VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 14, 2016) - Dynasty Metals & Mining Inc. ("Dynasty" or the "Company") (DMM.TO)(DMMIF) announces that, as a result of its ongoing negotiations to resolve the work stoppage at the Zaruma Project, its subsidiary Elipe S.A. ("Elipe") reached an agreement with workers with the aim of financing a partial payment of their outstanding wages.
Under this agreement, workers were permitted to extract ore from the Zaruma mine for a 10 day period ending today. The material extracted will be processed at third party mills in Ecuador at the workers' risk and cost. Over the next few days, Elipe's staff members together with workers' representatives will monitor processing at such mills to ensure that mineralized material is processed effectively in accordance with industry standards in order to maximize purity, as well as subsequent sales of processed gold and silver in order to ensure that sales are completed on a commercially reasonable basis, and that net proceeds of such sales are fully applied towards outstanding wages."We are very pleased to announce this innovative agreement reached by Elipe with workers at the Zaruma mine and look forward to achieving favourable results that will assist in our efforts in restarting operations," commented Robert Washer, CEO of Dynasty. "We believe our good faith efforts at finding solutions for our workers and re-starting operations will contribute to resolving the labour interruption with workers and Government officials.
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This is simply wonderful. Proof if it were ever needed of the ability in junior mining world to take a desperate situation and spin it into a happy touchy feely story.
But thanks to "innovation" and this mondo bizarro NR we also know that a company that has no money, its workers on strike, no production and multi-millions in financial debt is about half way through a process to pay off part (not all) of what it owes to its workers. And before you ask, yes this is the same company that needs to pay around U$600,000 per month to Vertex beginning July 29th for eight months in succession, else be in default