New Ecuador Gold Mine
Robert Washer, president and CEO, Dynasty Metals & Mining on Business News Network April 17
We will be the first in history of Ecuador to build gold mine, producing Q1 2008. In this project we have 2.5 million ounces at 13g/tonne, plus silver. We have 100 square kilometers concessions, only 3 kilometers have current reserves. We have $10 million in the bank right now, want to raise another $10 million, people are offering both debt and equity. In the next few months we feel that we will finance rest of $10 million. We have started construction, site infrastructure, tailing dams
New Ecuador Royalties?
Not really concerning. Maybe concessions equal to Peru. We have built into our projects, just two main projects, $750 million surplus. A small royalty in our projects would not stop our decision-making, would go ahead anyways. Also we have Dynasty Gold Belt, 1 million ounce resource there, open cut at 5g, very high grade, that will be huge.
Other Ecuadorian Projects
Just found what we believe to be new gold field at Copper Duke, have high grade gold right at surface, on and off 15 square kilometers, 2 drill holes right now, a lot of samples go >5g right at surface. Ecuador is like Australia 7 years ago because no one is there! We were one of the first in Ecuador. Underexplored.
Back when it was $260, only about 5 companies, now 40 companies and growing. Majors are coming too. This year and next year will be big burn, look at Peru and Chile and how they bloomed.
We have operating cost in our economic studies of <$200/oz. We can make a lot of money from gold. Right now we are valued at $25/oz in the ground. Operating companies are valued up to $200/oz in the ground; lot of opportunity to make profit and increase share price.
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