Bulgarian Government Approves EIA for DPM's Krumovgrad Gold Project

TORONTO, ONTARIO--(Marketwire - Nov. 24, 2011) - Dundee Precious Metals Inc. ("DPM" or the "Company") (TSX:DPM)(TSX:DPM.WT)(TSX:DPM.WT.A) is pleased to announce that the Bulgarian Minister of Environment and Waters has signed a resolution approving the environmental impact assessment ("EIA") for the Company's Krumovgrad Gold Project in Bulgaria.

"Since initially embarking on this project in 2005, we have made great efforts to develop a comprehensive plan for Krumovgrad that addresses the concerns of the community and will prove to be economically beneficial for Bulgaria and the local community, as well as DPM and its shareholders," said Jonathan Goodman, President and CEO, "We are very pleased by the Minister's endorsement and look forward to working with the Mayors of the communities involved to move this exciting project to the next stage of development."

The project plan takes into consideration concerns raised by the community through the use of water management and treatment systems and the elimination of cyanide as well as a tailings dam. The plan now contemplates the construction of an open pit mining operation comprised of a process plant, which employs conventional crushing, grinding and flotation processing for gold extraction, and the disposal of thickened tailings, together with mine rock waste, in an integrated mine waste facility. A new feasibility study developed within the parameters of the project plan is being finalized and is expected to be released by the end of November.

The Bulgarian Council of Ministers granted a 30 year concession on the Khan Krum Deposit in Krumovgrad to DPM's subsidiary, Balkan Mineral and Mining Limited, earlier this year, which was subject to the approval of the EIA. This approval includes pre-emptive execution and, while subject to appeal, allows DPM to advance the Krumovgrad project.

Dundee Precious Metals Inc. is a well-financed, 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 gold, copper and silver concentrate, located east of Sofia, Bulgaria; the Kapan operation, which produces a gold, copper, zinc and silver concentrate, 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 51.4% owned subsidiary, Avala Resources Ltd., its 47.7% interest in Dunav Resources Ltd. and its 11.6% interest in Sabina Gold & Silver Corp.

FORWARD-LOOKING STATEMENTS

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