Dynasty Gold Announces a Private Placement to Raise $1,665,000
16 Maio 2011 - 10:30AM
Marketwired
Dynasty Gold Corp. (TSX VENTURE: DYG)(FRANKFURT: D5G) ("Dynasty" or
the "Company") announces that it plans to complete a non-brokered
private placement of up to 18,500,000 units at a price of $0.09 per
unit for gross proceeds of $1,665,000. Each unit consists of one
common share and one common share purchase warrant. Each common
share purchase warrant entitles the holder to purchase one common
share at $0.12 for two years from closing. The Company will have
the right to call the outstanding Warrants for expiry upon 30 days
notice in the event that the closing price of the common shares of
the Company on the TSX-V is above $0.25 for 10 consecutive trading
days. Finder's fees may be payable on portion of the private
placement. The units issued under the private placement are subject
to four month hold period and the private placement is subject to
the approval of TSX Venture Exchange.
The Company will use the proceeds of the private placement to
fund exploration programs at the Golden Repeat property in Nevada
and the Opinaca D property in Quebec, and for general working
capital.
About Golden Repeat Property
The Golden Repeat property consists of 49 claims located on the
north slope of the Midas Trough, along the Carlin Trend, within the
Northern Nevada Rift. These claims host many geological
similarities to the well-known Midas Gold District. Ten miles to
the east of the property is Newmont's Ken Snyder mine (6.41 million
ounce gold reserves as of 2007 at over 14g/t), an epithermal,
bonanza-type gold-silver bearing system. Additionally, three major
sediment-hosted gold mines, Barrick's Getchell and Pinson Mines and
Newmont's Twin Creeks Mine, lie 10-15 miles west of the property.
Two distinct targets exist on the property. One is a
volcanic-hosted epithermal occurrence, similar to Newmont's Ken
Snyder deposit. The other is a sediment-hosted, gold mineralization
beneath the tertiary volcanic rocks. The property was drilled by
Goldfields in 1992 to 1994 and Romarco in 1997/1998. The most
recent work done on the property was in 2006.
About Opinaca D Property
The Opinaca D property consists of 188 claims over a surface
area of 98 km2. It is situated in the emerging Eleonore gold camp
in the James Bay region of Quebec, and sits on the Eastmain
Greenstone gold belt. The property is located about 14 km northwest
of Goldcorp's Eleonore deposit. The Eleonore deposit hosts over 3
million ounces of gold reserves at a grade of 7.56 g/t gold, and
over 4 million ounces of inferred resources at a grade of over 10
g/t gold.
Extensive surface exploration work done by Eastmain Resources
between 2005 and 2008 has identified a number of sediment-hosted
gold targets, similar to Goldcorp's Eleonore deposit in geological
setting. Twelve drill targets were identified by VTEM and four
coincided with significant geochemistry anomalies.
Goldcorp is currently investing $1.4 billion to build an
underground mine to produce 600,000 ounces of gold from 2014. The
Eleonore mine will contribute 22% of Goldcorp's total gold
production. Dynasty's Opinaca D property will benefit from
Goldcorp's infrastructure building in the area. In particular, a
planned 60 km road, providing access to the Eleonore property, will
directly crosscut the Opinaca D property. Major access to the
region includes a north-south paved highway (LG2) extending from
Matagami to Radisson.
About Dynasty Gold Corp.
Dynasty Gold Corp. is a Canadian gold exploration company
currently focused on gold exploration in North American. Two active
exploration programs in Nevada US and Quebec, Canada are underway.
For more information on the Company and its projects, please refer
to the website www.dynastygoldcorp.com.
ON BEHALF OF THE BOARD OF DYNASTY GOLD CORP.
Ivy Chong, President & CEO
This press release contains certain "forward-looking statements"
that involve a number of risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those
anticipated in such statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Dynasty Gold Corp. Ivy Chong President & CEO
604.633.2100 604.484.3559 (FAX) ichong@dynastygoldcorp.com
www.dynastygoldcorp.com
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