TORONTO, ONTARIO -- (Marketwire) -- 03/04/13 -- Dundee Precious Metals Inc. (TSX: DPM)(TSX: DPM.WT.A) ("DPM" or "the Company") has announced that a five member panel of the Supreme Administrative Court (the "Court") has upheld a previous Court decision to dismiss appeals filed against the positive environmental impact assessment ("EIA") decision for its Krumovgrad Gold Project in Bulgaria, issued by the Bulgarian Minister of Environment and Waters. This decision is not subject to appeal.
"We are extremely pleased by the Court's decision to uphold the earlier ruling to dismiss the appeals of the Minister's resolution approving the Krumovgrad EIA", said Jonathan Goodman, President and CEO. "The EIA is a core permit in the implementation of an investment project which now allows us to advance this exciting project."
In 2012, the Court upheld the 30 year mining concession granted by the Bulgarian Council of Ministers on the Khan Krum Deposit in Krumovgrad to DPM's subsidiary, Balkan Mineral and Mining EAD.
"Over the last several years we have worked hard to redevelop the Krumovgrad project to address the concerns of the community and look forward to building a project that will bring significant economic benefit to Bulgaria and the local community, as well as DPM and its shareholders," Goodman said.
The proposed mine site is located at Ada Tepe, approximately three kilometres south of the town of Krumovgrad in southeastern Bulgaria. The project plan contemplates the construction of an open pit mining operation comprised of a process plant, which will employ conventional crushing, grinding and flotation processing for gold extraction, and the disposal of thickened tailings, together with mine rock waste, in an integrated mine waste facility. A new feasibility study, completed in November 2011, confirmed the commercial and economic viability of the project, which has a payback of approximately 3.3 years. The treatment rate of 850,000 tonnes per year is consistent with existing permitting applications and environmental submissions and, at this production rate, the project has a mine life of approximately nine years.
Dundee Precious Metals Inc. is a Canadian based, international gold mining company engaged in the acquisition, exploration, development, mining and processing of precious metals. The Company's principal operating assets include the Chelopech operation, which produces a gold, copper and silver concentrate, located east of Sofia, Bulgaria; the Deno Gold operation, which produces gold, copper, zinc and silver concentrate, located in southern Armenia; and the Tsumeb smelter, a concentrate processing facility located in Namibia. DPM also holds interests in a number of developing gold properties located in Bulgaria, Serbia, and northern Canada, including interests held through its 53.1% owned subsidiary, Avala Resources Ltd., its 47.3% interest in Dunav Resources Ltd. and its 10.7% interest in Sabina Gold & Silver Corp.
This news release contains "forward-looking statements" that involve a number of risks and uncertainties. Forward-looking statements include, but are not limited to, statements with respect to the future price of gold and silver, the estimation of mineral reserves and resources, the realization of mineral estimates, the timing and amount of estimated future production and output, costs of production, capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, currency fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims, limitations on insurance coverage and timing and possible outcome of pending litigation. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any other future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others: the actual results of current exploration activities; actual results of current reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold, copper, zinc and silver; possible variations in ore grade or recovery rates;
failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, fluctuations in metal prices, as well as those risk factors discussed or referred to in documents filed from time to time with the securities regulatory authorities in all provinces and territories of Canada and available at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Unless required by securities laws, the Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements.
Dundee Precious Metals Inc.
President & Chief Executive Officer
Dundee Precious Metals Inc.
Senior Vice President, Investor &
Regulatory Affairs and Corporate Secretary
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