Dynasty Refutes Canadian Ombudsperson for Responsible Enterprise (CORE) False Allegation

Rhea-AI Summary

Dynasty Gold Corp. refutes allegations by CORE regarding mineral activity in Xinjiang, China from 2004 to 2008. The company ceased exploration in 2008, wrote off investments, and had no presence in China since then. CORE's claim of Dynasty's ownership in a joint-venture company lacks evidence.

Vancouver, British Columbia--(Newsfile Corp. - March 28, 2024) - Dynasty Gold Corp. (TSXV: DYG) (FSE: D5G1) (OTC Pink DGDCF) ("Dynasty" or the "Company") refutes allegation made by the Canadian Ombudsperson for Responsible Enterprise (CORE) in a report published on March 26, 2024 concerning mineral activity by the Company, in Xinjiang, China from 2004 to 2008.

The CORE report is full of errors and inaccuracies. Dynasty's exploration in Xinjiang ceased in 2008, and wrote off its investments in the 2008 annual audited financial statements. The human rights allegation did not arise until May 2019, over a decade after Dynasty ended its exploration in Xinjiang. Dynasty has had no presence in China since 2008.

Dynasty never conducted mining at the Hatu mine. It was pre-mining exploration that ended in 2008 which is more than 10 years before any allegation of forced labor was reported.

The case was built on CORE's claim that Dynasty's subsidiary, Terrawest, still owns 99.9999% of a joint-venture company (Terraxin) in Xinjiang. However, CORE did not provide any supporting evidence of their claim except stated that their information came from a "secret source" that cannot be revealed. Based on this false claim of Dynasty controlling a 99.9999% ownership, a case was built against the Company. Dynasty controls no interest whatsoever in China.

Records for joint-venture companies' ownership in China can be found at the Ministry of Commerce, and the joint-venture company (Terraxin) is not listed. This is public information and not a secret.

Despite our repeated explanation of the situation and the timeline of the events, CORE still decided to publish this questionable report that contains numerous untrue and unfounded statements without providing any credible evidence.

Dynasty demands retraction of the report and an apology from CORE.

About Dynasty Gold Corp.

Dynasty Gold Corp. is a Canadian mineral exploration company currently focused on gold exploration in North America with projects located in the Manitou-Stormy Lake greenstone belt in Ontario and in the Midas gold camp in Nevada. The Company is currently advancing its Thundercloud gold resource in northwest Ontario. A NI 43-101 Independent Technical Report, dated September 27, 2021 can be found on the Company's and SEDAR websites. The 100% owned Golden Repeat gold project in the Midas gold camp in Elko County, Nevada, is surrounded by a number of large-scale operating mines. For more information, please visit the Company's 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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/203547

FAQ

What allegations did Dynasty Gold Corp. refute?

Dynasty Gold Corp. refuted allegations made by the Canadian Ombudsperson for Responsible Enterprise (CORE) regarding mineral activity in Xinjiang, China from 2004 to 2008.

When did Dynasty Gold Corp. cease exploration in Xinjiang, China?

Dynasty Gold Corp. ceased exploration in Xinjiang in 2008 and wrote off its investments in the 2008 annual audited financial statements.

Does Dynasty Gold Corp. currently have any presence in China?

No, Dynasty Gold Corp. has had no presence in China since 2008.

What evidence did CORE provide for their claim against Dynasty Gold Corp.?

CORE claimed that Dynasty's subsidiary, Terrawest, still owns 99.9999% of a joint-venture company (Terraxin) in Xinjiang, but did not provide any supporting evidence except stating that the information came from a 'secret source' that cannot be revealed.

Where can records for joint-venture companies' ownership in China be found?

Records for joint-venture companies' ownership in China can be found at the Ministry of Commerce, and the joint-venture company (Terraxin) is not listed, indicating Dynasty's lack of ownership.

What does Dynasty Gold Corp. demand from CORE?

Dynasty Gold Corp. demands a retraction of the report and an apology from CORE for publishing unfounded statements without credible evidence.