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  | |   Site Photos | Technical Report
January 2009. The Sino-Foreign Joint Venture company formed between Dynasty Gold and the Gansu Qinqi Minerals Company Ltd has been unable to secure its business license. Without the corporate business license there is no security to the exploration licenses, and Dynasty Gold has therefore terminated all work on the Gansu project. The information below is historical in nature.
Wild Horse Project Highlights:
Dynasty Gold formed a 70%-30% Sino-Foreign Joint Venture (SJV) with Gansu Geological Brigade #2 in March of 2004 to explore in an Area of Mutual Interest of approximately 13,000 square kilometres. In 2005 the Geological Brigade formed an exploration company called Gansu Qinqi Minerals Company Ltd and SJV agreement was transferred to the new company. The business license for the SJV is pending. In February 2006 Dynasty announced that exploration at the Wild Horse property would be financed through a private placement offering to AngloGold Ashanti. AngloGold made a US$2 million investment in Dynasty, resulting in a 9% interest in the Company's outstanding shares. These funds will be spent on exploration at the Red Valley and Wild Horse projects. At any time AngloGold can initiate a further US$2 million expenditure directly into the project over one year, which will then allow them to begin earning into the SJV. A further US$3 million over two years will earn AngloGold 55% of Dynasty's joint venture interest.
Property Attributes The Wild Horse property is located approximately 220 km from the major city of Dunhuang and is access via local highway for 45km, followed by gravel road. Dunhuang is the largest city in the region and home to over 500,000 people with air, rail and road access. As with the Red Valley project in Qinghai, the Wild Horse project is part of the Qilian metallogenic belt that hosts several precious, base metal and VMS deposits. Previous work in the area by the Chinese partners includes geophysics, geochem sampling, trenching and drilling of one hole. The results of the work is summarized as:
There is an operating Antimony and Gold mine and several large placer Gold mines in the vicinity of the property. Geology and Mineralization
There are several known types of mineralization in the area of the properties, including structural and vein-hosted, porphyry and skarn. Exploration Norwest Corporation visited the Wild Horse property in 2004 and has completed an independent technical report under the guidelines of NI 43-101. Ian Perry PGeol is acting as the QP for the project. In the technical report, Norwest concluded that the Wild Horse licensed properties were considered to be properties of merit in accordance with the guidelines set out in NI 43-101
Exploration on the ground in Gansu commenced in the summer of 2005 with small a reconnaissance program. The goal of the program was to evaluate the greater than 2000 square kilometres of exploration licenses that were acquired in the spring of 2005. Several areas of interest were noted, in particular an alteration zone named Heicigou. Twenty surface samples were collected from this area and returned values up to 3.6 g/t (see Figure 6). Two regional reconnaissance exploration work programs were completed in the summer of 2006. The program included assessments of various areas of the property and follow-up on anomalies suggested by AngloGold Ashanti's analysis of ASTER satellite imagery. Over 350 samples were collected. A full-scale exploration program will commence following the receipt of the business license for the joint venture and AngloGold Ashanti has committed to funding the exploration that program.
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