Dundee Mines Ltd.
TSX VENTURE : DUN

Dundee Mines Ltd.

October 15, 2007 13:57 ET

Dundee Mines Ltd.: ABC Mining Ventures Inc. Changes Name; Provides New Corporate and Exploration Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 15, 2007) - Dundee Mines Ltd. (TSX VENTURE:DUN) -

Name Change

ABC Mining Ventures Inc. reported today that the TSX Venture Exchange has approved the company's application to change the name of the company to "Dundee Mines Ltd." The company's common shares commenced trading under the symbol "DUN", October 12th, 2007. The change in corporate name was approved by a resolution passed by directors of the company on August 1, 2007. There is no consolidation of capital with currently 15,416,560 common shares issued and outstanding. The company anticipates mailing Letters of Transmittal to registered shareholders on October 15, 2007. Shareholders holding their shares in street form should contact Pacific Corporate Trust Company (by telephone: (604) 689-9853 or by mail: Pacific Corporate Trust Company, 510 Burrard Street, 2nd Floor, Vancouver, BC, V6C 3B9) or their bank or stockbroker to arrange for the exchange of their share certificates.

Geological Update

The Yankee-Dundee project includes 26 Crown Grants and 119 mineral claims totaling 4,562 hectares, which are located three kilometres northeast of the town of Ymir in southern British Columbia. Gold mineralization was first reported near Ymir in the late 1800s, with much of the mining taking place at the Yankee Girl, Dundee and Ymir mines during the period 1907 to 1951. Historical records indicate that a total of 375,000 tonnes grading 9.9g/t Au and 57g/t Ag were mined from the Yankee Girl vein at this time. Exploration by the company is targeting high-grade Au-quartz veins throughout the Ymir district which historically, together with the adjacent Sheep Creek district is reported to have produced more than 1 million ounces of Au (It is important to note that this production data is historical in nature and does not comply with NI 43-101).

Exploration on the property through the spring and summer of 2007 provided a detailed compilation of available surface and underground data, soil sampling, limited mapping and surface sampling, and 764.26 metres of core drilling in nine shallow diamond drill holes. The results of this work provide a significant contribution to the knowledge base of the property and have greatly enhanced the ability of the company to fast-track a 1,200 metre follow-up drill program, which is scheduled for November 2007.

Drilling in the 2007 program tested for the potential of an intervening mineralized lens between the main Yankee Girl vein and the adjacent Spur vein (to the south), and included some limited testing of the on-strike potential of the Yankee Girl and Dundee veins. Drilling was successful in testing portions of the Yankee-Girl vein which returned 6.01g/t Au over 1.54 metres (before ending in historical workings) and several other anomalous intervals. However, drilling failed to completely test the lens theory as several holes ended in historical workings and no drill hole completely passed through the lens package from north of the Yankee Girl vein to south of the Spur vein.

The eastern extension of the Yankee Girl vein returned 4.66g/t Au over 1.57 metres and a narrower 0.47 metre interval of 6.74g/t Au, indicating the strong potential of identifying significant mineralization along strike from the area of previous workings. Most mineralized intercepts included over limit values for Ag, Pb and Zn. Over limit assays are pending and will be reported upon receipt.

The company has scheduled a planned 1,200 metre follow-up core drilling program for November 2007. Drilling will test the eastern extension of the Yankee Girl and Lakeview vein systems as well as several additional vein targets throughout the property including the previously un-drilled 'Yukon Ore Shoot' which was not followed up on by the previous operators.

Board Composition

At the company's annual general meeting, the following individuals were elected to the Board of Directors of the company to join incumbent Directors Lawrence Page Q. C., Lance Morginn, Garth Kirkham and Kenneth R. Burgess:

Michael Victor Rowley - Mr. Rowley obtained a Bachelor of Science Degree from the University of British Columbia in 1990 and is a Registered Professional Biologist in B.C. He has fifteen years executive experience with private companies in the mining industry. As President and director of Dundee (now a wholly owned subsidiary of the Company) he led its organization and acquisition of mineral properties. As the President and director of Blue Sky Mines Ltd he led the development of a recycling technology based on mining industry techniques through to full-scale operation. Currently he is also Operations Manager for Sierra Mountain Minerals Inc. of Vancouver, B.C. He is the co-author of numerous technical papers and holds two patents on mine water treatment. Other roles in mining technology development and corporate management include long-term roles as President of NTBC Research Corp. and Vice-President of Biomet Mining Corp. He has also worked extensively in mineral testing labs conducting mineral extraction tests, environmental prediction tests and water treatment tests for the mining industry.

Douglas Dale Warkentin - Mr. Warkentin is a Metallurgist with 20 years of experience in the mining industry. He graduated from UBC with a degree in Mining and Mineral Process Engineering, and has been a member of the Association of Professional Engineers and Geoscientists of BC since 1992. He has been a principal in several companies providing process development services and new environmental technologies to the mining industry. He is currently Senior Metallurgist for Kemetco Research Inc. of Vancouver (formerly BC Research Inc.) and he is President of Bio-metals Recovery Systems, which was recently awarded the BC Hydro Sustainability Prize in the 2007 New Ventures BC competition.

Donald R. Head - Mr. Head is a director of Global Entertainment (since 2000) and Vice Chairman of the Board since July, 2007. Until September 2006, Mr. Head was Chairman of the Board, President and CEO of Capital Title Group, Inc., a $380 million holding company with in excess of 2,500 employees which was acquired by merger by LandAmerica Financial Group, Inc. on September 8, 2006. Mr. Head co-founded Centurian Development and Investments, Inc., a custom designer and builder of residential homes and is also a partner in America West Capital One LLC, a residential real estate developer in Arizona. He is a graduate of Arizona State University with a BA in Business and holds a law degree from the University of Arizona.

The company has appointed new officers, including Michael Victor Rowley as Vice President, Operations and Arie Page as Corporate Secretary.

Stock Options

The company's stock option plan received shareholder approval at the company's annual general meeting on October 11, 2007. The company has implemented a rolling stock option plan whereby a maximum of 10% of the issued shares will be reserved for issuance under the plan. The company has granted 1.3 million incentive stock options to directors, officers, employees, management company employees and consultants, each exercisable at $0.21 per share and for a period of five years as per the terms and conditions as set out in the company's stock option plan.


Rob Macdonald, (P.Geo.), is the Qualified Person responsible for reviewing the technical results reported in this release.

On behalf of the Board of Directors,

Lawrence Page, Q.C., President, Director

Dundee Mines Ltd.

This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Dundee Mines Ltd. relies upon litigation protection for forward looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management.

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