DPM Announces Appointment of Hume Kyle as Chief Financial Officer

TORONTO, ONTARIO -- (Marketwire) -- 05/11/11 -- Dundee Precious Metals Inc. (TSX: DPM)(TSX: DPM.WT)(TSX: DPM.WT.A) (the 'Company' or 'DPM') is pleased to announce the appointment of Hume Kyle as Executive Vice President and Chief Financial Officer of the Company, effective June 6, 2011.

'We are delighted that Hume will be joining our senior management team' said Jonathan Goodman, President and CEO of DPM. 'His breadth of financial experience and knowledge of mining and natural resources is a unique and dynamic combination that will help sustain our growth and development into the future.'

Mr. Kyle has more than 25 years of experience as a financial executive in a number of large, complex, publicly traded, multinational energy and natural resource businesses. He has held a broad range of increasingly senior roles in public practice and private industry including Assistant Treasurer, Treasurer; Vice President, Finance and Controller, and Chief Financial Officer.

Most recently, Mr. Kyle served as Vice President, Treasurer and Controller, of TransAlta Corporation, an $11 billion power generating company where he was responsible for providing leadership over the financial activities of the organization, principally in the areas of corporate accounting and reporting, strategic finance, treasury, taxation, and financial systems, processes and controls.

Prior to TransAlta, Mr. Kyle held senior financial roles at Fort Chicago Energy Partners L.P., Noranda Inc. and Deloitte & Touche.

Mr. Kyle holds a Bachelor of Arts degree in Economics and Accounting from the University of Western Ontario and a Graduate Diploma in Public Accounting from McGill University. He is also a Chartered Accountant and a Chartered Financial Analyst.

Dundee Precious Metals Inc. is a Canadian based, international mining company engaged in the acquisition, exploration, development, mining and processing of precious metals properties. The Company's operating interests include its 100% ownership of Chelopech Mining EAD, its principal asset being the Chelopech mine, a gold, copper, silver concentrates producer located east of Sofia, Bulgaria, a 100% ownership of Namibia Custom Smelters (Pty) Ltd., a concentrate processing facility located in Tsumeb, Namibia, and a 100% interest in Deno Gold Mining Company CJSC, its principal asset being the Kapan mine, a gold, copper, zinc, silver concentrates producer located in southern Armenia. DPM's interests also include a 100% interest in the Krumovgrad development stage gold property located in south eastern Bulgaria, near the town of Krumovgrad and certain exploration and exploitation properties 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 & 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