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Dundee Precious Metals Announces The Restart Of Its Armenian Gold-Si

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  • Dundee Precious Metals Announces The Restart Of Its Armenian Gold-Si

    DUNDEE PRECIOUS METALS ANNOUNCES THE RESTART OF ITS ARMENIAN GOLD-SILVER-COPPER-ZINC OPERATIONS

    Fox Business
    April 1 2009

    TORONTO, ONTARIO, Mar 31, 2009 (Marketwire via COMTEX) ----Dundee
    Precious Metals Inc. (TSX:DPM)(TSX:DPM.WT)(TSX:DPM.WT.A) ("DPM" or the
    "Company") is pleased to announce the recommencement of operations
    at its gold-silver-copper-zinc facility in Kapan, Armenia.

    In response to the very positive regulatory and operational advances
    made by Deno Gold Mining Company CJSC in the period leading up to
    and the five month period (ended March 2009) during which it was on
    temporary care and maintenance, DPM has elected to restart operations
    at its Armenian facilities.

    "The strength of leadership and depth of experience at Deno Gold
    have been evident over the last five months and were a contributing
    factor in the decision to restart operations", said Jonathan Goodman,
    President and CEO.

    Advances made by Deno Gold include (i) the finalization of its
    agreement with the Armenian government on the extension of its
    Shahumyan mine license and other critical aspects of its License
    Agreement, (ii) increased mine productivity and associated economies
    of scale related to improved mining methodology, (iii) higher ore
    grades alongside improved dilution control, (iv) improved metal
    recovery rates, and (v) lower unit operating costs (in part, due to
    the devaluation of the Armenian Dram).

    Mining operations will recommence on April 1, 2009 at an annualized
    rate of 360,000 tonnes of ore, with the balance of the facilities
    to follow shortly thereafter. At current metal prices, Deno Gold is
    still expected to incur a financial loss on its operations however,
    the benefits of a restart, including the minimization of losses,
    significantly outweigh the costs of maintaining the operation on
    temporary care and maintenance.

    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.

    Dundee Precious Metals Inc. is a Canadian based, international
    mining company engaged in the acquisition, exploration, development
    and mining of precious metals. DPM owns the Chelopech Mine,
    a producing gold/copper mine, and the Krumovgrad Gold Project, a
    mining development project, both located in Bulgaria, and is engaged
    in mineral exploration activities in Serbia. In addition, Dundee
    Precious owns the Back River gold exploration project in Nunavut,
    Canada and a 95% interest in the Kapan Mine in Armenia.

    SOURCE: Dundee Precious Metals Inc.

    Dundee Precious Metals Inc.

    Jonathan Goodman President & Chief Executive Officer (416) 365-2408
    [email protected] Dundee Precious Metals Inc.

    Lori Beak Vice President, Investor Relations and Corporate Secretary
    (416) 365-5165 [email protected]
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