Dynasty Enters Into Revised Agreement To Spin-Off Copper Duke Gold/Copper Project To SBI
Under the terms of the revised agreement, SBI will now issue to the Company 58 million common shares and raise $6 million by way of private placement of 15 million common shares at $0.40 each. The other terms of the agreement announced on May 23, 2007 remain unchanged. As a consequence, upon closing, the Company will still own approximately 60% of the issued and outstanding shares of SBI and will have the right to nominate a majority of the SBI Board of Directors.
Company President, Rob Washer, commented: "We are pleased to be moving forward with SBI and wish to thank Ian Telfer and other SBI representatives for their continued enthusiasm for the project. Upon completion, we will be positioned to fast track our exploration plans at Copper Duke."
About Copper Duke
The Copper Duke project consists of 11 mineral concessions covering a number of gold and copper porphyry occurrences in an area of approximately 100 square kilometres. The project is located in Catacocha (Paltas) county, Province of Loja, Ecuador, approximately 60 kilometres south-west of La Toma, the nearest commercial airport.
To date, a major copper-gold porphyry complex, EL Huato, and an additional four porphyry copper systems and two gold targets have been identified. Of the porphyry copper systems, Loma Redonda is currently being explored, while three others, Rio Catamayo, Landaluma and Barbasco are at the prospecting stage. Both of the gold targets, Ningomine and El Palton, are being actively explored.
Rob Washer
President & Chief Executive Officer
About Dynasty Metals & Mining
Dynasty Metals & Mining Inc. is a Canadian based mining company involved in the exploration and development of mineral properties in Ecuador.
The Company has two advanced-stage projects, Zaruma, which is nearing production, and Jerusalem, as well as a highly prospective exploration project, the Dynasty Copper-Gold Belt, which includes the Dynasty Goldfield, the Copper Duke Project and the Marianna Joint Venture among other prospects.
For further information please visit the Company's website at http://www.dynastymining.com , or please contact
Dynasty Metals & Mining Inc.
Murray Oliver
Tel: (604) 687-0888
Email: (info @ dynastymining.com)
Brisco Capital Partners Corp.
Gordon Aldcorn
Tel: (403) 262-9888
Email: (Gordon @ briscocapital.com)
This news release includes "forward-looking information", as such term is defined in applicable securities laws. The forward-looking information includes, without limitation,the success of exploration activities and other similar statements concerning anticipated future events, conditions or results that are not historical facts. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward-looking information is inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among others, risks and uncertainties relating to exploration and development; the ability of the Company to obtain additional financing; the Company's limited operating history; the need to comply with environmental and governmental regulations; political and economic instability and general civil unrest in Ecuador; potential defects in title to the Company's properties; fluctuations in currency exchange rates; fluctuating prices of commodities; operating hazards and risks; competition; and other risks and uncertainties, including those described in the Company's Annual Information Form dated March 26, 2008 filed with the Canadian Securities Administrators and available at www.sedar.com. Accordingly, actual future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. All statements are made as of the date of this news release and the Company is under no obligation to update or alter any forward-looking information.
For more information on Dynasty Metals and Mining visit www.dynastymining.com or contact:
Dynasty Metals & Mining Inc.
Suite 270 - 666 Burrard Street
Vancouver, B.C. V6C 2X8
Phone: 604-687-0888
Fax: 604-687-0885
Email: (info @ dynastymining.com)
Author Information
Murray Oliver
Dynasty Metals and Mining
