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Tuesday, 20th September 2005 (4255 views)

Sutter Gold Mining will be focussing more on its Californian gold mine when it sells three Ecuadorian concessions to Dynasty Metals & Mining.

These three concessions are situated in south Ecuador, an area that Dynasty already has projects in. Sutter will be selling 100 per cent of them to Dynasty for 30,000 shares of the company, although Sutter will retain a two per cent NSR royalty on the properties.

Half of this two per cent can be purchased by Dynasty at any time for an additional $500,000.

At present Dynasty owns 100 per cent of three gold mines, one of which is the Zaruma project that borders the interests it will purchase from Sutter.

The Zaurama project consists of 41 concessions and Dynasty's president, Robert Washer, leads the company's exploration team.

Sutter Gold mine is located east-southeast of Sacramento, California in the Mother Lode gold belt.

The deal between the two companies is subject to TSX Venture Exchange approval.

 

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