Vancouver, British Columbia (FSCwire) - Dynasty Gold Corp. (TSX-V: DYG) (FWB: D5G) (OTC: DGDCF) ("Dynasty" or the "Company") is pleased to announce that subject to the Exchange’s approval, it has completed a non-brokered private placement of 1,775,000 units for gross proceeds of $355,000. Each unit consists of one common share at $0.20, and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at $0.30 for the first year and at $0.40 for the second year from closing. The Company shall have the right to call the outstanding Warrants for expiry upon 30 days notice in the event that the closing price of the common shares of the Company on the TSX-V is above $0.50 for 10 consecutive trading days. The units issued under the private placement are subject to a four-month hold period from the date of closing.

 

The Company will use the proceeds of the private placement to fund exploration programs on the Thundercloud property in Ontario and the Golden Repeat property in Nevada, and for general working capital.

 

The Company also welcomes Robert (Bob) Gallagher to the Advisory Board. “It is with great pleasure that I welcome Bob back to the Company joining the Advisory Board,” stated Ivy Chong, President and CEO. “Bob’s reputation and experience in the mining industry is invaluable to the Company as we start an exploration program on the newly optioned Thundercloud gold property from Teck Resources Ltd., located on the well-known Greenstone Gold belt in Northwestern Ontario.”

 

A mining veteran with over 35 years experience in mine development and operations, Mr. Gallagher’s most recent position was the Chief Executive Officer of New Gold where he was responsible for putting New Gold’s Rainy River Mine into production.  Bob negotiated and signed multiple agreements with the First Nations in the area, and his skills in negotiating and reaching agreements are highly regarded in the industry.  Dynasty’s Thundercloud property is located about 75 kilometres north-northeast of the Rainy River Mine.

 

Mr. Gallagher currently sits on the BC Hydro Board, is a director of Yamana Gold Inc. and Capstone Mining Corp. among others.  Bob was awarded the 2014 E. A. Scholz Award for excellence in mine development by The Association for Mineral Exploration British Columbia (AME BC).

 

The Company’s current advisory board consists of Messrs. R. Stuart (Tookie) Angus, Roman Shklanka, and Ted Muraro.

 

About Thundercloud Property in Ontario, Canada

 

The Thundercloud Property consists of 2,250 hectares, located 47 kilometres southeast of Dryden, in the central Wabigoon greenstone belt in Western Ontario. The geological setting is analogous to the Abitibi belt in Eastern Ontario but Thundercloud is much less explored. Close to 30 M oz of gold has been discovered in the area in recent years.  Two main zones were identified on the Property, the Pelham Zone and West Contact Zone.  Pelham Zone hosts an initial resource estimate of 300,000 oz of gold (not NI43-101 complaint). Trench samples collected from the West Contact Zone during the 2006/2007 exploration campaign returned between 1.0-9.8 g/t gold, including 8.02 g/t gold over 39.0 m and 89.4 g/t gold over 3.0 m. Little follow up work was done in this area.

 

About Golden Repeat Property in Nevada, USA

 

The Company’s 100-percent owned Golden Repeat Property consisting of 49 claims is located in the Elko County, in the most prolific Midas region of Nevada. The Property is about 10 miles west-southwest of Klondex's Midas mine and 22 miles west-northwest of Klondex’s Hollister mine. These claims host many geological similarities to the well-known Midas Gold District.

 

About Dynasty Gold Corp.

 

Dynasty Gold Corp. is a Canadian gold exploration company currently focused on gold exploration in North America.  For more information on the Company and its projects, please refer to the website www.dynastygoldcorp.com.

 

ON BEHALF OF THE BOARD OF

DYNASTY GOLD CORP.

 

“Ivy Chong”

_________________________________

Ivy Chong, President & CEO

For additional information please contact:

Vancouver Office:

Ivy Chong

Phone: 604.633.2100. Email: ichong@dynastygoldcorp.com

 

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.

To view the associated document to this release, please click on the following link:
public://news_release_pdf/DynastyGold02282018.pdf

To view the original release, please click here

Source: Dynasty Gold Corp. (TSX Venture:DYG, OTC Pink:DGDCF, FWB:D5G)

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