Dundee Precious Metals Inc.
TSX : DPM
TSX : DPM.WT
TSX : DPM.WT.A

Dundee Precious Metals Inc.

April 12, 2010 16:59 ET

New Discoveries and Continued Exploration Success at DPM's Chelopech Mine in Bulgaria

TORONTO, ONTARIO--(Marketwire - April 12, 2010) - Dundee Precious Metals Inc. (TSX:DPM)(TSX:DPM.WT)(TSX:DPM.WT.A) (the "Company" or "DPM") is pleased to announce the discovery of two new high-grade targets north of Block 147 (Targets 181 and 182). The ongoing exploration program at the Chelopech Mine, Bulgaria, has continued to confirm and expand on the known mineralization of Blocks 145, 147 and 149. Results to date confirm the structural model and the potential to discover and develop additional resources for the world class Chelopech deposit. 

Highlights

  • Ongoing underground exploration drilling intersects multiple zones of copper and high-grade gold mineralization to the north of Block 147.
  • Continued success with the confirmation and expansion of Blocks 145, 147 and 149.

Key intercepts from recently returned assay results are summarized in Table 1 below.

Zone Hole Id From To Interval (m) Copper (%) Gold (g/t) Comments
Target 181 149_225_52 260.8 267 6.2 1.65 12.64  
               
Target 182 149_225_52 339 346.5 7.5 0.34 7.65 EOH
               
Block 145 EXT149_225_02 40.4 70.5 30.1 1.57 9.77  
EXT149_225_03 55.5 97.5 40.5 0.81 1.10 Including 7.5m @ 2.32%Cu, 3.19g/tAu, from 67.5m and 4.5m @ 2.48%Cu, 2.35g/tAu, from 90m.
EXT149_225_07 46.42 81 34.58 0.94 3.61  
EXT145_260_02 175.5 196.5 21 0.56 23.27 Includes 1.5m @ 2.88%Cu, 238g/tAu, from 175.5
               
Block 147 149_225_52 183 189.3 6.3 1.07 5.8  
149_225_54 206 216.2 10.2 0.64 8.45  
149_225_55 220.4 232.5 12.1 0.19 14.05  
149_225_56 198 201 3 2.9 8.23  
149_225_59 196.5 200.2 3.7 0.56 6.39  
149_225_60 220.5 223.5 3 1.44 24.45  
149_225_61 235.5 249 13.5 0.17 32.89  
149_225_63 219 228.4 9.4 3.21 17.17  
149_225_73 31.5 53.8 22.3 1.32 12.04 Extensions of Block 149

Notes:

  1. Drill intersections are down hole.
  2. Drill intersections represent intercepts into a high-sulphidation epithermal style orebody.
  3. Uncut assays.
  4. All samples assayed at SGS independently managed laboratory, Chelopech, Bulgaria.
  5. International reference standards and full QAQC samples (duplicates, replicates and blanks) inserted with all exploration drill hole samples.

During definition drilling of Block 147, a 6.2 metre wide massive sulphide zone (Target 181) was intersected 70 metres north of Block 147 in hole 149_225_52. In addition, a further 70 metres north of Target 181, a new 7.5 metre zone of matrix filled disseminated sulphide mineralization (predominately pyrite), called Target 182, was also intersected at the end of the same hole (Figure 1 attached). These zones of mineralization were targeted based on the along strike potential of extensions to the structures which are believed to control mineralization in Blocks 18 and 19. Block 147 and Targets 181 and 182 are located outside the currently defined resources and consist of a swarm of parallel, east-west striking, steeply dipping (80 - 90 degrees), narrow (5-10 metres), high-grade lodes of massive to disseminated sulphide (pyrite/enargite/tennantite) hosted within separate zones of intense silica alteration. 

The semi-massive to massive mineralization of Block 147 continues to be open to the east and down dip. The dimensions of Block 147 (3 – 12 metres wide, 70 metres long and +200 metres down dip) are consistent with Block 149. High grade copper and gold mineralization, intersected in Block 147, is hosted in a structurally controlled zone of intense silica alteration in brecciated Andesite. The sulphide bearing stockwork vein system is characteristic of high-sulphidation epithermal copper-gold deposits. Definition drilling has also extended the extent of Block 149, where hole 149_225_73 intersected a significant isolated high-grade zone located in the footwall to Block 149. Following completion of definition drilling of Block 147 the exploration program will focus on Targets 181, 182 and the surrounding area. 

Definition drilling of Block 145, discovered in late 2009, has revealed a 35 metre by 40 metre by 70 metre zone of stockwork veining, consisting predominantly of pyrite-chalcopyrite and enargite-tennantite. Block 145 is considered to lie on the same structural trend as Block 16. Block 145 is open along strike (in both directions) and down dip; and is characterized by low sulphur contents (<10%), which are associated with high recoveries during processing.

DPM is encouraged by the results as the new mineralized zones can easily be accessed from current development. Further drilling and interpretation will continue during 2010 to fully evaluate the size and characteristics of these new zones and new information will be reported as it becomes available.

Dr. Julian F. H. Barnes, a qualified person under National Instrument 43-101 and Executive Vice President of DPM, has supervised the preparation of the technical data included in this press release.

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 the Namibia Custom Smelters (Pty) Limited which processes, in addition to Chelopech concentrate, third party concentrates. In addition, it is 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.

Please note: Figure 1 is available at the following link http://media3.marketwire.com/docs/dpmfigure412.pdf.

Contact Information

  • Dundee Precious Metals Inc.
    Jonathan Goodman
    President and Chief Executive Officer
    (416) 365-2408
    jgoodman@dundeeprecious.com
    or
    Dundee Precious Metals Inc.
    Lori Beak
    Vice President, Investor Relations and Corporate Secretary
    (416) 365-5165
    lbeak@dundeeprecious.com