DynaResource Consolidates Legal Claims Against Goldgroup to Mexico
IRVING, TX--(Marketwired - Mar 12, 2014) - (OTCQB: DYNR) --
DynaResource, Inc., ("DynaUSA") along with DynaResource de México
SA de C.V. ("DynaMéxico"), the 100% owner of the San Jose de Gracia
Project in Sinaloa State, México (collectively, the "Dyna Parties")
announce plans to consolidate legal actions against Goldgroup
Mining, Inc. and Goldgroup Resources, Inc. (collectively,
"Goldgroup").
The Dyna Parties filed a petition against Goldgroup in the
District Court of Dallas, Texas seeking, among other things, that
Goldgroup be enjoined from: (1) using or disseminating DynaMéxico's
confidential information and property; (2) asserting that Goldgroup
owns a direct interest in the San Jose de Gracia Property; and, (3)
claiming that Goldgroup is the operator of the San Jose de Gracia
Project. Although Goldgroup challenged the jurisdiction of
Texas, Goldgroup has acknowledged that it owns no direct interest
in the San Jose de Gracia Property, and it has acknowledged that
Mineras de DynaResource SA de C.V. ("Mineras"), DynaUSA's 100%
owned subsidiary, is the exclusive operator of the San Jose de
Gracia Project. Additionally, recent developments in México,
including: (1) the signing of the Exploitation Amendment Agreement
("EAA") between Mineras and DynaMéxico; (2) the signing of a 20
year land lease agreement between Mineras and the Santa Maria Ejido
Community surrounding the San Jose de Gracia Project; and (3) the
acquisition by DynaUSA of a majority interest in DynaMéxico;
protect against Goldgroup's wrongfully obtaining and/or
disseminating confidential data and information of
DynaMéxico. These recent developments in México provide that
the Dyna Parties non-suit the Texas action without prejudice to
asserting or consolidating claims in México, as well as to
contemplate additional claims or regulatory actions against
Goldgroup in Canada.
Previously, the Dyna Parties have filed claims against
Goldgroup in México, including, without limitation, claims for
theft of confidential data and property of DynaMéxico, claims for
issuing misleading and inaccurate disclosures and, claims related
to Goldgroup's asserting that it owns interests that it does not
own.
No claims against Goldgroup have been retracted by the Dyna
Parties; rather the Dyna Parties have consolidated claims to
México. The Dyna parties will continue to vigorously pursue
all claims and potential damages against Goldgroup in México, as
well as to contemplate additional claims or regulatory actions
against Goldgroup in Canada.
Mineras - Exclusive Operating Entity at San Jose de Gracia
(DynaUSA Owns 100% of Mineras)
Under the provisions of Operating Agreements between Mineras de
DynaResource S.A de C. V. ("Mineras") and DynaMéxico, including the
Exploitation Amendment Agreement dated May 15, 2013 ("EAA");
Mineras is named the exclusive operating entity at the SJG Project.
Under the provisions of the EAA, Mineras is granted the rights to
finance, operate, maintain, explore and exploit the SJG
Property. (See DynaUSA news release dated June 21,
2013.) DynaUSA owns 100% of Mineras.
DynaMéxico Ownership - DynaUSA owns 80%
At a DynaMéxico shareholder meeting, held on the second call for
shareholder's meeting on May 17, 2013 in Mazatlan, Sinaloa, México,
the attending shareholders unanimously approved the issuance of 300
Series B Shares of Variable Capital of DynaMéxico to DynaUSA in
exchange for the settlement of accounts payable by DynaMéxico to
DynaUSA. After the issuance and receipt of the 300 Series B Shares,
DynaUSA holds 80% of the total outstanding Capital of DynaMéxico.
(See DynaUSA news release dated June 24, 2013.)
Mineras - 20 Year Land Lease Agreement
On January 6, 2014, Mineras entered into a 20 year land lease
agreement (The "20 Year Land Lease") with the Santa Maria Ejido
Community ("SJG Ejido") surrounding SJG.
The 20 Year Land Lease continues through 2033. It covers an
area of 4,399 hectares surrounding the main mineral resource areas
of SJG, and provides for annual lease payments by Mineras of
$1,359,443 Pesos (approx. $104,250 USD), commencing in 2014.
Additionally, under the description of the 20 Year Land Lease,
Mineras expects to construct a Medical Facility at SJG in year
2014, and a Community Center in year 2015. (See DynaUSA News
Release dated January 13, 2014.)
DynaMéxico - Mining Permit
(Permission to Exploit and conduct mining activities at the San
Pablo Area of San Jose de Gracia; Issued by the Federal
Environmental Authority in México-SEMARNAT)
On September 30, 2013, DynaMéxico received from the Secretaria
de Medio Ambiente Y Recursos Naturales, the Federal Environmental
Authority in México ("SEMARNAT"), the approval and permission which
allows for the exploitation and mining activities at the San Pablo
Area of SJG ("the Semarnat-SJG San Pablo Exploitation
Permit"). Under the terms of the Semarnat-SJG San Pablo
Exploitation Permit, DynaMéxico is restricted to conducting
exploitation activities within the San Pablo Area of SJG (as
defined in the Map of the San Pablo area as submitted to
Semarnat). (See DynaUSA News Release of October 3, 2013).
DynaMéxico - Pilot Mill Permit
(Permission to Operate Pilot Mill Facility at SJG; Issued by the
Federal Environmental Authority in México-SEMARNAT)
On June 17, 2013 DynaMéxico received from "SEMARNAT", the
approval and permission which allows for the rehabilitation and
operation of the pilot mill facility at SJG ("the Semarnat-SJG Mill
Permit"). Under the terms of the Semarnat-SJG Mill Permit,
DynaMéxico is responsible to maintain the SJG pilot mill facility,
and including the adjacent tailings pond area, in compliance with
the regulations described in la Norma Oficial Mexicana
("NOM-141-SEMARNAT-2003"). (See DynaUSA news release dated June 28,
2013.)
Mineras - Mine Plan and Mill Operations (Pilot Operations)
Mineras is conducting operations at SJG according to internally
developed mine plans and through the internally designed SJG Pilot
Mill Facility which was operated during the 2003-2006 period. There
is no preliminary economic assessment report completed for SJG so
the precise cutoff grade for underground mining has not yet been
determined. The operations are being funded internally by Mineras
and DynaUSA. The mine plan was developed from the block model of
resources as defined in the DynaMéxico NI 43-101 Mineral Resource
Estimate ("See Current NI 43-101 Mineral Resource Estimate for
SJG", below); and from the analysis of underground mining works
conducted in 2003-2006. The operations at SJG are managed by Keith
W. Brogoitti, Vice-President of México Operations for DynaUSA.
Mineras has rehabilitated the San Pablo Mine area of SJG, and has
refurbished the SJG Pilot Mill Facility and Mineras operatives will
be delivering mineralized material mined from San Pablo to the SJG
Mill Facility for subsequent processing and metallurgical testing.
The SJG Pilot Mill Facility (a gravimetric-flotation circuit) is
projected to process mineralized material from San Pablo in
operations similar to those conducted by DynaMéxico during the
2003-2006 Period. (See "DynaUSA-DynaMéxico" below.)
DynaUSA - DynaMéxico
DynaUSA (the "Company") is a Resource Investment and Management
Company based in Irving, Texas, with a current focus on the San
Jose de Gracia Project in Sinaloa México ("SJG"), targeting growth
in the defining and future production of predominately gold
resources. The Company formed DynaResource de México S.A. de C.V.
("DynaMéxico") in March 2000 specifically for the purpose of
acquiring and consolidating the SJG District; and it completed the
consolidation of the entire SJG District to DynaMéxico in 2003
(approx. 15 sq. km. at that time), with the exception of the San
Miguel Mining Concession (7 Hectares, for which DynaMéxico is
proceeding towards accomplishing the transfer of title to
DynaMéxico, under previously signed sale and purchase agreements).
During the period 2003-2006, DynaMéxico conducted pilot production
operations at the San Pablo area of SJG, reporting production
results of: 18,250 Oz. Gold sold; 42,000 tons mill feed; average
feed grades of 15-20 g/t Gold; and, average production costs of
less than $175./Oz. Gold.
DynaResource Management Team
In a prior news release dated May 15, 2013, the Company
announced: (1) the promotion of Dr. Jose Vargas Lugo to the
position of President of México Operations; and, (2) the
appointment of Mr. Keith W. Brogoitti to the position of
Vice-President of México Operations.
Dr. Vargas is a Mexican National, has worked with DynaResource
for over 12 years, and is an integral part of all operations in
México. Mr. Brogoitti has held various management positions with
Ivanhoe Mines Ltd., Newmont, Bema Gold and Compañía Minera
Antamina; and He has worked as a technical consultant for Placer
Dome, Noranda, Compañía Minera Antamina, Kennecott, Phelps Dodge,
Asarco and BHP. Mr. Brogoitti has extensive international work
experience, including in Latin America.
In a prior news release dated September 19, 2013, DynaUSA
announced the appointment of Mr. Chad Mooney to the position of
Executive Vice President-Capital Markets. Mr. Mooney previously
built a top 10 business at Smith Barney, and he reported directly
to his mentor, Mr. Jamie Dimon, the current Chairman and CEO of JP
Morgan Chase.
In a prior news release dated January 29, 2014, the Company
announced the appointment of Mr. David S. Hall, CPA to the position
of Executive Vice-President and Chief Financial Officer of
DynaUSA. Mr. Hall was formerly the owner and CEO of the Hall
Group CPA's, a certified public accounting and auditing firm in
Dallas, Texas, which served as the public auditing firm for DynaUSA
since 2004.
Operator Mineras Accounts Receivable from DynaMéxico
As of March 10, 2014, Operator Mineras reports a current
accounts receivable from DynaMéxico of $2,545,000 USD.
DynaMéxico - President Holding General Powers of Attorney
The Chairman-CEO of DynaUSA, who
also serves as the President of DynaMéxico, holds broad powers of
attorney ("POA's") for DynaMéxico which were granted and ratified
by the shareholders of DynaMéxico in several written acts of the
shareholders.
San Jose de Gracia ("SJG")
The San Jose de Gracia District, currently covering an area of
69,121 Hectares, is 100% owned by DynaResource de México, S.A. de
C.V. ("DynaMéxico"). DynaResource, Inc. ("DynaUSA") currently
holds 80% of the outstanding shares of DynaMéxico.
In excess of one million ounces gold was reportedly produced
from the SJG District in the early 1900's, originating from high
grade gold veins, including approximately 470,000 Oz. gold
reportedly produced from the La Purisima area of SJG at an average
gold grade of 66.7 g/t. In June 2010, the SJG Project was
recognized by the State of Sinaloa as the most significant Gold
Project in the State for the year 2010.
Current NI 43-101 Technical Report for DynaMéxico - SJG
DynaResource, Inc. received from DynaMéxico on March 28, 2012 a
National Instrument 43-101 ("NI 43-101") compliant Technical Report
for the San Jose de Gracia Project (the "2012 DynaMéxico Luna-CAM
SJG Technical Report", the "Technical Report"), and approved by
DynaMéxico, the 100% owner of SJG. The 2012 DynaMéxico
Luna-CAM SJG Technical Report was prepared by Mr. Ramon Luna, BS,
P.Geo., of Servicios y Proyectos Mineros, Hermosillo, México and a
Qualified Person as defined under NI 43-101; and by Mr. Robert
Sandefur, BS, MSc, P.E., a senior reserve analyst for Chlumsky,
Armbrust & Meyer LLC, Lakewood, CO., and a Qualified Person as
defined under NI 43-101. The 2012 DynaMéxico Luna-CAM SJG Technical
Report includes as Section Fourteen (14) a Mineral Resource
Estimate for SJG as prepared by Mr. Sandefur (the "2012
DynaMéxico-CAM SJG 43-101 Mineral Resource Estimate", and, the
"Mineral Resource Estimate"). The Company filed the Technical
Report on SEDAR (www.sedar.com) on March 28, 2012.
The Company received from DynaMéxico on December 31, 2012, an
updated NI 43-101 compliant ("NI 43-101") Technical Report for the
San Jose de Gracia Project (the "Updated 2012 DynaMéxico Luna-CAM
SJG Technical Report, and the "Updated Technical Report"). The
Updated Technical Report was approved by DynaMéxico, and filed by
the Company with SEDAR on December 31, 2012. (See DynaUSA news
release dated January 10, 2013.)
Current NI 43-101 Mineral Resource Estimate for SJG
The 2012 DynaMéxico-CAM SJG Mineral Resource Estimate
concentrates on four separate main vein systems at SJG: Tres
Amigos, San Pablo, La Union, and La Purisima. The Mineral Resource
Estimate includes Indicated Resources at: (1) Tres Amigos of
893,000 tonnes with an average grade of 4.46 g/t, totaling 128,000
Oz. Au; and (2) San Pablo of 1,308,000 tonnes with an average grade
of 6.52 g/t, totaling 274,000 Oz. Au. The Mineral Resource Estimate
also includes an Inferred Resource of 3,953,000 tonnes in aggregate
for the four main vein systems, with an average grade of 5.83 g/t,
totaling 741,000 Oz. Au. The Effective Date of the 2012 DynaMéxico
Luna-CAM SJG Technical Reports and including the 2012
DynaMéxico-CAM SJG 43-101 Mineral Resource Estimate is February 6,
2012. The Mineral Resource Estimate is reported using a 2.0 g/t cut
off grade for underground mining. As of the Effective Date of the
Technical Reports and Mineral Resource Estimate, there is no
economic assessment report completed for SJG so the precise cutoff
grade for underground mining has not yet been determined.
On behalf of the Board of Directors of DynaUSA,
K.D. DIEPHOLZ; DynaResource, Inc;
Chairman and CEO
IMPORTANT CAUTIONARY NOTE REGARDING CANADIAN DISCLOSURE
STANDARDS
The Company is an "OTC Reporting Issuer" as that term
is defined in Multilateral Instrument 51-509, Issuers Quoted in
the U.S. Over-the-Counter Markets, promulgated by various
Canadian provincial Securities Commissions.
Accordingly, certain disclosure in this news release or other
disclosure provided by the Company has been prepared in accordance
with the requirements of securities laws in effect in Canada, which
differ from the requirements of United States securities laws. In
Canada, an issuer is required to provide technical information with
respect to mineralization, including reserves and resources, if
any, on its mineral exploration properties in accordance with
Canadian requirements, which differ significantly from the
requirements of the United States Securities and Exchange
Commission (the "SEC") applicable to registration statements and
reports filed by United States companies pursuant to the Securities
Act of 1933, as amended, or the Securities Exchange Act of 1934, as
amended. As such, information contained in this news release or
other disclosure provided by the Company concerning descriptions of
mineralization under Canadian standards may not be comparable to
similar information made public by United States companies subject
to the reporting and disclosure requirements of the SEC and not
subject to Canadian securities legislation. This news release or
other disclosure provided by the Company may use the terms
"measured mineral resources", "indicated mineral resources" and
"inferred mineral resources". While these terms are recognized and
required by Canadian regulations (under National Instrument 43-101,
Standards of Disclosure for Mineral Projects), the SEC
does not recognize them. United States investors are cautioned not
to assume that any part or all of the mineral deposits in these
categories will ever be converted to reserves. In addition,
"inferred mineral resources" have a great amount of uncertainty as
to their existence and economic and legal feasibility. It cannot be
assumed that all or any part of an inferred mineral resource will
ever be upgraded to a higher category. Under Canadian securities
legislation, estimates of inferred mineral resources may not form
the basis of feasibility or pre-feasibility studies, although they
may form, in certain circumstances, the basis of a "preliminary
economic assessment" as that term is defined in National Instrument
43-101, Standards of Disclosure for Mineral Projects. U.S.
investors are cautioned not to assume that part or all of an
inferred mineral resource exists, or is economically or legally
mineable.
CAUTIONARY NOTE REGARDING
FORWARD-LOOKING INFORMATION
This News release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934.
Certain information contained in this news release,
including any information relating to future financial or operating
performance may be deemed "forward-looking". All statements in this
news release, other than statements of historical fact, that
address events or developments that DynaResource expects to occur,
are "forward-looking information". These statements relate to
future events or future performance and reflect the Company's
expectations regarding the future growth, results of operations,
business prospects and opportunities of DynaResource. These
forward-looking statements reflect the Company's current internal
projections, expectations or beliefs and are based on information
currently available to DynaResource. In some cases
forward-looking information can be identified by terminology such
as "may", "will", "should", "expect", "intend", "plan",
"anticipate", "believe", "estimate", "projects", "potential",
"scheduled", "forecast", "budget" or the negative of those terms or
other comparable terminology. Certain assumptions have been
made regarding the Company's plans at the San Jose de Gracia
property. Many of these assumptions are based on factors and events
that are not within the control of DynaResource and there is no
assurance they will prove to be correct. Such factors include,
without limitation: capital requirements, fluctuations in the
international currency markets and in the rates of exchange of the
currencies of the United States and México; price volatility in the
spot and forward markets for commodities; discrepancies between
actual and estimated production, between actual and estimated
reserves and resources and between actual and estimated
metallurgical recoveries; changes in national and local governments
in any country which DynaResource currently or may in the future
carry on business; taxation; controls; regulations and political or
economic developments in the countries in which DynaResource does
or may carry on business; the speculative nature of mineral
exploration and development, including the risks of obtaining
necessary licenses and permits, diminishing quantities or grades of
reserves; competition; loss of key employees; additional funding
requirements; actual results of current exploration or reclamation
activities; changes in project parameters as plans continue to be
refined; accidents; labor disputes; defective title to mineral
claims or property or contests over claims to mineral
properties. In addition, there are risks and hazards
associated with the business of mineral exploration, development
and mining, including environmental hazards, industrial accidents,
unusual or unexpected formations, pressures, cave-ins, flooding and
gold bullion losses (and the risk of inadequate insurance or
inability to obtain insurance, to cover these risks) as well as
those risks referenced in the Annual Report for DynaResource
available at www.sec.gov. Forward-looking
information is not a guarantee of future performance and actual
results and future events could differ materially from those
discussed in the forward-looking information. All of the
forward-looking information contained in this news release is
qualified by these cautionary statements. Although DynaResource
believes that the forward-looking information contained in this
news release is based on reasonable assumptions, readers cannot be
assured that actual results will be consistent with such
statements. Accordingly, readers are cautioned against placing
undue reliance on forward-looking information. DynaResource
expressly disclaims any intention or obligation to update or revise
any forward-looking information, whether as a result of new
information, events or otherwise.
For further information on DynaUSA and DynaMexico, please
visit www.dynaresource.com or contact: Brad
J. Saulter, DynaUSA V.P. - Investor Relations K.D. Diepholz,
DynaUSA - Chairman / CEO DynaResource de Mexico S.A. de
C.V.-Presidente Mineras de DynaResource S.A. de C.V.-Presidente US.
Telephone: 972-868-9066
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