Click here to close now.

Welcome!

.NET Authors: Trevor Parsons, Andreas Grabner, Jason Bloomberg, Pat Romanski, Elizabeth White

News Feed Item

Dynasty Reports Financial Results for the Three and Nine Months Ended September 30, 2012

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/15/12 -- Dynasty Metals & Mining Inc. (TSX:DMM)(OTCQX:DMMIF) ("Dynasty" or the "Company") announces that it has released its consolidated financial statements for the three and nine months ended September 30, 2012. The selected financial information presented herein is qualified in its entirety by, and should be read in conjunction with, the Company's unaudited condensed interim consolidated financial statements as at and for the three and nine months ended September 30, 2012 and the related notes thereto and the Company's management's discussion and analysis, which are available on the Company's website (www.dynastymining.com) and on SEDAR (www.sedar.com).

All dollar amounts in United States dollars unless otherwise stated.

The following tables show selected comparative consolidated financial information as at and for the three and nine months ended September 30, 2012 and September 30, 2011.


Condensed Interim Consolidated Statements of Financial Position, as at:

                                 September 30        June 30    December 31
(Unaudited)                              2012           2012           2011
---------------------------------------------------------------------------
                                                                           
ASSETS                                                                     
Current assets                                                             
                                                                           
  Cash and cash equivalents      $    771,389   $  1,143,750   $  6,238,514
  Receivables                         113,249        163,570         53,479
  Prepaid expenses                    456,679        389,547        394,450
  Inventory                         3,852,960      4,503,902      4,575,976
                                 ------------------------------------------
                                    5,194,277      6,200,769     11,262,419
Advances and deposits                 369,506        251,433         76,688
Mine properties, plant and                                                 
 equipment                         53,036,555     52,413,848     52,109,644
Exploration and evaluation                                                 
 properties                        13,141,104     13,080,467     11,993,371
                                 ------------------------------------------
                                                                           
                                 $ 71,741,442   $ 71,946,517   $ 75,442,122
---------------------------------------------------------------------------
---------------------------------------------------------------------------
                                                                           
LIABILITIES AND SHAREHOLDERS'                                              
 EQUITY                                                                    
Current liabilities                                                        
  Accounts payable and accrued                                             
   liabilities                   $  4,914,314   $  3,724,454   $  4,870,324
Provision for closure and                                                  
 restoration                        1,308,158      1,295,687      1,270,746
                                 ------------------------------------------
                                    6,222,469      5,020,141      6,141,070
                                 ------------------------------------------
Shareholders' equity                                                       
  Capital stock                    89,059,365     89,059,365     89,059,365
  Contributed surplus              13,477,683     13,377,179     12,848,842
  Deficit                         (37,018,078)   (35,510,168)   (32,607,155)
                                 ------------------------------------------
                                   65,518,970     66,926,376     69,301,052
                                 ------------------------------------------
                                                                           
                                 $ 71,741,442   $ 71,946,517   $ 75,442,122
---------------------------------------------------------------------------
---------------------------------------------------------------------------


Condensed Interim Consolidated Statements of Income (Loss) and
Comprehensive Income (Loss):

---------------------------------------------------------------------------
---------------------------------------------------------------------------
                                For the     For the     For the     For the
                                   nine        nine       Three       Three
                                 Months      Months      Months      Months
                                  Ended       Ended       Ended       Ended
                              September   September   September   September
(Unaudited)                     30 2012     30 2011     30 2012     30 2011
---------------------------------------------------------------------------
                                                                           
EXPENSES                                                                   
  Amortization and                                                         
   accretion                $   427,455 $   422,568 $   214,128 $   114,428
  Management fees               342,256     185,916     125,188      62,398
  Office and general          1,925,279   1,933,744     668,007     549,420
  Professional fees             638,016     720,451     155,535     354,445
  Shareholder communication      64,783      45,323      20,600       8,519
  Stock-based compensation      628,841     751,382     100,503     209,770
  Transfer agent and filing                                                
   fees                          45,522      57,207       1,753       6,751
  Travel and entertainment      225,498     364,568      57,179     211,767
                            -----------------------------------------------
                                                                           
                             (4,297,650) (4,481,159) (1,342,873) (1,517,498)
                            -----------------------------------------------
                                                                           
OTHER ITEMS                                                                
  Interest income                 2,154      11,645           -       3,062
  Foreign exchange gain                                                    
   (loss)                      (115,424)     35,404    (165,035)    (11,574)
                            -----------------------------------------------
                                                                           
                               (113,270)     47,049    (165,035)     (8,512)
                            -----------------------------------------------
                                                                           
Loss and comprehensive loss                                                
 for the period              (4,410,920) (4,434,110) (1,507,908) (1,526,010)
                                                                           
---------------------------------------------------------------------------
---------------------------------------------------------------------------
                                                                           
Troy ounces of gold sold       12,634(a)     16,086     3,178(a)      3,130
Troy ounces of silver sold     27,034(a)     64,549    11,615(a)     17,797
Total Sales(b)              $21,590,197 $25,878,934 $ 5,547,122 $ 5,108,780
---------------------------------------------------------------------------
---------------------------------------------------------------------------
(a) - Excludes approximately 1,300 ounces of gold and 4,000 ounces of      
 silver stolen from the Zaruma plant on July 23, 2012 for which insurance  
 proceeds of approximately $2.2 million have been recovered.               
                                                                           
(b)- Since operations at the Company's Zaruma Gold Project are in the pre- 
 commercial phase, the proceeds from the sale of precious metals, net of   
 production expenses and taxes, are credited to mine development costs and 
 not recorded in the Company's consolidated statements of operations as    
 permitted under International Financial Accounting Standards.             

Production and Sales

For the nine months ended September 30, 2012, the Company received proceeds of $21.6 million from the sale of approximately 12,600 ounces of processed gold and 27,000 ounces of processed silver derived from intermittent operations at its processing plant in Zaruma while continuing testing and making improvements to the facility. In addition, during the three months ended September 30, 2012 the company received insurance proceeds of $2.2 million relating to approximately 1,300 ounces of gold and 4,000 ounces of silver that was stolen from the Zaruma plant during an armed robbery on July 23, 2012.

The installation of the gravity concentration circuit at the Zaruma processing plant has now been completed. The gravity concentration circuit increases the efficiency and recovery from the plant and by using the Falcon concentrator allows the Company to produce dore from concentrate on site rather than having to ship concentrate to a third party to be processed. The benefit of this circuit is expected to become increasingly important once the "Cabo de Hornos" mine has been dewatered (see discussion below) and the Company has access to higher grade material for mining.

Small Mining Licenses

On October 16, 2012 the Company announced that it had been granted small scale mining licenses for five concessions at its Zaruma Gold Project.

These five concessions are the focus of the Company's current mine development plans at Zaruma. Under the current Mining Law of Ecuador such licenses permit the Company to mine up to 300 tonnes per day from each concession at a royalty of 3%, payable to the Ecuador government, and no windfall tax on the extraction and sale of precious metals. Other corporate taxes are unaffected.

Mining

The Company is developing three separate mines, of which one mine, "Cabo de Hornos", currently supplies the majority of material to the plant for processing. A significant proportion of material processed to date has been excavated during mine development and is not part of the Company's estimated resource set out in its Technical Reports on the Zaruma Gold Project.

During the second quarter of 2012, as the declines at "Cabo de Hornos" progressed to further depths to access the higher grade material it became necessary to commence dewatering the lower levels of Dynasty's mine as well as the adjacent area. A primary cause of the accumulation in the water is believed to be the existence of the old abandoned mine workings in close proximity at the current level. Once the declines get beneath the level of the old mine workings the water intake to the mine is expected to subside. This dewatering process resulted in a decrease in both the tonnage and grade of material that has, and continues to be, accessible to mine.

Recently, the Company successfully dewatered the southern decline at "Cabo de Hornos" and has recommenced decline development in this area to gain access to the region where the higher grade material is believed to reside. The Company expects to have dewatered the northern decline at "Cabo de Hornos" in due course.

Liquidity

As at September 30, 2012, the Company had approximately $2.1 million in cash and gold dore available for sale, compared to approximately $9.0 million as at December 31, 2011.

The majority of the proceeds from the sale of precious metals continue to be re-invested in the Zaruma Gold Project to continue the advancement of the three declines and develop the project towards commercial production. The cash provided from gold and silver sales has allowed for the continued development of the project without the need for equity financing and further dilution to shareholders. As at June 30, 2012 the Company had 42.5 million shares outstanding and, with the exception of the exercise of incentive stock options, has not undertaken an equity financing since April, 2010.

Subsequent to September 30, 2012, and up to the date of this report, the Company produced and exported dore bars containing approximately 2,500 ounces of gold and 6,400 ounces of silver of which 1,766 ounces of gold and 3,400 ounces of silver have been sold to date for aggregate proceeds of approximately $3.2 million. The balance of the unsold gold of approximately 730 ounces, with a market value of approximately $1.3 million, is expected to be sold in the coming week.

Furthermore, on November 9, 2012 the Company received proceeds of $600,000 from entering into a loan agreement with a local Ecuadorian bank. The Loan is secured by the Company owned office premises in Quito.

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 the producing Zaruma Gold Project, the advanced-stage Jerusalem Project, and a highly prospective exploration project, the Dynasty Copper-Gold Belt, which includes the advanced-stage Dynasty Goldfield.

For further information regarding the Company's Zaruma project readers should refer to the Company's Independent Technical Report entitled "Independent Preliminary Assessment - Zaruma Project - El Oro Province" dated August 21, 2006, available on SEDAR at www.sedar.com.

For further information please visit the Company's website at www.dynastymining.com.

Forward-Looking Statements

This news release contains statements which are, or may be deemed to be, "forward-looking statements" which are prospective in nature, including, without limitation, statements regarding Dynasty's future plans, the expected benefits derived from the utilization of new equipment, and expectations relating to the Cabo de Hornos mine. Forward-looking statements are not based on historical facts, but rather on then current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which the Company operates, including assumptions that the Company will be able to continue its progress in respect of its mines as planned, that the Falcon concentrator will be installed as described, that the Company will continue to sell processed gold and silver at levels that allow it to fund the continued development of its mining projects, and that the Company's equipment will operate at expected levels. Often, but not always, forward-looking statements can be identified by the use of forward-looking words such as "plans", "expects" or "does not expect", "is expected", "scheduled", "estimates", "forecasts", "projects", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved.

Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause Dynasty's actual results, revenues, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Important risks that could cause Dynasty's actual results, revenues, performance or achievements to differ materially from Dynasty's expectations include, among other things: (i) risks related to being an early stage producer; (ii) risks related to Dynasty's lack of history in producing metals from Dynasty's mineral exploration properties and its ability to successfully establish mining operations or profitably produce precious metals; (iii) that Dynasty will be unable to successfully negotiate agreements with the holders of surface rights on areas covered by Dynasty's project concessions; (iv) changes in the market prices of gold, silver, and other minerals, which, in the past, have fluctuated widely and which could affect the profitability of Dynasty's operations and financial condition; (v) risks related to governmental regulations, including taxation statutes; (vi) risks related to Dynasty's primary properties being located in Ecuador, including political, economic, and regulatory instability; (vii) uncertainty in Dynasty's ability to obtain and maintain certain permits necessary to the Company's current and anticipated operations and risks disclosed in Dynasty's Annual Information Form for the year ended December 31, 2011 and other filings which are available on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com. Other than in accordance with its legal or regulatory obligations, Dynasty is not under any obligation and Dynasty expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable securities law.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
We certainly live in interesting technological times. And no more interesting than the current competing IoT standards for connectivity. Various standards bodies, approaches, and ecosystems are vying for mindshare and positioning for a competitive edge. It is clear that when the dust settles, we will have new protocols, evolved protocols, that will change the way we interact with devices and infrastructure. We will also have evolved web protocols, like HTTP/2, that will be changing the very core of our infrastructures. At the same time, we have old approaches made new again like micro-services...
Operational Hadoop and the Lambda Architecture for Streaming Data Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, representing a model of how to analyze rea...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile devices as well as laptops and desktops using a visual drag-and-drop application – and eForms-buildi...
Docker is an excellent platform for organizations interested in running microservices. It offers portability and consistency between development and production environments, quick provisioning times, and a simple way to isolate services. In his session at DevOps Summit at 16th Cloud Expo, Shannon Williams, co-founder of Rancher Labs, will walk through these and other benefits of using Docker to run microservices, and provide an overview of RancherOS, a minimalist distribution of Linux designed expressly to run Docker. He will also discuss Rancher, an orchestration and service discovery platf...
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch of Docker's initial release in March of 2013, interest was revved up several notches. Then late last...
SYS-CON Events announced today that Dyn, the worldwide leader in Internet Performance, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Dyn is a cloud-based Internet Performance company. Dyn helps companies monitor, control, and optimize online infrastructure for an exceptional end-user experience. Through a world-class network and unrivaled, objective intelligence into Internet conditions, Dyn ensures traffic gets delivered faster, safer, and more reliably than ever.
CommVault has announced that top industry technology visionaries have joined its leadership team. The addition of leaders from companies such as Oracle, SAP, Microsoft, Cisco, PwC and EMC signals the continuation of CommVault Next, the company's business transformation for sales, go-to-market strategies, pricing and packaging and technology innovation. The company also announced that it had realigned its structure to create business units to more directly match how customers evaluate, deploy, operate, and purchase technology.
In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect at GE, and Ibrahim Gokcen, who leads GE's advanced IoT analytics, focused on the Internet of Things / Industrial Internet and how to make it operational for business end-users. Learn about the challenges posed by machine and sensor data and how to marry it with enterprise data. They also discussed the tips and tricks to provide the Industrial Internet as an end-user consumable service using Big Data Analytics and Industrial Cloud.
Performance is the intersection of power, agility, control, and choice. If you value performance, and more specifically consistent performance, you need to look beyond simple virtualized compute. Many factors need to be considered to create a truly performant environment. In his General Session at 15th Cloud Expo, Harold Hannon, Sr. Software Architect at SoftLayer, discussed how to take advantage of a multitude of compute options and platform features to make cloud the cornerstone of your online presence.
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
Even as cloud and managed services grow increasingly central to business strategy and performance, challenges remain. The biggest sticking point for companies seeking to capitalize on the cloud is data security. Keeping data safe is an issue in any computing environment, and it has been a focus since the earliest days of the cloud revolution. Understandably so: a lot can go wrong when you allow valuable information to live outside the firewall. Recent revelations about government snooping, along with a steady stream of well-publicized data breaches, only add to the uncertainty
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
PubNub on Monday has announced that it is partnering with IBM to bring its sophisticated real-time data streaming and messaging capabilities to Bluemix, IBM’s cloud development platform. “Today’s app and connected devices require an always-on connection, but building a secure, scalable solution from the ground up is time consuming, resource intensive, and error-prone,” said Todd Greene, CEO of PubNub. “PubNub enables web, mobile and IoT developers building apps on IBM Bluemix to quickly add scalable realtime functionality with minimal effort and cost.”
The Internet of Things (IoT) is rapidly in the process of breaking from its heretofore relatively obscure enterprise applications (such as plant floor control and supply chain management) and going mainstream into the consumer space. More and more creative folks are interconnecting everyday products such as household items, mobile devices, appliances and cars, and unleashing new and imaginative scenarios. We are seeing a lot of excitement around applications in home automation, personal fitness, and in-car entertainment and this excitement will bleed into other areas. On the commercial side, m...
Every innovation or invention was originally a daydream. You like to imagine a “what-if” scenario. And with all the attention being paid to the so-called Internet of Things (IoT) you don’t have to stretch the imagination too much to see how this may impact commercial and homeowners insurance. We’re beyond the point of accepting this as a leap of faith. The groundwork is laid. Now it’s just a matter of time. We can thank the inventors of smart thermostats for developing a practical business application that everyone can relate to. Gone are the salad days of smart home apps, the early chalkb...
Sensor-enabled things are becoming more commonplace, precursors to a larger and more complex framework that most consider the ultimate promise of the IoT: things connecting, interacting, sharing, storing, and over time perhaps learning and predicting based on habits, behaviors, location, preferences, purchases and more. In his session at @ThingsExpo, Tom Wesselman, Director of Communications Ecosystem Architecture at Plantronics, will examine the still nascent IoT as it is coalescing, including what it is today, what it might ultimately be, the role of wearable tech, and technology gaps stil...
With several hundred implementations of IoT-enabled solutions in the past 12 months alone, this session will focus on experience over the art of the possible. Many can only imagine the most advanced telematics platform ever deployed, supporting millions of customers, producing tens of thousands events or GBs per trip, and hundreds of TBs per month. With the ability to support a billion sensor events per second, over 30PB of warm data for analytics, and hundreds of PBs for an data analytics archive, in his session at @ThingsExpo, Jim Kaskade, Vice President and General Manager, Big Data & Ana...
In the consumer IoT, everything is new, and the IT world of bits and bytes holds sway. But industrial and commercial realms encompass operational technology (OT) that has been around for 25 or 50 years. This grittier, pre-IP, more hands-on world has much to gain from Industrial IoT (IIoT) applications and principles. But adding sensors and wireless connectivity won’t work in environments that demand unwavering reliability and performance. In his session at @ThingsExpo, Ron Sege, CEO of Echelon, will discuss how as enterprise IT embraces other IoT-related technology trends, enterprises with i...
When it comes to the Internet of Things, hooking up will get you only so far. If you want customers to commit, you need to go beyond simply connecting products. You need to use the devices themselves to transform how you engage with every customer and how you manage the entire product lifecycle. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, will show how “product relationship management” can help you leverage your connected devices and the data they generate about customer usage and product performance to deliver extremely compelling and reliabl...