TORONTO, ONTARIO -- (Marketwire) -- 01/26/12 -- Dundee Precious Metals Inc. (TSX: DPM)(TSX: DPM.WT)(TSX: DPM.WT.A) ('DPM' or 'the Company') is pleased to announce that the five member panel of the Bulgarian Supreme Administrative Court (the 'Court') has now confirmed the earlier ruling of the three member panel terminating the appeal proceedings of the Krumovgrad mining concession on the grounds that the appeals filed are inadmissible as the parties involved have no legal interest in the proceedings. This Court decision is final and confirms the rights of Balkan Mineral and Mining EAD, a subsidiary of DPM, over the mining concession for a 30 year period.
'We are extremely pleased with the findings of the Court,' said Jonathan Goodman, President and CEO of DPM. 'The resolution of the concession appeal is another step forward in the development of the Krumovgrad gold project, which we expect to prove beneficial to the local community and Bulgaria, as well as the stakeholders of the Company.'
The environmental impact assessment ('EIA') on the Krumovgrad project was approved by the Minister of the Environment and Waters on November 24, 2011 and has been appealed. Mining activities may not commence on the property until the EIA appeal is resolved. The Company is currently awaiting notification of a hearing date.
The new project scope for the Krumovgrad gold deposit involves a significantly reduced operating footprint with one major landowner, one single integrated tailings and mine waste facility, a simplified processing route that does not require the use of cyanide and a longer operating life than previously considered. The changes that have led to this new scope are based on community feedback on the earlier project proposal. For this project the EIA permit and compatibility with the European Union legislative requirement to protect habitats and species are the only major environmental approvals required.
Dundee Precious Metals Inc. is a well-financed, 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 Kapan operation, which produces a 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 51.4% owned subsidiary, Avala Resources Ltd., its 47.7% interest in Dunav Resources Ltd. and its 11.5% interest in Sabina Gold & Silver Corp.
FORWARD-LOOKING STATEMENTS
This news release may contain certain information that constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as 'plan,' 'expect,' 'project,' 'intend,' 'believe,' 'anticipate' and other similar words, or statements that certain events or conditions 'may' or 'will' occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices and other factors described above and in the Company's most recent annual information form under the heading 'Risk Factors' which has been filed electronically by means of the Canadian Securities Administrators' website located at
www.sedar.com. The Company disclaims any obligation to update or revise any forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.
Contacts:
Dundee Precious Metals Inc.
Jonathan Goodman
President & Chief Executive Officer
(416) 365-2408
jgoodman@dundeeprecious.com
Dundee Precious Metals Inc.
Lori Beak
Senior Vice President, Investor & Regulatory
Affairs and Corporate Secretary
(416) 365-5165
lbeak@dundeeprecious.com
