Dundee Precious Metals Inc.: Bulgarian Court Renders Final Decision Revoking Chelopech EIA Resolution
TORONTO, ONTARIO -- (Marketwire) -- 04/16/10 -- Dundee Precious Metals Inc. ('DPM' or the 'Company') (TSX: DPM)(TSX: DPM.WT)(TSX: DPM.WT.A) has announced that the final decision of the Supreme Administrative Court of Bulgaria on the EIA Resolution for the metals processing facility at the Chelopech mine was issued on April 15, 2010 and confirms the previous decision of the three member panel rendered on November 4, 2009. This decision revokes the EIA resolution issued by the Ministry of Environment and Waters ('MoEW') and cites the following reasons:
1. the two and one-half year delay between the public hearings of the EIA
and the date the EIA resolution was issued;
2. that the impacted communities were incorrectly defined by the MoEW; and
3. the autoclave/pressure oxidation technology proposed was deemed not to
be based on best available techniques on an industrial scale operation
with the same concentrate as that of the Chelopech mine.
Jonathan Goodman, President and Chief Executive Officer of DPM, stated: 'While we are disappointed with the decision, it in no way impacts the mine/mill expansion to 2 million tonnes a year that is currently underway at Chelopech. Our plan is clear and the recent acquisition of the Tsumeb smelter in Namibia secures the processing of our fully expanded Chelopech production.'
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, as well as a 95% interest in the Kapan Mine in Armenia. DPM recently acquired Namibia Custom Smelters (Pty) Limited which processes, in addition to Chelopech concentrate, third party concentrates. It is also engaged in mineral exploration activities in Serbia.
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 and Chief Executive Officer
(416) 365-2408jgoodman@dundeeprecious.com
DUNDEE PRECIOUS METALS INC.
Lori Beak
Vice President, Investor Relations and Corporate Secretary
(416) 365-5165lbeak@dundeeprecious.com