TORONTO (miningweekly.com) – Canadian exploration minnowDynasty Gold is “actively seeking new ventures and opportunities” in both precious and base metals, the firm said on Thursday.

Over the past year, the company has evaluated a number of resource projects in Canada, the US and Mexico, but none had met its “criteria”, Dynasty said.

"Looking for new opportunities for our company is an on-going effort," said president and CEO Ivy Chong.

"It is crucial that we obtain the best possible project and terms for our shareholders. In this current market, we are confident that the right opportunity will present itself and, we believe, that the coming year holds a great deal of potential."

The company is “well funded”, with no debt, Chong said.

Dynasty was previously exploring for gold on three prospects in China, including one in joint venture with AngloGold Ashanti.

However, AngloGold decided late in 2007 that exploration results were not meeting its expectations, and withdrew from the project.

Dynasty subsequently decided that the project did not warrant further spending, and has also terminated work on a second prospect, after the joint venture company it was involved with was unable to secure a business licence.

The company still holds exploration licences at a third project, Hatu.

Meanwhile, Dynasty also announced on Thursday that it had appointed Theodore Murano to its board of directors, replacing George Salamis, who stepped down to “pursue other options”.

Salamis is the president of Rusoro Mining, which produces gold in Venezuela.

Shares in Dynasty Gold rose 33,33% on Thursday, to C$0,02 apiece by 15:50 in Toronto.

To subscribe to Mining Weekly's print magazine email subscriptions@creamermedia.co.za or buy now.