered in Montreal, Canada. The corporation is engaged in ore processing operations. At present, Dynacor produces and explores in Peru where its management team has decades of experience and expertise. In 2017, Dynacor produced 79,897 ounces of gold, a 9% increase as compared with 2016 (73,477 ounces). Dynacor trades on the Toronto Stock Exchange (DNG) and the OTC in the United States under the symbol (DNGDF).
Certain statements in the foregoing may constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Dynacor, or industry results, to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statements. These statements reflect management’s current expectations regarding future events and operating performance as of the date of this news release.
Dynacor Gold Mines Inc. (TSX: DNG / OTC: DNGDF)
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For more information, please contact Dynacor Gold Mines Inc.
President and CEO
#1105, 625 René-Lévesque Blvd.Dynacor Gold Mines Inc.
Montreal, Quebec H3B 1R2
T: 514-393-9000 ext. 228
Director, Investor Relations
Dynacor Gold Mines Inc.
T: 604.492.0099 | M: 604.562.1348
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/ab345e56-ebbf-4976-bbc4-6a903eee8611