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

Dundee Precious Metals Inc.

February 23, 2011 22:50 ET

DPM Reports Fourth Quarter 2010 and Year-End Results and Updated Chelopech Mineral Reserves and Resources

TORONTO, ONTARIO--(Marketwire - Feb. 23, 2011) -

(All monetary figures are expressed in U.S dollars unless otherwise stated)

Dundee Precious Metals Inc. ("DPM" or the "Company") (TSX:DPM)(TSX:DPM.WT)(DPM.WT.A) today announced its unaudited results for the fourth quarter ended December 31, 2010. DPM reported fourth quarter of 2010 net earnings attributable to equity shareholders of the Company of $20.9 million (basic net earnings per share of $0.17 and diluted net earnings per share of $0.15). This compares with fourth quarter of 2009 net earnings attributable to equity shareholders of the Company of $3.5 million (basic and diluted net earnings per share of $0.04).

For the year 2010, the Company had net earnings attributable to equity shareholders of the Company of $23.5 million (basic net earnings per share of $0.20 and diluted net earnings per share of $0.19). This compares with net earnings attributable to equity shareholders of the Company of $5.1 million (basic and diluted net earnings per share of $0.05) for the year 2009.

"2010 was an important year for DPM," said Jonathan Goodman, President and Chief Executive Officer. "In addition to reaching the one million tonne a year production milestone at Chelopech and securing downstream processing for our Chelopech concentrate through the smelter purchase, we achieved a 25% increase in gross profit, year over year. With Deno Gold operating at its expanded annual capacity of 600,000 tonnes and Chelopech completing its mill expansion, we expect that 2011 will prove to be even more profitable for our shareholders."



The following table summarizes the Company's financial and operating
results for the periods indicated:

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$ millions, except per share amounts
Ended December 31, Three Months Twelve Months
------------------- -------------------
2010 2009 2010 2009
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Net Revenue $ 61.4 $ 42.1 $ 201.8 $ 137.5
Cost of Sales 43.8 29.5 150.1 96.8
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Gross Profit 17.6 12.6 51.7 40.7
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Investment and Other Income 12.6 0.4 51.4 1.4
Net Impairment Provisions (3.6) (0.3) (54.6) (4.4)
Exploration Expense (3.2) (1.3) (7.3) (4.8)
Administrative and Other Expenses (5.1) (4.5) (15.7) (15.4)
Net Earnings 19.4 3.5 20.5 5.1
Net Earnings Attributable to Equity
Shareholders of the Company 20.9 3.5 23.5 5.1

Basic Net Earnings per Share $ 0.17 $ 0.04 $ 0.20 $ 0.05
Diluted Net Earnings per Share $ 0.15 $ 0.04 $ 0.19 $ 0.05

Net Cash Provided by Operating
Activities 28.8 22.3 50.3 21.2
Net Cash Used in Investing
Activities (43.3) (23.5) (88.7) (31.6)
Net Cash Provided by (Used in)
Financing Activities 26.1 (1.6) 103.9 (4.7)
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Net Increase (Decrease) in Cash $ 11.6 $ (2.8)$ 65.5 $ (15.1)
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Concentrate Produced (mt)
Chelopech 20,259 15,634 75,278 71,657
Deno 6,969 3,999 20,757 10,144
NCS - concentrate processed (mt) 37,635 - 119,557 -
Cash Cost per tonne Ore Processed
($/t)(1)
Chelopech (excluding royalties) $ 56.34 $ 65.26 $ 51.54 $ 55.23
Deno Gold (excluding royalties) $ 63.66 $ 72.01 $ 66.33 $ 72.27
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Fourth Quarter 2010 and Year-End - Financial Highlights



-- In the fourth quarter of 2010, the Company recorded net earnings
attributable to equity shareholders of $20.9 million compared to $3.5
million in the corresponding prior year period. The period over period
increase in net earnings attributable to equity shareholders was
primarily due to unrealized favourable mark-to-market adjustments of
$11.6 million in the Company's holdings of Sabina Gold & Silver Corp.
("Sabina")special warrants and higher gross profit from mining and
processing operations.

-- DPM recorded a gross profit from mining and processing operations of
$17.6 million in the fourth quarter of 2010 compared to $12.6 million in
the corresponding prior year period. The period over period increase was
due primarily to higher metal prices partially offset by lower gold in
concentrate sold. Deliveries of concentrates in the fourth quarter of
2010 of 23,346 tonnes were marginally higher than the corresponding
prior year period deliveries of 23,009 tonnes but contained 20,469
ounces of gold compared to 25,540 ounces in the corresponding prior year
period due to a drawdown of 2,157 tonnes of high grade gold concentrate
inventory in the fourth quarter of 2009.

-- In the twelve months of 2010, the Company recorded net earnings
attributable to equity shareholders of $23.5 million compared to $5.1
million in the corresponding prior year period. The higher, period over
period, net earnings attributable to equity shareholders was due
primarily to unrealized favourable mark-to-market adjustments of $49.7
million in the Company's holdings of Sabina special warrants and higher
gross profit from mining and processing operations partially offset by a
$54.0 million impairment provision taken against the MPF at Chelopech.
The write-down in the carrying value of the metals processing facility
("MPF") project to its estimated fair value was partially offset by the
reversal of $3.4 million of royalties accrued in respect of the MPF
project. In view of the Bulgarian court's final decision to revoke the
MPF Environmental Impact Asssessment ("EIA"), it is unlikely
that the MPF project will proceed. In addition, the July 2008 amendments
to Chelopech's mining concession contract with the Bulgarian government,
as they relate to the royalty provisions, no longer apply and no excess
royalty above the 1.5% fixed rate is required to be accrued. As a
result, the excess royalty accrual above the 1.5% was reversed in the
first quarter of 2010 and applied against the MPF property impairment
provision.

-- DPM recorded a gross profit from mining and processing operations of
$51.7 million in the twelve months of 2010 compared to $40.7 million in
the corresponding prior year period. The period over period increase was
due primarily to higher gold, copper and zinc prices and an increase in
concentrate deliveries partially offset by unfavourable mark-to-market
adjustments and final settlements on provisional sales and lower gold in
concentrate sold. In the twelve months of 2010, gold in concentrate sold
totalled 80,352 ounces compared to 104,314 ounces in the corresponding
prior year period. The decrease in gold in concentrate sold was
primarily due to lower gold grades at Chelopech in 2010 relative to 2009
and lower gold recoveries, which were adversely impacted by the
processing of high sulphur to copper ratio ore (Block 151) in 2010.
Chelopech ore mined in 2009 contained lower sulphur to copper ratio ore
resulting in higher gold recoveries. Deliveries of concentrates in the
twelve months of 2010 of 91,157 tonnes were 4,982 tonnes higher than the
corresponding prior year period deliveries of 86,175 tonnes due
primarily to increased production of concentrates at Deno Gold in 2010.

-- As at December 31, 2010, DPM had cash and cash equivalents of $96.2
million (including Avala's cash and cash equivalents of $16.9 million)
and short-term investments of $13.2 million. Investments at fair value
totalled $174.5 million at December 31, 2010 compared to $34.4 million
at December 31, 2009.


Significant Items and 2011 Outlook

Chelopech



-- In the year 2010, Chelopech continued to advance its mine and mill
expansion project to approximately double its annual concentrate
production capacity to 150,000 tonnes. The commissioning of the new
paste fill plant was successfully completed in the third quarter of 2010
and the commissioning of the new semi-autogenous grinding ("SAG") mill
was completed successfully in January 2011. Construction of the mine and
mill expansion is expected to be completed in the fourth quarter of
2011.

-- On December 3, 2010, DPM and Chelopech finalized a $66.75 million long-
term loan agreement with the European Bank for Reconstruction and
Development ("EBRD") and Unicredit Bulbank ("UCB"). The proceeds from
this loan agreement are to be used to assist in the financing of the
Chelopech mine and mill expansion and to refinance existing debt. As of
December 31, 2010, $44.25 million had been drawn under the facility, of
which $16.25 million was used to refinance existing EBRD debt. The loan,
which is guaranteed by DPM and secured by a first ranking charge over
the shares of Chelopech, is repayable in ten equal semi-annual
instalments, commencing June 2013 and bears interest at a rate of LIBOR
plus 3.25% until completion of the Chelopech mine and mill expansion and
LIBOR plus 2.80% thereafter.

-- In compliance with its obligations under its Concession Contract, on
November 15, 2010, Chelopech delivered a $25 million insurance
policy/performance bond to the Bulgarian Ministry of Economy, Energy and
Tourism ("MoEET") to ensure the performance of Chelopech's obligations
for the planned or pre-term closure and rehabilitation of the Chelopech
operations.

-- Under the terms of its loan agreement with the EBRD and UCB, the Company
is required to provide metal price protection on 15% of Chelopech's
2012, 2013 and 2014 projected payable copper production. In fulfillment
of this obligation, in January 2011, the Company entered into monthly
settled forward sales contracts to fix 2,868 tonnes of the year 2012
projected payable copper production at a fixed price of $9,224/tonne
($4.18/lb), 3,036 tonnes of the year 2013 projected payable copper
production at a fixed price of $8,814/tonne ($4.00/lb) and 3,264 tonnes
of the year 2014 projected payable copper production at a fixed price of
$8,386/tonne ($3.80/lb). All gains and losses on these contracts will be
reported through the income statement.


Acquisition of Tsumeb Smelter Assets and Related Business



-- On March 24, 2010, DPM completed the acquisition of NCS from
WeatherlyInternational plc ("WTI") through the purchase of 100% of
the shares of NCS. The total consideration paid to WTI for NCS was
$33.0 million consisting of: (i) $18.0 million in cash and (ii) the
issuance of 4,446,420 fully paid common shares of DPM.

-- On May 26, 2010, DPM completed its agreement with Louis Dreyfus
Commodities Metals Suisse SA ("LDC") to settle approximately $11.4
million of financial obligations owed by NCS to LDC, through a cash
payment of $2.0 million and the issuance of 2,903,525 common shares of
DPM. LDC will continue to have exclusive rights to purchase the
Chelopech concentrate for toll processing through NCS (including return
of blister copper to LDC) and to source the balance of the concentrate
for the Tsumeb smelter through to and including 2020.


Sale of Serbian Assets



-- In July 2010, DPM concluded its agreement with PJV Resources Inc.
("PJV") and Rodeo Capital Corp. (now Avala Resources Ltd.) wherein
it received a 50.3% direct controlling interest in Avala, 36.7
million share purchase
warrants exercisable at Cdn$0.50 per share and $1.6 million cash in
exchange for Dundee Plemeniti Metali d.o.o ("Metali"). DPM was also
issued Special Rights to acquire an aggregate of 50,000,000 additional
Avala common shares for no additional consideration, of which
25,000,000 are issuable upon a positive decision to proceed to a
feasibility study on all or part of the projects and an additional
25,000,000 are issuable upon a positive decision to bring all
or part of the projects into production. As at December 31, 2010, DPM
held 50.9% of Avala common shares.

-- Pursuant to the certificates and indenture governing certain of the
Avala warrants issued on July 30, 2010, Avala had the right to
accelerate the expiry date of such warrants any time after October 25,
2010 if the closing price of its common shares is above Cdn$1.00 for 20
consecutive trading days. On December 13, 2010, having met this
precondition, Avala issued notification of its decision to accelerate
the expiry date of this portion of the share purchase warrants to
January 14, 2011. In response, DPM exercised 2,428,500 full warrants to
purchase the same number of Avala common shares at Cdn$0.50 per share in
December 2010. Avala also has the right to accelerate the expiry date on
the 34,290,179 common share purchase warrants issued to DPM on July 30,
2010, as part of the consideration for its acquisition of Metali, any
time after January 26, 2011 if the closing price of its common share is
above Cdn$1.00 for 20 consecutive trading days. Upon notification of
acceleration, the Company will have 30 days to exercise such warrants.


Krumovgrad



-- On February 9, 2011, it was announced that the Council of Ministers of
the Republic of Bulgaria had approved the granting of a 30 year
concession to BMM to develop the Khan Krum Deposit in Krumovgrad. The
council of Minister's resolution is subject to publication in the State
Gazette of the Republic of Bulgaria. The Council of Minister's
resolution was published in the State Gazette on February 18, 2011.
Exercise of the concession rights by the Company is also subject to a
positive EIA resolution being issued by the Bulgarian Minister of
Environment and Waters ("MoEW").

-- In January 2011, the MoEW delivered a "positive grade" to both the EIA
and the Natura 2000 Compatibility Assessment Report for
the Krumovgrad Gold Project proposal, which had been submitted in
October 2010, meaning that all information required under the EIA
regulation is complete. Based on this positive assessment of the quality
of the submissions, and in compliance with the requirements under the
Bulgarian environmental legislation, DPM has commenced the public
dissemination of the EIA documentation which will culminate with
organized public hearings with the municipality of Krumovgrad and other
potentially affected municipalities or villages.


2011 Outlook



-- Total capital expenditures for the year 2011 are expected to range
between $155 million and $165 million, including $62 million to complete
the mine and mill expansion at Chelopech, $35 million for environmental
and plant optimizations projects at NCS and $25 million at Deno Gold to
further enhance underground operations and advance the proposed open pit
project. This current estimate is about $15 million higher than the
guidance provided in November 2010 due to additional expenditures for
environmental and operating improvements at NCS. Pending completion of
the definitive feasibility study for the Krumovgrad project in Bulgaria
and receipt of approvals of its EIA, the
Company also expects to move forward with the construction of this
project.

-- For the year 2011, mine output at Chelopech is expected to range between
1.2 million and 1.3 million tonnes of ore, in line with its planned ramp
up to an annualized production rate of two million tonnes of ore. At
this level, Chelopech is expected to produce approximately 100,000
tonnes of concentrate. Following completion of its mine/mill expansion
to 600,000 tonnes of ore in 2010, Deno Gold is expected to produce
between 25,000 and 30,000 tonnes of concentrate.

-- The Company's estimated metals in concentrate produced for the year 2011
is set forth in the following table:

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Metals in Concentrate
Produced: Chelopech Deno Gold Total
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Gold (ounces) 90,000 - 92,000 30,000 - 33,000 120,000 - 125,000
Copper (million
pounds) 32.5 - 35.5 3.0 - 3.5 35.5 - 39.0
Zinc (million pounds) - 21.0 - 23.0 21.0 - 23.0
Silver (ounces) 150,000 - 160,000 500,000 - 530,000 650,000 - 690,000
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-- Unit cash cost per tonne of ore processed, excluding royalties, at
Chelopech for the year 2011 is expected to be approximately 5% lower
than the year 2010 average unit cash cost of ore processed assuming
current exchange rate Euro to U.S. dollar. Unit cash cost per tonne of
ore processed, excluding royalties, at Deno Gold for the year 2011 is
expected to be comparable to the fourth quarter of 2010 average cash
cost per tonne of ore processed.


A complete set of DPM's Consolidated Financial Statements, Notes to the Consolidated Financial Statements and Management's Discussion and Analysis for the twelve months ended December 31, 2010 will be posted on the Company's website at www.dundeeprecious.com and will be filed on Sedar at www.sedar.com.

Conference Call

DPM will be holding an analyst call on Thursday, February 24, 2010 at 8.30 a.m. (EST).

The call will be webcast live (audio only) at: http://www.gowebcasting.com/2181. Listen only call 416-340-2220 or toll free 866-542-4237.

The audio webcast for this conference call will be archived and available on the Company's website at www.dundeeprecious.com.

Overview

DPM is a Canadian-based, international mining company engaged in the acquisition, exploration, development, mining and processing of precious metals properties. Its common shares and share purchase warrants (symbols: DPM; DPM.WT; DPM.WT.A) are traded on the Toronto Stock Exchange ("TSX"). DPM's business objectives are to identify, acquire, finance, develop and operate low-cost, long-life mining properties.

The Company's operating interests include its 100% ownership of Chelopech Mining EAD ("Chelopech"), its principal asset being the Chelopech mine, a gold, copper, silver concentrates producer, located approximately 70 kilometres east of Sofia, Bulgaria, 100% ownership of Namibia Custom Smelters (Pty) Ltd. ("NCS"), a copper concentrate processing facility located in Tsumeb, Namibia, and a 100% interest in Deno Gold Mining Company CJSC ("Deno Gold"), its principal asset being the Kapan mine, a gold, copper, zinc, silver concentrates producer located about 320 kilometres south east of the capital city of Yerevan 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. The Company also presently holds a 50.9% controlling interest in Avala Resources Ltd., a TSX Venture Exchange ("TSXV") listed company (TSX VENTURE:AVZ) focused on the exploration and development of the Timok and Potoj Cuka copper and gold projects in Serbia. In July 2010, the Company established DPM Assurance (Barbados) Inc. ("DPMA"), a qualifying insurance company in Barbados, principally to provide reinsurance coverage for surety risks originating from its affiliates.

Summarized Financial Results

Net revenue

Net revenue of $61.4 million in the fourth quarter of 2010 was $19.3 million higher than the corresponding prior year period net revenue of $42.1 million due primarily to a 24% increase in gold prices and 30% increase in copper prices partially offset by lower gold in concentrate sold. The drawdown and sale of higher grade gold concentrate in the fourth quarter of 2009 contributed to the relative reduction in gold in concentrate sold in the fourth quarter of 2010. Also contributing to the period over period increase in net revenue was the inclusion of NCS's revenue following its acquisition by DPM in March 2010. Net unfavourable mark-to-market adjustments and final settlements of $0.5 million, related to the open positions of provisionally priced concentrate sales, were recorded in the fourth quarter of 2010 compared to net favourable mark-to-market adjustments and final settlements of $0.4 million in the fourth quarter of 2009.

Deliveries of concentrates produced at Chelopech of 17,883 tonnes in the fourth quarter of 2010 were comparable to the fourth quarter of 2009 deliveries of 17,791 tonnes. Gold in concentrate sold in the fourth quarter of 2010 of 13,076 ounces was 31% lower than the corresponding prior year period. Copper in concentrate sold of 6.1 million pounds was comparable to the corresponding prior year period.

Deliveries of copper and zinc concentrates produced at Deno Gold of 1,828 tonnes and 3,635 tonnes in the fourth quarter of 2010 were, respectively, 194 tonnes and 51 tonnes higher than the corresponding prior year period. Gold in concentrate sold in the fourth quarter of 2010 of 7,393 ounces was 10% higher than the corresponding prior year period. Copper and zinc in concentrate sold in the fourth quarter of 2010 of 0.8 million pounds and 4.1 million pounds were, respectively, 2% and 6% higher than the corresponding prior year period.

Net revenue of $201.8 million in the twelve months of 2010 was $64.3 million higher than the corresponding prior year period net revenue of $137.5 million due to a 26% increase in gold prices, a 46% increase in copper prices, a 31% increase in zinc prices and higher deliveries of concentrates partially offset by lower gold in concentrate sold. Net unfavourable mark-to-market adjustments and final settlements of $3.3 million, related to the open positions of provisionally priced concentrate sales, were recorded in the twelve months of 2010 compared to net favourable mark-to-market adjustments and final settlements of $6.5 million in the twelve months of 2009. In the twelve months of 2010, DPM recorded net losses on its copper and zinc derivatives of $0.2 million, compared to net losses on copper derivatives of $4.4 million in the twelve months of 2009. Also contributing to the period over period increase in net revenue was the inclusion of NCS's revenue following its acquisition by DPM in March 2010.

Deliveries of concentrates produced at Chelopech of 73,061 tonnes in the twelve months of 2010 were 3% lower than the corresponding prior year period deliveries of 75,542 tonnes. Gold in concentrate sold in the twelve months of 2010 of 58,065 ounces was 38% lower than the corresponding prior year period. Copper in concentrate sold of 25.0 million pounds was 4% lower than the corresponding prior year period.

Deliveries of copper and zinc concentrates produced at Deno in the year 2010 of 5,478 tonnes and 12,618 tonnes were, respectively, 2,921 tonnes and 4,542 tonnes higher than the corresponding prior year period due to operational improvements and the ramp-up of the mine/mill expansion. In addition, Deno Gold was on care and maintenance in the first quarter of 2009. Gold in concentrate sold in the twelve months of 2010 of 22,287 ounces was 98% higher than the corresponding prior year period. Copper in concentrate sold in the twelve months of 2010 was 2.4 million compared to 1.2 million pounds in the corresponding prior year period. Zinc in concentrate sold in the twelve months of 2010 of 14.3 million pounds was 62% higher than the corresponding prior year period.

The average London Bullion gold price(2) in the fourth quarter of 2010 of $1,369 per ounce was 24% higher than the fourth quarter of 2009 average price of $1,102 per ounce. The average London Metal Exchange ("LME") cash copper price(2) in the fourth quarter of 2010 of $3.92 per pound was 30% higher than the fourth quarter of 2009 average price of $3.02 per pound. The average LME cash zinc price(2) in the fourth quarter of 2010 of $1.05 per pound was 5% higher than the fourth quarter of 2009 average price of $1.00 per pound.

The average London Bullion gold price(2) in the twelve months of 2010 of $1,224 per ounce was 26% higher than the corresponding prior year period average price of $973 per ounce. The average LME cash copper price(2) in the twelve months of 2010 of $3.42 per pound was 46% higher than the corresponding prior year period average price of $2.34 per pound. The average LME cash zinc price(2) in the twelve months of 2010 of $0.98 per pound was 31% higher than the corresponding prior year period average price of $0.75 per pound.

Cost of sales

Cost of sales of $43.8 million and $150.1 million in the fourth quarter and twelve months of 2010 were $14.3 million and $53.3 million higher than the corresponding prior year periods cost of sales of $29.5 million and $96.8 million, respectively, due primarily to the inclusion of expenses related to the processing of concentrates at NCS.

Cash cost per tonne of ore processed(1), excluding royalties, at Chelopech in the fourth quarter of 2010 of $56.34 was 14% lower than the corresponding prior year period cash cost per tonne of ore processed(1), excluding royalties, of $65.26 due to higher volume of material mined and processed, the favourable impact of an 8% depreciation of the Euro relative to the U.S. dollar period over period and lower cement usage in backfill activities partially offset by higher consumption of and prices for power and diesel, higher employment expenses and increased maintenance costs. Cash cost per tonne of ore processed(1), including royalties, at Chelopech in the fourth quarter of 2010 of $61.66 was 14% lower than fourth quarter of 2009 cash cost per tonne of ore processed(1), including royalties, of $71.61.

Cash cost per tonne of ore processed(1), excluding royalties, at Chelopech in the twelve months of 2010 of $51.54 was 7% lower than the corresponding prior year period cash cost per tonne of ore processed(1), excluding royalties, of $55.23 due primarily to higher volume of material mined and processed, the favourable impact of a weaker Euro relative to the U.S. dollar, period over period and lower cement usage in backfill activities partially offset by higher pending on supplies and services, higher employment expenses and increased prices for and consumption of power and fuels. Cash cost per tonne of ore processed(1), including royalties, at Chelopech in the twelve months of 2010 of $56.22 was 8% lower than the corresponding prior year period cash cost per tonne of ore processed(1), including royalties, of $61.00.

Cash cost per tonne of ore processed(1), excluding royalties, at Deno Gold in the fourth quarter and twelve months of 2010 of $63.66 and $66.33 were, respectively, 12% and 8% lower than the corresponding prior year periods cash cost per tonne of ore processed(1), excluding royalties, of $72.01 and $72.27 due to higher volume of material processed partially offset by higher maintenance costs, higher vein drive development costs to access additional working spaces and higher employment expenses. Cash cost per tonne of ore processed(1), including royalties, at Deno Gold in the fourth quarter and twelve months of 2010 were $69.87 and $70.31, respectively. Deno Gold did not pay a profit based royalty in 2009.



Gross profit

The following table shows the breakdown of gross profit (loss) by location:

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$ thousands
Ended December 31, Three Months Twelve Months
---------------------- ---------------------
2010 2009 2010 2009
-------------------------------------------------------------- -----------
Chelopech $ 14,444 $ 9,698 $ 41,214 $ 41,594
Deno Gold 6,865 2,888 13,558 (865)
NCS (3,682) - (3,132) -
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Total gross profit $ 17,627 $ 12,586 $ 51,640 $ 40,729
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In December 2010, a year-to-date charge of $2.1 million on the net value of the metals in concentrate held by the smelter and smelter fee advances, as per the tolling agreement between LDC and NCS, was reclassified from financing costs to net revenue, resulting in a reduction in net revenue. Included in the NCS gross loss in the fourth quarter and twelve months of 2010 was a depreciation expense of $1.4 million and $2.4 million, respectively, on the intangible assets identified as part of the finalization of the purchase price allocation for the acquisition of NCS which was completed in the fourth quarter.

Investment and other income

Investment and other income were $12.6 million and $51.4 million in the fourth quarter and twelve months of 2010, respectively, compared to investment and other income of $0.4 million and $1.4 million in the corresponding prior year periods. Included in the fourth quarter and twelve months of 2010 were unrealized favourable mark-to-market adjustments related to the Sabina Special Warrants, which are held for trading, of $11.6 million and $49.7 million respectively.

Income tax expense

In the fourth quarter of 2010, DPM reported an income tax recovery of $5.1 million at an effective tax recovery rate of 36% on earnings before income taxes of $14.3 million. At a 31% statutory tax rate for 2010, the expected income tax expense was $4.4 million. The variance was due primarily to the lower rates on foreign earnings and the non-taxable portion of unrealized gains on warrants.

For the year ended December 31, 2010, DPM reported an income tax recovery of $9.5 million at an effective tax recovery rate of 86% on earnings before income taxes of $11.0 million. At a 31% statutory tax rate for 2010, the expected income tax expense was $3.4 million. The variance was due primarily to the reversal of the tax valuation allowance and the non-taxable portion of capital gains and unrealized gains on special warrants, partially offset by an unrecognized tax benefit relating to foreign losses. The valuation allowance was reversed since it is more likely than not that DPM will be able to recognize future tax assets against future taxable income.



Summary of Operating Cash Flow, Investing and Financing Activities

The following table summarizes the Company's cash flow activities for the
periods indicated:

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$ thousands
Ended December 31, Three Months Twelve Months
-------------------- --------------------
2010 2009 2010 2009
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Net cash provided by operating
activities $ 28,821 $ 22,325 $ 50,287 $ 21,233
Net cash used in investing
activities (43,333) (23,522) (88,725) (31,639)
Net cash provided by (used in)
financing activities 26,064 (1,631) 103,894 (4,741)
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Increase (decrease) in cash and
cash equivalents 11,552 (2,828) 65,456 (15,147)
Cash and cash equivalents at
beginning of period 84,673 33,034 30,769 42,169
Change due to conversion to
U.S. dollar reporting - 563 - 3,747
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Cash and cash equivalents at
end of period $ 96,225 $ 30,769 $ 96,225 $ 30,769
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Operating Activities

Cash provided by operating activities in the fourth quarter of 2010 was $28.8 million compared to $22.3 million in the fourth quarter of 2009. The increase in cash provided by operating activities, period over period, was due to improved gross profit from mining and processing operations resulting from stronger metal prices partially offset by lower gold in concentrate sold.

Cash provided by operating activities in the twelve months of 2010 was $50.3 million compared to $21.2 million in the corresponding prior year period. The period over period increase in cash provided by operating activities was due primarily to improved gross profit from mining and processing operations resulting from stronger metal prices and higher deliveries of concentrates partially offset by lower gold in concentrate sold.

Investing Activities

Cash used in investing activities in the fourth quarter and twelve months of 2010 was $43.3 million and $88.7 million, respectively, compared to cash used in investing activities of $23.5 million and $31.6 million in the corresponding prior year periods.

Proceeds on sale of short-term investments totalled $31.6 million in the twelve months of 2010 compared to $3.8 million in the corresponding prior year period. Short-term investments include bankers' acceptances and treasury bills with original maturities between three months and less than one year at the time the investment is made.

In the twelve months of 2010, there was an increase in restricted cash of $15.1 million due primarily to the funding of DPMA, a qualifying insurance company established to provide reinsurance coverage for surety risks originating from DPM's affiliates.

On December 22, 2010, DPM, through a wholly owned subsidiary company, purchased the remaining five percent interest in Vatrin it did not own, resulting in DPM holding a 100% equity interest, for net cash consideration of $1.5 million and the elimination of all associated third party indebtedness. Vatrin holds 100% of Deno Gold.

In August 2010, DPM purchased 1,539,713 common shares of Sabina for $4.0 million (Cdn$4.2 million).

In April 2010, the Company subscribed for 4,857,000 units of PJV Resources at a unit price of Cdn$0.35 per unit for total cash consideration of $1.7 million (Cdn$1.7 million). Each unit consisted of one common share of PJV and one half of one common share purchase warrant. Each full warrant was exercisable to purchase a common share of Avala at Cdn$0.50 per share. The shares of PJV were converted to shares of Avala as part of the July 2010 business combination between PJV, Avala and Metali and are eliminated on consolidation.

On March 24, 2010, the Company completed the acquisition of NCS from WTI through the purchase of 100% of the shares of NCS. The cash consideration provided to WTI by DPM was $17.0 million, net of cash acquired of $1.0 million.

Prior to its acquisition of NCS in March 2010, DPM advanced $3.0 million to NCS in accordance with the binding letter of intent signed in January 2010 with WTI for the purchase of NCS. In the twelve months ended December 31, 2009, DPM advanced $4.0 million to NCS in accordance with the agreement DPM signed with NCS in December 2008.

In June 2009, DPM completed the sale of its Back River exploration project in Nunavut to Sabina for a cash payment of $6.2 million (Cdn $7.0 million), 17 million Sabina common shares and 10 million Sabina special warrants.



The following table provides a summary of the Company's capital
expenditures:

---------------------------------------------------------------------------
$ thousands
Ended December 31, Three Months Twelve Months
------------------------- -------------------------
2010 2009 2010 2009
---------------------------------------------------------------------------
Chelopech $ (17,562) $ (9,510) $ (47,495) $ (27,347)
Deno Gold (4,344) (1,861) (18,894) (6,067)
NCS (3,407) - (8,357) -
BMM (1,776) (909) (4,650) (1,001)
Other (27) (136) (334) (356)
---------------------------------------------------------------------------
Total capital
expenditures $ (27,116) $ (12,416) $ (79,730) $ (34,771)
---------------------------------------------------------------------------
---------------------------------------------------------------------------


Capital expenditures at Chelopech in the fourth quarter and twelve months of 2010 were, respectively, 85% and 74% higher than the corresponding prior year periods due to the ramp-up of the mine and mill expansion project in 2010. Capital expenditures at Deno Gold in the fourth quarter and twelve months of 2010 were significantly higher than the corresponding prior year periods due to the mine and mill expansion and land acquisition in 2010.

Financing Activities

Cash provided by financing activities in the fourth quarter and twelve months of 2010 totalled $26.1 million and $103.9 million, respectively, compared to cash used in financing activities of $1.6 million and $4.7 million in the corresponding prior year periods.

In the twelve months of 2010, debt and leases repayments were $2.4 million and $3.8 million, respectively, compared to $3.6 million and $1.1 million in the corresponding prior year period.

On December 3, 2010, DPM and Chelopech finalized a $66.75 million long-term loan agreement with the EBRD and UCB. The proceeds from this loan financing are to be used to refinance existing EBRD debt and to assist in the financing of the Chelopech mine and mill expansion. As of December 31, 2010, $44.25 million had been drawn under the facility, of which $16.25 million was used to refinance the existing EBRD debt. The proceeds from debt financing, net of fees and expenses, were $27.1 million.

On July 30, 2010, DPM concluded its previously announced agreement with PJV and Avala wherein it received a 50.3% direct controlling interest in Avala, 36.7 million warrants (including the April 2010 subscription of shares and warrants), $1.6 million in cash as well as Special Rights to acquire an additional 50 million Avala common shares for no additional consideration if certain events occur in exchange for DPM's Serbian subsidiary, Metali. Net proceeds on the sale of DPM's interest in Metali were $20.9 million.

In the first quarter of 2010, the Company completed an equity financing for gross proceeds of $64.8 million (Cdn$66.0 million). The equity financing consisted of the sale of 20,000,000 common shares at Cdn$3.30 per share. The proceeds, net of expenses and fees, were $62.0 million (Cdn$63.1 million).

Average Metal Prices

The following table, summarizing the average metal prices for the London Bullion Market Association ("LBMA") gold, LME copper Grade A, LME special high grade ("SHG") zinc and LBMA silver prices, is used to illustrate the Company's average metal price exposures based on its key reference prices for the periods indicated.



----------------------------------------------------------------------------
Average
Ended December 31, Three Months Twelve Months
------------------ ------------------
2010 2009 2010 2009
----------------------------------------------------------------------------
London Bullion gold ($/oz) $ 1,369 $ 1,102 $ 1,224 $ 973
LME settlement copper ($/lb) 3.92 3.02 3.42 2.34
LME settlement SHG zinc ($/lb) 1.05 1.00 0.98 0.75
LBMA spot silver ($/oz) $ 26.43 $ 17.58 $ 20.16 $ 14.65
----------------------------------------------------------------------------


Non-GAAP Financial Measures

Reference is made to cash cost per tonne of ore processed because it is understood that certain investors use this information to assess the Company's performance and also determine the Company's ability to generate cash flow for investing activities. This measurement captures all of the important components of the Company's production and related costs. In addition, management utilizes this metric as an important management tool to monitor cost performance of the Company's operations. This measurement, which is a non-GAAP measure, has no standardized meaning under Canadian GAAP and is therefore unlikely to be comparable to similar measures presented by other companies. This measurement is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with Canadian GAAP. The following table provides, for the periods indicated, a reconciliation of the Company's cash cost measure and Canadian GAAP cost of sales:




----------------------------------------------------------------------------
$ thousands, unless otherwise
indicated
For the year ended December 31,
2010 Chelopech Deno Gold Other Total
----------------------------------------------------------------------------
Ore processed (mt) 1,000,781 428,865
Cost of sales $ 72,579 $ 32,743 $ 44,833 $ 150,155
Add/(deduct):
Amortization (12,960) (5,374)
Reclamation costs and other (1,337) (788)
Change in concentrate inventory (2,018) 3,572
----------------------------------------------------------------------------
Total cash cost of production $ 56,264 $ 30,153
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash cost per tonne of ore
processed, including royalties $ 56.22 $ 70.31
Cash cost per tonne of ore
processed, excluding royalties $ 51.54 $ 66.33
----------------------------------------------------------------------------

----------------------------------------------------------------------------
$ thousands, unless otherwise Total
indicated
For the year ended December 31, Deno
2009 Chelopech Gold
----------------------------------------------------------------------------
Ore processed (mt) 980,928 218,235
Cost of sales $ 75,647 $ 21,197 $ 96,844
Add/(deduct):
Amortization (12,401) (3,170)
Reclamation costs and other (1,841) (752)
Care and maintenance costs - (3,074)
Change in concentrate inventory (419) 1,696
Foreign exchange (1,148) (125)
Total cash cost of production $ 59,838 $ 15,772
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash cost per tonne of ore
processed, including royalties $ 61.00 $ N/A
Cash cost per tonne of ore
processed, excluding royalties $ 55.23 $ 72.27
----------------------------------------------------------------------------

Mineral Reserves and Resources

The Chelopech Mineral Resources, as of September 2010, are set out below.

Mineral Resources Gold Silver Copper
---------------- ---------------- ----------------
Tonnes Grade Ounces Grade Ounces Grade Lbs
(million) (g/t) (M) (g/t) (M) (%) (M)
----------------------------------------------------------------------------
Measured 15.84 4.2 2.14 10.9 5.55 1.6 558.7
Indicated 12.70 4.0 1.63 7.2 2.94 1.1 307.9
----------------------------------------------------------------------------
Measured and
Indicated 28.54 4.1 3.77 9.1 8.49 1.4 866.6
Inferred 8.10 2.9 0.76 10.3 2.68 0.9 160.7
----------------------------------------------------------------------------

(1) The rounding of tonnage and grade figures has resulted in some columns
showing relatively minor discrepancies in sum totals.
(2) All Mineral Resource Estimates have been determined and reported in
accordance with National Instrument 43-101("NI 43-101") and the
classification adopted by the Canadian Institute of Mining ("CIM") Council
in August 2000.
(3) Cut-off Grade @ 3.2g/t Gold Equivalent is based on the following
formula: (Au g/t + 2.5xCu%). The Mineral Resource has been depleted as of
September 30, 2010. Resource estimates are based on various other
assumptions and key parameters and are subject to risks as more fully
described in the supporting technical report (see note 4).
(4) The "Chelopech Cu-Au Resource and Reserve, Bulgaria, Technical Report
for the Chelopech Project" is currently being prepared by Brian R. Wolfe
from Coffey Mining Pty Ltd. ("Coffey"), and Gordon Fellows from Chelopech
Mining, both of whom are Qualified Persons under NI 43-101. The former is
independent of the Company. The report will be filed on Sedar at
www.sedar.com by March 31, 2011.
(5) The information in the above table has been prepared under the
supervision of Dr. Julian Barnes, a Qualified Person within the meaning of
NI 43-101 and independent of the Company.

The Chelopech Mineral Reserves, as of January 1, 2011, are set out below.

Mineral Reserves Gold Copper
-------------------- --------------------
Tonnes Grade Ounces Grade Lbs
(million) (g/t) (M) (%) (M)
----------------------------------------------------------------------------
Proven 14.59 3.66 1.72 1.37 439
Probable 6.26 4.37 0.88 1.04 144
----------------------------------------------------------------------------
Total Reserves 20.85 3.87 2.60 1.27 583
----------------------------------------------------------------------------
(1) The rounding of tonnage and grade figures has resulted in some columns
showing relatively minor discrepancies in sum totals.
(2) All Mineral Reserve Estimates have been determined and reported in
accordance with NI 43-101 and the classifications adopted by the CIM Council
in August 2000.
(3) All Mineral Reserves are completely included within the quoted Mineral
Resources.
(4) NSR cut-off is +$10/t; the average sulphur content in mill feed is
14.0%; Mineral Reserves are depleted, and are based on metal prices of
$900/oz gold and copper price of $2.50/lb; metallurgical recoveries are
based on current and modelled algorithms for each block. The weighted
average recoveries are 84.4%CuRec, 54.89%AuRec and 21.48%AgRec.Smelting and
Transport costs are $189/t and $139/t, respectively with smelter recoveries
of 93%AuRec, 94%CuRec and 90%AgRec. Reserve estimates are based on various
other assumptions and key parameters and are subject to risks as more fully
described in the supporting technical report (see note 5).
(5) The "Chelopech Cu-Au Resource and Reserve, Bulgaria, Technical Report
for the Chelopech Project" is currently being prepared by Brian R. Wolfe
from Coffey and Gordon Fellows from Chelopech Mining, both of whom are
Qualified Persons under NI 43-101. The former is independent of the Company.
The report will be filed on Sedar at www.sedar.com by March 31, 2011.
(6) The information in the above table has been prepared under the
supervision of Dr. Julian Barnes, a Qualified Person within the meaning of
NI 43-101 and independent of the Company.


Definition of Mineral Resource and Reserve

The Mineral Resource and Reserve estimate has been performed in compliance with the NI 43-101 and as defined by the CIM Standards. According to the standards, a Mineral Resource is defined as "a concentration or occurrence of base and/or precious metals in or on the earth's crust in such form and quantity and of such grade or quality that it has reasonable prospects for economic extraction. The location, quantity, grade, geological characteristics and continuity of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge". A Mineral Reserve is defined as "the economically mineable part of a Measured or Indicated Mineral Resource demonstrated by at least a Preliminary Feasibility Study. This Study must include adequate information on mining, processing, metallurgical, economic and other relevant factors that demonstrate, at the time of reporting, that economic extraction can be justified. A Mineral Reserve includes diluting materials and allowances for losses that may occur when the material is mined" (CIM Definitions Standards November 27, 2010).

Scientific and Technical Data

Since the 2008 Mineral Resource and 2009 Mineral Reserve estimate had been computed, additional drilling, development and mapping have better defined the resources at depth while, the updated reserves have been calculated using the newly adopted net smelter return ("NSR") methodology instead of the previously practised single cut-off grade and Mineable Reserves Optimizer ("MRO") analysis.

The Mineral Resource estimate is based on a single cut-off grade of 3.2g/tAuEq using a gold equivalent formula of AuEq = 2.5xCu + Au with wireframes based on geological and grade continuity (greater than 3g/tAuEq). On evaluation of the results and comparison with the 2008 Mineral Resource estimate, not taking into consideration the mined out material from the period between the estimates, the tonnes were reduced by 22% for Measured and Indicated Resources and 21% for Inferred Resources. Gold and copper grades increased by 8% and 9%, respectively, for Measured and Indicated Resources, while Inferred Resources saw a 7% increase in gold grade and no change to copper grade compared to the 2008 Mineral Resource. Gold and copper metal decreased by 12% and 11% for Measured and Indicated Resources while, down 13% and 21% for Inferred Resources, respectively.

Primarily, the changes in the Mineral Resource estimate compared to the 2008 Mineral Resource have been attributed to a number of factors including an updated void model, additional drilling and improved ore body delineation. At depth, Blocks 16, 18, 19 and 151 were better constrained due to the "Deeps" drilling while grade control drilling tightened the boundaries of Blocks 19 and 151. Additional Mineral Resources with higher gold grades were gained from Blocks 145, 147 and 149 while, in areas where the Mineral Resource wireframes were expanded, more low-grade material was included inside the modeled wireframe, which resulted in a lower overall grade estimate and a reduction in the volume influenced by higher grade intersections.

For the January 1, 2011, Mineral Reserve estimate, DPM applied the NSR methodology with designed stopes and development instead of a single cut-off grade and MRO analysis. This approach was adopted after the completion of a "hill of values" study in 2009 conducted by Coffey. It was shown that the break-even grade of Block 151 is significantly higher than the other mining blocks. This implies the use of a single mine cut-off grade was not the economic optimum.

NSR refers to the revenues expected from the mill feed, taking into consideration metal prices, mill and smelter recoveries, concentrate grades, transportation costs of the concentrate to the smelter, treatment and refining charges, and other deductions at the smelter. There are numerous benefits of a net smelter return model compared to a single metal cut off grade approach. These benefits include a) polymetallic ores can be converted into a dollar per tonne variable; b) investigation of the potential viability of selected reserve blocks can be quickly assessed; c) the profitability of planned stopes can be assessed as a daily task; d) the effect of commodity price fluctuations can be quickly applied to the reserve model and e) minimum profit per tonne appraisals can be easily applied prior to a decision to mine a stope.

Limitations of the NSR block valuation approach include a tendency to smooth the statistical distribution of block values, relative to the statistical distribution of the copper, gold and additional element block estimates.

Recovery algorithms used for the Mineral Reserve estimate are based on the current Chelopech operation using gold, copper, silver and sulphur grades, DPM long term metal price forecasts for gold of $900 per ounce, for copper of $2.50 per pound and for silver $17 per ounce and smelter costs and transport costs of $185 per tonne and $139 per tonne, respectively. Also, based on the results presented by Coffey, a fair and responsible cut-off grade that balances economic risk and mine life was chosen at +$10 per tonne.

Therefore, due to the higher than average sulphur content of Block 151, recoveries are lower compared to all other blocks, hence a higher grade cut-off should be applied. The NSR methodology automatically takes this into account while previous reserves did not. To illustrate the difference in recoveries, Blocks 19 and 150 return an average recovery range of 86-88% for copper and 63-66% for gold while Block 151 has an average recovery of 82% for copper and 47% for gold.

This change in methodology from a single cut-off of 3.2g/tAuEq to an NSR model has therefore reduced the Mineral Reserves of Block 151 by 3%, compared to the 2009 Mineral Reserves. A majority of the uneconomical material in Block 151 under NSR methodology is in the lower levels where gold and sulphur grades are high (greater than 4g/tAu and greater than 23%S) and copper grades are low (less than 0.5%Cu). Petrological and metallurgical analysis is planned to determine if changes to the current processing workflow can occur, in order to convert this material to Mineral Reserves.

A direct comparison between the 2009 and 2010 Proven Reserves saw a tonnage increase of 34% and a drop in gold and copper grade of 4% and 2%, respectively. This resulted in an increase in gold and copper metal of 32% and 29%, respectively. Probable Reserves, on the other hand, dropped with tonnes down 49%, gold grade up 28%, copper grade down 5% and gold and copper metal both down 32% and 52%, respectively. This change in Proven and Probable Reserves was due to the increase in the amount of capital and ore development conducted in 2010, in order to ramp up production to 2 million tonnes per annum. The definition used for Probable Reserves is defined as designed stopes and development that lies more than 15 metres (1/2 stope height) below any level with crosscutting ore development. Data was unavailable to compare the Proven and Probable Reserves separately, taking into account what was mined out between the 2009 and 2010 Mineral Reserve.

However, when taking into consideration the mined out material between Mineral Reserve estimates, the total Chelopech Mineral Reserve (Proven and Probable) result is positive. The 2010 Mineral Reserve contains 4% less tonnes, a 7% increase in gold grade and a 2% increase in gold metal, a 7% increase in copper grade and a 1% decrease in copper metal. These differences are attributed to the updated voids model and additional exploration and grade control drilling which has better defined the extents and boundaries of Blocks 19, 103, 150, 151 and 149 while new discoveries, Blocks 145 and 147, added high-grade gold Mineral Reserves.

Risks and Uncertainties

The figures for Mineral Resources and Mineral Reserves disclosed by the Company in this press release and other disclosure documents of the Company are estimates only and no assurance can be given that the anticipated tonnages and grades will be achieved or that the indicated level of recovery will be realized. There are numerous uncertainties inherent in estimating Mineral Resources, including many factors beyond the Company's control. Such estimation is a subjective process and the accuracy of any resource estimate is a function of the quantity and quality of available data and of the assumptions made and judgments used in engineering and geological interpretation. Short-term operating factors, such as the need for orderly development of the ore bodies or the processing of new or different ore grades, may cause the mining operation to be unprofitable in any particular accounting period. In addition, there can be no assurance that gold, silver, zinc or copper recoveries in small scale laboratory tests will be duplicated in larger scale tests under on-site conditions or during production.

This press release uses the terms "Measured", "Indicated" and "Inferred" Mineral Resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the U.S. Securities and Exchange Commission ("SEC") does not recognize them. "Inferred Mineral Resources" have a great amount of uncertainty as to their existence and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of an Inferred Mineral Resource exists, or is economically or legally mineable.



(1) Cash cost per tonne ore processed is a non-GAAP measure. A
reconciliation of the Company's cash cost per tonne ore processed to cost of
sales under Canadian GAAP for the years 2010 and 2009 is shown in the table
entitled "Non-GAAP Financial Measures."
(2) Refer to the Average Metal Prices section for the average metal prices
used to illustrate the Company's average metal price exposure based on its
key reference prices.


To view the Financial Statements, please click the following link: http://media3.marketwire.com/docs/dpmfin223.pdf

Cautionary Note Regarding Forward-Looking Statements

This press release contains "forward-looking statements" that involve a number of risks and uncertainties. Forward-looking statements include, but are not limited to, statements with respect to the future price of gold, copper, zinc and silver the estimation of mineral reserves and resources, the realization of mineral estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, currency fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims, limitations on insurance coverage and timing and possible outcome of pending litigation. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any other future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others: the actual results of current exploration activities; actual results of current reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold, copper, zinc and silver; possible variations in ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, fluctuations in metal prices, as well as those risk factors discussed or referred to in Management's Discussion and Analysis under the heading "Risks and Uncertainties" and other documents filed from time to time with the securities regulatory authorities in all provinces and territories of Canada and available at
www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Unless required by securities laws, the Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements.



Contact Information

  • Dundee Precious Metals Inc.
    Jonathan Goodman
    President and Chief Executive Officer
    (416) 365-2408
    jgoodman@dundeeprecious.com
    or
    Dundee Precious Metals Inc.
    Stephanie Anderson
    Executive Vice President and Chief Financial Officer
    (416) 365-2852
    sanderson@dundeeprecious.com
    or
    Dundee Precious Metals Inc.
    Lori Beak
    Vice President, Investor Relations and Corporate Secretary
    (416) 365-5165
    lbeak@dundeeprecious.com