Dundee Precious Metals Strengthens Senior Management Team

TORONTO, ONTARIO--(Marketwired - May 20, 2014) - The board of directors of Dundee Precious Metals Inc. (TSX:DPM)(TSX:DPM.WT.A) ("DPM" or the "Company") is pleased to announce the following senior management appointments.

David Rae has been appointed to the role of Executive Vice President and Chief Operating Officer for DPM. Since joining the Company in 2012, David has been leading the work to achieve operating excellence by implementing our DPM management operating model at all of our current operations to ensure we deliver safely and reliably against our commitments. He was previously Senior Vice President, Operations of DPM. He is a seasoned international mining and smelting executive with extensive experience in Africa, Europe and Canada and has held increasingly senior operating and executive roles with international mining companies, including Falconbridge, Xstrata and Andean American.

John Lindsay has recently joined the Company as Senior Vice President, Projects. He is a Professional Engineer with over 30 years of experience with companies such as Barrick, SNC-Lavalin and AMEC. John will have oversight accountability on all capital projects and direct line accountability for major growth and strategic projects. He will ensure we safely and predictably deliver our key project outcomes through a robust project delivery framework and governance structure.

Brent Johnson has been appointed Vice President, Environment. In his new role, he will be providing direction and support to ensure consistent application of best practice environmental engineering, systems and management, stewardship and health systems across the business. Before joining DPM in Tsumeb, Namibia as Environment Manager in 2010, Brent spent 15 years working extensively in Africa as an environmental professional in the extractive industries.

"We are focused on further strengthening our management team to ensure we can reliably deliver on our strategy and performance targets," said Rick Howes, President and CEO. "David has shown excellent leadership in achieving safe production and improving the capability of our operating teams to deliver on our performance targets and improvements. I am also extremely pleased to have John Lindsay join us, as he brings to our team deep project management skill and experience developed in a variety of large scale international mining projects. Brent has provided strong leadership on a variety of key initiatives at the smelter and we look forward to his continuing contribution at the corporate level." Howes summarized by noting that, "it is through optimizing our existing assets and successfully executing on our growth projects that DPM will become a premier, low cost gold producer."

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 copper concentrate containing gold and silver, located east of Sofia, Bulgaria; the Kapan operation, which produces a copper concentrate and a zinc concentrate, both containing gold and silver, 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 45.5% interest in Dunav Resources Ltd. and its 12.1% interest in Sabina Gold & Silver Corp.

Cautionary Note Regarding Forward Looking Statements

This press 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, copper, zinc and silver, the estimation of mineral reserves and resources, the realization of such 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, reclamation expenses, the potential or anticipated outcome of title disputes or claims 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 that 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, uncertainties inherent with conducting business in foreign jurisdictions where corruption, civil unrest, political instability and uncertainties with the rule of law may impact the Company's activities; fluctuations in metal prices; unanticipated title disputes; claims or litigation; limitation on insurance coverage; as well as those risk factors discussed or referred to in the Company's MD&A under the heading "Risks and Uncertainties" and under the heading "Cautionary Note Regarding Forward-Looking Statements" which include further details on material assumptions used to develop such forward-looking statements and material risk factors that could cause actual results to differ materially from forward-looking statements, and other documents (including without limitation the Company's 2013 AIF) filed from time to time with the securities regulatory authorities in all provinces and territories of Canada and available on SEDAR at www.sedar.com. 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.