Dundee Precious Metals Inc.

Dundee Precious Metals Inc.

March 04, 2005 08:13 ET

Dundee Precious Metals Inc.: Acquisition of Units of Goldbelt Resources Ltd.


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: DUNDEE PRECIOUS METALS INC.

TSX SYMBOL: DPM

MARCH 4, 2005 - 08:13 ET

Dundee Precious Metals Inc.: Acquisition of Units of
Goldbelt Resources Ltd.

TORONTO, ONTARIO--(CCNMatthews - March 4, 2005) - In accordance with
regulatory requirements, Dundee Precious Metals Inc. (TSX:DPM)("Dundee
Precious") announces that it has acquired 5,000,000 units of Goldbelt
Resources Ltd. ("Goldbelt") under a private placement at $0.50 each.
Each unit consists of one common share and one-half of a share purchase
warrant. Each whole warrant is exercisable into one additional common
share of Goldbelt at $0.65 until September 3, 2006. The above securities
represent an approximate 20.5% interest in Goldbelt, assuming the
exercise of the warrants.

Dundee Precious now holds 5,000,000 common shares and 2,500,000 warrants
of Goldbelt. These holdings represent an approximate 14.7% interest in
Goldbelt, on an undiluted basis, and an approximately 20.5% assuming the
exercise of all warrants held.

The above noted securities held by Dundee Precious are held for
investment purposes. These investments will be reviewed on a continuing
basis and such holdings may be increased or decreased in the future.

Dundee Precious is a Canadian operating mining company engaged in the
acquisition, exploration, development and mining of precious metals. It
currently owns the Chelopech Mine, a producing gold/copper mine and Ada
Tepe, an advanced stage exploration property, both located in Bulgaria,
and is engaged in mineral exploration activities in the region. In
addition, Dundee Precious has the option to earn a 60% interest in the
Back River gold project in Nunavut, Canada. The Company also holds a
significant and strategic portfolio of investments in the precious
metals and mineral related sector.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Dundee Precious Metals Inc.
    Jonathan Goodman
    President & Chief Executive Officer
    (416) 365-2408
    jgoodman@dundeeprecious.com
    or
    Dundee Precious Metals Inc.
    Gabriela M. Sanchez
    Vice President Investor Relations
    (416) 365-2549
    gsanchez@dundeeprecious.com