Dynacor Gold Mines: Tumipampa NI 43-101 Report Published

MONTREAL, QUEBEC–(Marketwire – Feb. 23, 2012) – Dynacor Gold Mines Inc. (“Dynacor” or “the Company”) (TSX:DNG) is pleased to announce that it has recently published on SEDAR (www.sedar.ca) a National Instrument 43-101 technical evaluation report on its flagship Tumipampa property. The Report was prepared by Geologica Groupe-Conseil Inc of Val D’or, Quebec and recommends that following the encouraging results obtained in the recent drill programs 2008-2009 and 2010-2011 the Tumipampa property warrants a $US 8.6 million exploration and resource definition drilling program. The Report’s findings are briefly summarized below.

The 43-101 Technical Report reviews and summarizes all the exploration results that Dynacor Gold has obtained on it Tumipampa property. It also includes a review of the regional geological setting in this part of Peru that is currently seeing a growing exploration activity from mining companies, some of which are amongst the largest base and precious metals producers of the world (Xtrata-Las Bambas, Southern Perú-Los Chancas, Buenaventura, BHP Billiton, etc.).

The Report recommends that based on the favorable and encouraging results obtained to date a two phased exploration program be implemented by Dynacor. A detailed budget has been prepared that adds up to a total of $US 8.6 million – $US 5.0 million for Phase I and if warranted by the results of Phase I a budget of $US 3.6 million for Phase II.

Phase I consists of further surface exploration, diamond drilling and a cross cut excavation through the known epithermal vein structures in the southern part of the property as well as a diamond drilling campaign on the skarn mineralized Zone No.4. The suggested exploration program would specifically include:

1. A cross cut excavation from an adit and include drifts along the mineralized zones. This underground access and development would also permit better drilling precision, semi bulk sampling and would target the Rosa epithermal vein and the Manto Dorado structure Drilling data from 2008 found 6.33 g/t Au over 2.76 meters for the Rosa vein and 23.8 g/t Au over 1.2 meters and 12.8 g/t Au over 1.4 meters for the Manto Dorado structure;

2. Deep diamond drilling of the vein structures in order to verify the extensions (both lateral and at depth) of known auriferous mineralized veins and structures;
3. Surface exploration of the intrusive-limestone contact areas, detailed mapping and surface sampling to modelize and gain a better understanding of the geology and metallogeny of the property; and
4. Diamond drilling of Zone 4 of the skarn structure.

Depending on the results obtained in the above exploration program, Phase II would consist in a $US 3.6 million exploration program including 8,000 meters of in-fill definition drilling, 3D modelization, underground and surface mining development and finally bulk sampling.

After having analysed the results of its 2011 exploration campaign, the recommendations of this Report and having evaluated its financial feasibilty, Dynacor’s management has decided to begin implementation of this program and will shortly issue a press release with further details on its 2012 exploration program.

This Press Release has been read and approved by Alonso Sanchez, P. Eng. and Chief Geologist for Dynacor Gold Mines. He acts as the qualified person (“QP”) for the Company and is a geologist affiliated to the American Institute of Professional Geologists (AIPG).

ABOUT DYNACOR GOLD MINES INC.

Dynacor is a gold exploration and mining company active in Peru through its subsidiaries since 1996. The Company differentiates itself from pure exploration companies as it also generates income and cash flow from its wholly owned ore processing plant in Peru. The Company’s assets include six exploration properties, including the Tumipampa property, along with its recently upgraded 220 tpd ore processing mill at Acari. Dynacor’s mill produces gold from the processing of ore purchased from local producers. Dynacor’s strength and competitive advantage comes with the experience and knowledge the Company has developed while working in Peru. Its pride remains in maintaining respect and positive work ethics toward its employees, partners and local communities.

FORWARD LOOKING INFORMATION

Certain statements in the foregoing may constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Dynacor, or industry results, to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statements. These statements reflect management’s current expectations regarding future events and operating performance as of the date of this news release.

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