Dynacor expands ore-processing business to Africa

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Dynacor Gold Mines Inc. [DNG-TSX], a leading ore purchasing and processing corporation servicing artisanal and small-scale miners (ASM), announced the completion of its due diligence phase to expand its ore-processing business to an international level by building an ore-processing pilot plant operation in Senegal, Africa.

At present, Dynacor produces precious metals and explores in Peru. In 2019, Dynacor produced 80,677 ounces of gold.

Based on the due diligence phase’s positive results, a new company to be created will move forward on the construction of a new ore-processing pilot plant in Senegal. In addition to executing complete tests of the plant operation, the new company will develop trusting working relationships with the ASMs and encourage their participation in our PX IMPACT® clean gold program.

This initiative expands on the successes of the previous due diligence phase, which began with the arrival of Dynacor’s technical team sent to evaluate the gold potential and ASM industry in February 2018. Starting with a pilot plant is an important step to laying the foundation for a more extensive full-scale operation.

Dynacor is to operate the plant and own the majority of the new company with 51% ownership. KN Equipments Inc. and FONSIS will hold the balance at 25% and 24%, respectively.

Three alluvial ASM properties in the state of Kedougou are part of the pilot plant program, Kharakhena, Tinkoto and Bantaco.

In addition to the three ASM properties, there are 20 other significant ASM areas, including seven sites at Kharakhena, eight sites at Tinkoto and five sites at Bantaco. There is a high probability that they will supply gold ore to Dynacor.

KN Equipements is based in Rouyn-Noranda, Quebec and specializes in the design, manufacturing and distribution of mining equipment. KN Equipements has been operating in the West African market since 2008 and is currently building a manufacturing and equipment distribution centre for the mining sector in eastern Senegal.

FONSIS (Fonds Souverain d’Investissements Stratégiques) of Sénégal, is a limited liability company, an investment holding with a capital of FCFA 3 billion, entirely owned by the Republic of Senegal.

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