A Message From The President 

Message from the President,

Dear Shareholders,
In early October 2016, we achieved a very important milestone for Dynacor when we poured our first gold Doré bar at our new modern efficient Veta Dorada plant located in Chala, in the heart of one of the most important gold producing regions of Peru. We finished the construction of the plant in May and the final stages of the permitting process followed quickly in step allowing us to begin operating the plant in September. No production or processing problems have been encountered and the plant met 100% of its design specifications. 

In 2016, we focussed our human and financial resources on finishing the construction and the start-up of our new Veta Dorada plant and therefore our exploration activities were limited. However, because of the very significant discoveries at Tumipampa during the 2013-2015 exploration campaign, including the discovery of a large Cu-Au porphyry, Dynacor doubled its land holdings at Tumipampa to 9,756 hectares. 

Management is currently looking at all the possible pathways to accelerate the development and valuation of this mineral rich property where we have discovered 4 types of mineralization: gold mineralized veins, a Cu-Au porphyry, a zone with disseminated gold and finally polymetallic skarn structures. 

Over the next 2-3 years Dynacor’s strategy for growth in ore processing will be articulated along two main paths:

a) We will focus on operating the most modern and efficient gold ore processing facility in Peru and I expect that by the end of 2017 we will be operating the plant between 300-360 tpd and will have produced close to 90,000 ounces of gold. This will propel Dynacor to the number one spot in terms of ore processing in Peru and make your Company a leading edge in terms of environmental performance and social responsibility. Further expansion, in 2018 and 2019, of our milling capacity to 450-600 tpd will be implemented in step with market conditions.

b) Dynacor will actively pursue new strategic partnerships and/or opportunities outside of Peru in ore processing. It will thus be able to leverage its unique know-how and expertise that it has acquired over the last 18 years working with artisanal and small scale miners and their communities.

Finally, I would like to personally thank our management both in Peru and in Canada as well as our more than 325 employees for their continued hard work and dedication which is much appreciated and will continue to be the motor of our growth. I would also like to thank our shareholders for their continued confidence in Dynacor’s management team and the Board of Directors. We will continue to strive to add value to your company. 

(S) Jean Martineau

President and CEO, Dynacor Gold Mines inc.

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