VANCOUVER, British Columbia, April  20, 2023  (GLOBE NEWSWIRE) -- Montreal-based Dynacor Group Inc (TSX:DNG), a dividend-paying international industrial gold ore processor, has reported increased gold sales for the month of March. The company recorded unaudited gold sales of US$19.5 million (CDN$26.7 million) for March 2023, an increase of 4.5% over the US$18.7 million (CDN$23.7 million) reported for March 2022.

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In March, the company received an average price of US$1,918 per ounce gold, compared to US$1,935 per ounce received in March 2022. Gold sales for the three months ended March 31, 2023 reached US$56.7 million (CDN$76.7 million), an increase of 13.2% over the US$50.1 million (CDN$63.5 million) reported for the comparable quarter in 2022.

Due to political unrest, mostly in southern Peru, for safety reasons the company postponed exports from mid-January 2023 until February, which resulted in monthly variations within the quarter.

Dynacor, an international gold ore industrial company, purchases ore from artisanal and small-scale miners which it processes at its Veta Dorada processing plant, strategically located fifteen minutes off the Pan American Highway near Chala in southern Peru. During March, the Veta Dorada plant processed 13,775 tonnes of ore for a total of 41,565 tonnes during the quarter.

The company recently announced its sales guidance for 2023 in the range of US$210 to US$235 million (CDN$284 to CDN$318 million), assuming gold remains between US$1,800 and $1,900 per ounce.

The company pays a monthly dividend, which was increased by 25% at the beginning of 2022 to CDN$0.10 per share annually and increased again effective January 2023 to CDN$0.12 annually.

The company owns 100% of the advanced stage Tumipampa gold exploration property in south central Peru’s Apurimac department. It also intends to expand its processing operations in other jurisdictions.

Dynacor, a founding partner in the PX IMPACT® gold program, produces environmental and socially responsible gold. A growing number of supportive firms from the fine luxury jewelry, watchmakers and investment sectors pay a small premium for this gold which provides direct investment to develop health and education projects for the artisanal and small-scale miner’s communities.

The shares are currently trading at $3.10 with 38.428 million shares outstanding. For more information, visit the company’s website www.dynacor.com, contact the company at 514-393-9000 ext 230 or by email at [email protected].

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