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| | September 10, 2004
Dynasty Acquires Wildhorse Gold Project in NW China
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| | Dynasty Gold Corp. (TSX-V DYG) ("Dynasty" or the "Company") is pleased to announce that further to its news release dated March 24, 2004, due diligence has been completed on the Wildhorse Gold Project, situated in Heicigou gold belt, Gansu Province, People's Republic of China.
As a result, the Company has elected to proceed with the acquisition of a 100% interest in Terrawest Mining Inc. ("TW Mining"), a private B.C. corporation, through a Share Purchase Agreement. This enables Dynasty to earn up to an 80% interest in the underlying Sino Foreign Cooperation Joint Venture ("Sino Joint Venture") with the No.2 Institute of Geological and Mineral Resource Survey and Development Bureau of Gansu Province ("Gansu Institute") which was formally signed between TW Mining and Gansu Institute on February 10th, 2004.
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The Wildhorse project, which covers a 3,000 km² area, is a known gold producer located in the northwest of the province along the Qinghai border, approximately 750 km from the provincial capital of Lanzhou. The gold typically occurs within discrete strata or quartz veins in Ordovician-aged volcanics and sediments that have been intruded by Silurian-aged granitic rocks emplaced along a deep-seated fault that bisects the project area. Gold has also been identified with many of the other lithological units in the prospect area.
The Wildhorse project area was the subject of a National Land and Resource Investigation Project conducted during the 1990's. In addition to remote sensing, the project involved geological, geochemical and geophysical surveys and resulted in the discovery of several gold and other mineral occurrences. Several ring structures typically associated with large gold deposits have been identified in the prospect area.
Initial exploration activities will include: (1) stream sediment sampling over an area of approximately 1,500 km²; (2) geological mapping of approximately 50 km² at a scale of 1:10,000; (3) trenching (approximately 30 km); (4) aditting (approximately 500 m); and (5) drill testing of promising targets.
Under the terms of the Share Purchase Agreement, Dynasty may acquire a 100% interest in TW Mining by issuing up to 6,000,000 shares to TW Mining which will be held in escrow, to be released under the provisions of the TSX Venture Exchange policies
Dynasty is a Canadian based junior resource company focused on acquiring, exploring and developing gold prospects in China.
ON BEHALF OF THE BOARD OF
DYNASTY GOLD CORP.
"Jonathan George"
Jonathan George
President
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 |
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