|December 01, 2004|
Dynasty Successfully Re-Negotiates Contract Commitments in NW China
|Vancouver, Canada: Dynasty Gold Corp. (TSX-V DYG) ("Dynasty" or the "Company") is pleased to announce that it has negotiated a new agreement with their joint-venture partner, Xinjiang Non-Ferrous Geological Exploration Bureau (XNF), which relaxes the time commitment for financial contributions. |
Previously under the terms of the contract, the Company was obligated to contribute $12M USD to the joint venture within 30 months of receiving its business license, with an initial contribution of 15% or $1.8M which has been utilized for exploration on the Hatu project. To date, exploration has included drilling 22 holes, trenching, geophysical and geochemical surveys. (See Dynasty Press release November 15, 2004)
The Company has received a waiver from its joint-venture partner stating, "XNF hereby agrees that Dynasty Gold Corp. may pay contributions to the registered capital based on the progress of the exploration program run by the JV Company, and that it is not obligated to pay in full such contribution within the said thirty months."
Brian McEwen, President of Dynasty states, "This agreement is significant, as it allows the company to move ahead with the evaluation and exploration of a large, prospective land package without the pressure of having to make a large capital contribution, but rather continue to use good exploration practices and make expenditures as required. The new agreement also demonstrates our partner's commitment to the joint venture."
Dynasty is currently formalizing legal requirements to effect the new agreement which is expected to be completed in three to four weeks.
Brian McEwen, PGeol. and President for Dynasty, is the qualified person, (QP) for the Hatu project under the requirements of NI 43-101.
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.
"Brian R. McEwen"
Brian R. McEwen, 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.
You can view the Next News item: Tue Dec 7, 2004, Press Release 04-28
You can view the Previous News item: Mon Nov 15, 2004, Dynasty's Exploration Delineates Significant Gold in NW China
You can return to the main News page, or press the Back button on your browser.