DPM Board Announces Executive Transition and Senior Officer Appointment

TORONTO, ONTARIO -- (Marketwire) -- 03/21/13 -- Dundee Precious Metals Inc. (TSX: DPM)(TSX: DPM.WT.A) ("DPM" or "the Company") announced that, effective April 1, 2013, Jonathan Goodman will become the Executive Chair of the board of directors. Rick Howes, the current Executive Vice President and Chief Operating Officer, will succeed Mr. Goodman as President and CEO and Peter Gillin will be appointed as Lead Director.

William Wilson, who has served as a director since the Company's inception in 1983 and as Chairman of the board of directors for over 10 years, will continue in his capacity as an independent director of the Company.

"Since 2002, Bill led the board and the Company through its transition from a closed-end investment company to a successful mining company with operations in several countries," said Jonathan Goodman. "His wise counsel and intimate knowledge of both the financial and operational side of the mining industry were integral to our success and we thank him for his inexhaustible efforts on behalf of the board, the company and our stakeholders."

Effective April 1, 2013, David Rae, Senior Vice President, Operations, will be assuming additional senior operational responsibilities and reporting to Mr. Howes. Mr. Rae is a seasoned international mining and smelting executive with extensive experience in Africa, Europe and Canada. He has held increasingly senior operating and executive roles with international mining companies including Falconbridge, Xstrata and, most recently, Andean American. Since joining DPM in November 2012, Mr. Rae has become increasingly familiar with the Company's operations and its people.

Richard Gosse will assume the role of Senior Vice President, Exploration, effective April 1, 2013. Before joining DPM, Mr. Gosse served as Vice President, Exploration, with a variety of international mining companies, including Turquoise Hill (formerly Ivanhoe Mines) and SouthGobi Resources, and has extensive experience leading exploration activities in a variety of countries in Europe and Asia, including Bulgaria, Mongolia, India, China and Indonesia. In addition to managing the exploration teams across the organization, he will lead the development of the Company's long term exploration strategy. Jointly, Mr. Rae and Mr. Gosse demonstrate the Company's strength in both the operations and exploration areas of our business.

"We are fortunate to have such highly accomplished professionals as David and Richard join our senior leadership team," said Rick Howes. "With operations in numerous countries, a growing list of development and expansion projects, as well as exciting greenfield opportunities to explore, their skills and experience will serve us well. In my new role as CEO, I look forward to working closely with Jonathan and the rest of the Board, and leading DPM into the future as we continue to build a great company."

FORWARD-LOOKING STATEMENTS

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.

About DPM

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 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 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.

Contacts:

Dundee Precious Metals Inc.

Jonathan Goodman

President & Chief Executive Officer

(416) 365-2408


Dundee Precious Metals Inc.

Lori Beak

Senior Vice President, Investor & Regulatory

Affairs and Corporate Secretary

(416) 365-5165