Dundee Mines Ltd.
TSX VENTURE : DUN

Dundee Mines Ltd.

November 30, 2007 11:07 ET

Dundee Begins Drilling at Yankee-Dundee with Airborne EM Survey in December; Non-brokered Private Placement Closed

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 30, 2007) - Dundee Mines Limited (TSX VENTURE:DUN) reported today that final permits have been issued and drilling has started on its wholly-owned Yankee-Dundee property located three kilometres northeast of Ymir, in southeastern British Columbia. Up to 1,200 metres of drilling is planned in eight to ten drill holes which will test a series of targets developed from data compilation, surface sampling and 746.3 metres of previous drilling, on early stage targets, during the spring and summer of 2007.

The spring 2007 drilling was successful in testing portions of the Yankee-Girl vein and returned 6.01g/t Au over 1.54 metres (before ending in historical workings) and several other anomalous intervals including 5.17g/t Au over 1.23 metres and a 0.47 metre interval of 6.74g/t Au, along the eastern extension of the main Yankee-Girl vein system. Mineralized intervals are reported using estimated true thicknesses.

The new drill program will test a northerly-trending splay of the main Yankee Girl vein, the western extension of the Dundee vein as well as the area of the previously un-drilled 'Yukon Ore Shoot' which was not followed-up on by the previous operators.

The company also reported that final contracts have been signed for an anticipated 600 line-kilometre Airborne DIGHEM EM / Magnetic survey over the property scheduled for December 2007. The survey is planned to cover the southern two thirds of the property and is designed to apply the geophysical signature of known structures containing significant precious and base metal content to as yet untested targets on the property.

Yankee-Dundee Project

The Yankee-Dundee project comprises 26 Crown Grants and 119 mineral claims totaling 4,562 hectares, 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 are reported to have produced more than one million ounces of Au (1).

Private Placement Closed

The company also reported today that it has received TSX.Venture Exchange approval and has now closed the previously reported $300,000 non-brokered private placement of 1.2 million common shares at a price of $0.25 per unit. The units comprise of one common share and one-half of one common share purchase warrant. Each full warrant can be exercised for one common share at a price of $0.30 per share and for a period of eighteen months.

All the common shares issued pursuant to this unit offering, including share purchase warrants, carry a legend restricting the shares from trading for a period of four months to March 28th, 2008.

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.

(1) Production data from the Ymir and Sheep Creek districts was obtained from historical government records and has not been independently verified by the current operators of the project.

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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