IRVING, TX -- (Marketwired) -- 06/21/13 -- (OTCQB: DYNR) -- DynaResource, Inc. ("DynaUSA", and "the Company") is pleased to announce that its 100 % owned subsidiary, Mineras de DynaResource S.A. de C.V. ("Mineras") has entered into an Exploitation Amendment Agreement with DynaResource de Mexico S.A. de C.V. ("DynaMexico"), the 100 % owner of the San Jose de Gracia Property in northern Sinaloa, Mexico ("SJG", and the "SJG Property").
The Exploitation Amendment Agreement ("EAA") grants to Mineras the right to finance, explore, develop and exploit the SJG Property, in exchange for: (A) Reimbursement of all costs associated with financing, maintenance, exploration, development and exploitation of the SJG Property, which costs are to be charged and billed by Mineras to DynaMexico; and, (B) After Item (A) above, the receipt by Mineras of 75 % of gross receipts received by DynaMexico from the sale of all minerals produced from SJG, to the point that Mineras has received 200 % of its advanced funds; and, (C) After Items (A) and (B) above; the receipt by Mineras of 50 % of all gross receipts received by DynaMexico from the sale of all minerals produced from SJG, and throughout the term of the EAA; and, (D) In addition to Items (A), (B), and (C) above, Mineras shall receive a 2.5 % NSR on all minerals sold from SJG over the term of the EAA.
The Exploitation Amendment Agreement is dated May 15, 2013, and was ratified on the same date in the presence of a Notary Public in Mazatlan, Sinaloa for giving full legal effect. The EAA is the third and latest Amendment to the original Contract Mining Services and Mineral Production Agreement (the "Operating Agreement"), which was previously entered into by Mineras with DynaMexico in April 2005, wherein Mineras was named the Exclusive Operating Entity at SJG. The Operating Agreement was previously amended in September 2006 (the "First Amendment"), and amended again at July 15, 2011 (the "Second Amendment"). The Term of the Second Amendment is 20 years, and the EAA provides for the continuation of the 20 Year Term from the date of the Second Amendment (July 15, 2011).
Mr. K.D. Diepholz, Chairman-CEO of DynaUSA, said: "I am pleased to report the signing of the Exploitation Amendment Agreement between DynaMexico and Mineras. The provisions of the EAA, and including the continued exclusive operating arrangements granted to Mineras, provide for a clear path forward for Mineras to advance, develop and exploit the SJG Property. And, the provisions of the EAA provide a fair, competitive opportunity to Mineras and DynaUSA (which continues to provide cash advances to Mineras), as Mineras and DynaUSA have maintained and advanced the SJG Property in recent years. In addition, with operations at SJG continuing under Mineras, the SJG Property is well positioned to receive the benefits and continuing support from professional and strategic relationships developed in Sinaloa State and Mexico which DynaUSA, its subsidiaries and personnel have established over the past 10 years. With the EAA in full force and effect, and recognizing that DynaUSA owns 100 % of Mineras, I expect DynaUSA and its shareholders to realize the benefits of future advance and development of the SJG Property, which is now being planned by Mineras."
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