Dynacor Reports Sales of US$18.7 Million for March 2022, a 45.0% Increase Compared to March 2021 and First Quarter Sales of US$ 50.1 Million
MONTREAL, April 21, 2022 - Dynacor Gold Mines Inc. (TSX-DNG) (Dynacor or the "Corporation"), an international gold ore industrial corporation servicing ASMs (artisanal and small-scale miners), today announces sales of US$18.7 million (unaudited) (C$23.7 million) (1) for March 2022, a 45.0% increase over 2021 and a 12.0% month-over-month increase from last month's sales.
During March the Veta Dorada plant continued working at its full 430 tpd production capacity.
The average selling price of gold per ounce in March was US$1,935/oz compared to US$1,725/oz in March 2021.
First quarter sales amounted to US$50.1 million compared to US$ 40.9 million in Q1-2021, a 22.5% increase.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b813a158-4e8f-4dc2-a259-cd73784a71f1
For 2022, the Corporation forecasted sales (2) in the range of $200-220 million representing an expected growth of 4 to 14% over 2021 production sales.
(1) Sales in US$ are converted in CA$ using the average monthly conversion rates
(2) Using opening 2022 gold price
ABOUT DYNACOR
Dynacor is a dividend-paying industrial gold ore processor headquartered in Montreal, Canada. The corporation is engaged in gold production through the processing of ore purchased from the ASM (artisanal and small-scale mining) industry. At present, Dynacor operates in Peru, where its management and processing teams have decades of experience working with ASM miners. It also owns a gold exploration property (Tumipampa) in the Apurimac department.
The corporation intends to expand its processing operations in other jurisdictions as well.
Dynacor produces environmental and socially responsible gold through its PX IMPACT? gold program. A growing number of supportive firms from the fine luxury jewelry, watchmakers and investment sectors pay a small premium to our customer and strategic partner for this PX IMPACT? gold. The premium provides direct investment to develop health and education projects for our artisanal and small-scale miner's communities.
Dynacor is listed on the Toronto Stock Exchange (DNG).
FORWARD-LOOKING INFORMATION
Certain statements in the preceding 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.
Shares Outstanding: 38 654 247
Website: http://www.dynacor.com
Twitter: http://twitter.com/DynacorGold
PDF available: http://ml.globenewswire.com/Resource/Download/8301758f-fd79-4d6e-9afe-b51b9015859d
CONTACT: For more information, please contact: Director, Shareholder Relations Dale Nejmeldeen Dynacor Gold Mines Inc. T: 514-393-9000 #230 E: investors@dynacor.com