(All monetary figures are expressed in Canadian Dollars unless
otherwise stated)
Dundee Precious Metals Inc. ("DPM" or the "Company")(TSX:
DPM)(TSX: DPM.WT) today announced its unaudited results for the
third quarter ended September 30, 2008. DPM reported third quarter
net earnings of $6.5 million (basic and diluted net earnings per
share of $0.11). This compares with a third quarter 2007 net loss
of $9.7 million (basic and diluted net loss per share of
$0.16).
"The Company has responded to current metal price and market
conditions by eliminating non-critical expenditures, including
exploration, and focussing on preserving its core operation - the
Chelopech mine," said Jonathan Goodman, President and CEO of DPM.
"Market willing, our plans include progressing with the expansion
of Chelopech, on a priority basis. The Chelopech mine is a
world-class asset that will be a significant cash flow producer
once complete. In the short-term, we are working on strategies to
optimize our flexibility around the construction and financing of
this project."
The following table summarizes the Company's financial and
operating results for the periods indicated:
----------------------------------------------------------------------------
$ millions, except Three Months Nine Months
per share amounts -----------------------------------
Ended September 30, 2008 2007 2008 2007
----------------------------------------------------------------------------
Net revenue (gold/copper/zinc
concentrates) $ 16.7 $ 26.8 $ 89.2 $ 100.2
Cost of sales 23.8 17.8 74.5 56.9
----------------------------------------------------------------------------
Gross profit (loss) from
mining operations (7.1) 9.0 14.7 43.3
----------------------------------------------------------------------------
Investment income (expense) 27.9 (1.9) 28.9 31.4
Net earnings (loss) 6.5 (9.7) 0.8 24.9
Basic net earnings (loss) per share $ 0.11 $ (0.16) $ 0.01 $ 0.44
Diluted net earnings (loss) per share $ 0.11 $ (0.16) $ 0.01 $ 0.43
Net cash provided by (used in)
operating activities (10.4) (8.3) 3.9 (31.5)
Capital expenditures (19.3) (42.5) (66.7) (95.8)
Other investing activities 41.0 3.1 61.0 56.9
Financing activities 15.2 7.2 13.3 76.1
----------------------------------------------------------------------------
Net increase (decrease) in cash $ 26.5 $ (40.5) $ 11.5 $ 5.7
----------------------------------------------------------------------------
Concentrate produced (mt)
Chelopech 13,567 13,284 39,738 46,716
Deno Gold 4,608 1,924 9,197 6,213
Cash cost per tonne ore
processed (US$/t)(1)
Chelopech $64.52 $ 46.34 $ 63.88 $ 43.83
Deno Gold $ 110.75 $ 97.56 $109.62 $ 72.77
THIRD QUARTER OF 2008 - FINANCIAL HIGHLIGHTS
- Net earnings for the third quarter of 2008 of $6.5 million
were $16.2 million higher than the net loss of $9.7 million in the
third quarter of 2007 as a result of higher net realized gains on
sales of investments partially offset by the gross loss from mining
operations. The gross loss from mining operations was due to lower
deliveries of concentrates, unfavourable marked-to-market
adjustments relating to the open positions of provisionally priced
concentrate sales and higher production costs at Deno Gold and
Chelopech. Included in the third quarter of 2008 results was a gain
of $27.2 million on the sale of the Company's holdings, 5,117,021
common shares, in Eldorado Gold Corporation ("Eldorado").
- The Chelopech operation reported net revenue of $15.2 million
on corresponding concentrate deliveries of 10,376 tonnes. Chelopech
cash cost per tonne of ore processed(1) was negatively impacted by
the expenditures associated with cemented rock fill and hydraulic
fill in the mine (which commenced in the fourth quarter of 2007 and
second quarter of 2008, respectively), the appreciation of the Euro
relative to the U.S. dollar, higher employment expenses, higher
prices for diesel and power and higher royalties. Partially
offsetting these increases was the favourable impact on unit cash
cost of higher volumes of material processed in the third quarter
of 2008. Approximately 48% of the increase in cash cost per tonne,
before the favourable impact of higher volumes of material
processed, was due to the introduction of cemented rock fill and
hydraulic fill, 34% to the appreciation of the Euro relative to the
U.S. dollar, 20% to higher employment expenses, 16% to higher
prices for diesel and power, and 12% to the introduction of a new
royalty. The higher volumes of material processed reduced the unit
cash cost by approximately 30%.
- The Deno Gold operation reported net revenue of $1.5 million
on corresponding concentrate deliveries of 1,785 tonnes. Cash cost
per tonne of ore processed(1) at Deno Gold was negatively impacted
by the addition of human resources and materials required to
improve the levels of safety, communications and general operating
standards, the appreciation of the Armenian dram relative to the
U.S dollar and higher prices for fuel, diesel and some reagents.
Partially offsetting these increases was the favourable impact on
unit cash cost of higher volumes of material processed.
- As at September 30, 2008, DPM had cash and marketable
securities of $63.9 million (market value) versus $115.2 million
(market value) at December 31, 2007.
- Cash used in operating activities in the third quarter of 2008
totalled $10.4 million due primarily to the gross loss from mining
operations partially offset by a decrease in working capital of
$4.9 million.
SIGNIFICANT ITEMS
The unaudited interim consolidated financial statements for the
three and nine months ended September 30, 2008 and 2007 were
prepared on the basis of accounting principles applicable to a
going concern. Certain market conditions, including falling metal
prices and higher operating costs, may lend substantial doubt as to
the appropriateness of the going concern assumption. Specifically,
the Company: 1) has contractual obligations over the next 12 months
amounting to $26.3 million (about $8 million of which can be
terminated with minimal or no penalty); 2) has insufficient cash
resources to complete its 2009 operational and development
commitments and plans; and 3) faces the slowdown in global markets
resulting in lower metal prices and tightness of credit.
Company-wide plans are being formulated and steps are being taken
to reduce, eliminate and/or defer all non-critical expenditures and
to potentially dispose of certain of its exploration assets.
The Company has recently retained GMP Securities L.P. as its
exclusive financial advisor to assist it in evaluating corporate
options available to the Company to maximize shareholder value,
including, without limitation, a disposition of assets, joint
venture, farm-out or strategic investment.
Operations at the Chelopech mining facilities are continuing
normal course. Presently, the Company is in advanced negotiations
with its principal concentrate purchaser to secure a longer term
(approximately five year) concentrate processing contract. This
form of arrangement would provide the Company with assurances
regarding the processing of its concentrate while it finalizes its
plans for the completion of the expansion project. In August and
September 2008, following the government's approval of the
Environmental Impact Assessment ("EIA") for the Chelopech
expansion, the Company filed two applications for complex permits,
one for the metals processing facility and one for an additional
tailings management facility.
The Company will temporarily suspend operations at Deno Gold. As
of early November 2008, an orderly shutdown of the Deno Gold
operations had commenced, to effectively place the facilities on
care and maintenance, pending a significant improvement in metal
prices. Discussions with Armenian government officials and EBRD
representatives are ongoing to ensure a smooth transition and to
maintain positive and constructive relationships. DPM is committed
to its investment in the region and recognizes the significant
operational improvements that have been made in a very short period
of time and looks forward to resuming operations and its
development plans when the economic climate improves.
DPM has ceased all exploration and drilling activities on its
Armenian and Serbian properties and at its Back River project. At
the same time, the Company has entered into discussions surrounding
strategic opportunities for the advancement of the Back River
project. The Company is taking steps to ensure that its titles and
licenses are preserved. DPM is committed to its long-term projects
and its strategy.
A complete set of DPM's Consolidated Financial Statements, Notes
to the Consolidated Financial Statements and Management's
Discussion and Analysis for the third quarter ended September 30,
2008 are posted on the Company's website at www.dundeeprecious.com
and have been filed on Sedar at www.sedar.com.
THIRD QUARTER RESULTS BROADCAST
DPM will be hosting an analyst meeting to present its 2008 third
quarter financial results on Thursday, November 6, 2008 at 8.30 am
(Toronto time). The meeting will be webcast live (audio only)
at:
http://events.onlinebroadcasting.com/dundee/110608/index.php.
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 and mining of precious
metal properties. Its common shares and share purchase warrants
(TSX: DPM)(TSX: DPM.WT) 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"), a gold, copper, silver
concentrates producer, owner of the Chelopech mine located
approximately 70 kilometres east of Sofia, Bulgaria, and a 95%
interest in Vatrin Investment Limited ("Vatrin"), a private entity
which holds 100% of 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, a 100% interest in the Back River gold
project located in Nunavut in the Canadian Arctic and three
significant exploration and exploitation properties in one of the
larger gold-copper-silver mining regions in Serbia.
SUMMARIZED FINANCIAL RESULTS
Net Revenue
Net revenue from the sale of concentrates of $16.7 million in
the third quarter of 2008 was $10.1 million or 38% lower than third
quarter of 2007 due to lower deliveries of concentrates from
Chelopech. In addition, unfavourable marked-to-market adjustments
of $4.4 million relating to the open positions of provisionally
priced concentrate sales were recorded in the third quarter of 2008
as result of the decline in forward prices for gold, copper and
zinc as of September 30, 2008 relative to the forward prices as of
June 30, 2008. Favourable marked-to-market adjustments of $1.8
million were recorded in the third quarter of 2007. Deliveries of
concentrates produced at Chelopech of 10,376 tonnes in the third
quarter of 2008 were 26% lower than third quarter of 2007
deliveries of 14,095 tonnes. There was an increase in concentrate
inventories of 3,191 tonnes in the third quarter of 2008 whereas,
in the third quarter of 2007, there was a decrease in concentrate
inventories of 811 tonnes. Deliveries of concentrates produced at
Deno Gold of 1,785 tonnes in the third quarter of 2008 were 41%
higher than third quarter of 2007 deliveries of 1,263 tonnes. Three
shipments of zinc concentrate, which cleared Armenian customs in
September 2008, will be recorded as sales in the fourth quarter of
2008 once ownership is transferred.
Net revenue from the sale of concentrates of $89.2 million in
the first nine months of 2008 was $11.0 million or 11% lower than
the corresponding prior year period due to the same factors
affecting third quarter net revenue discussed above partially
offset by stronger metal prices for gold, copper and silver.
Unfavourable marked-to-market adjustments of $3.1 million relating
to the open positions of provisionally priced concentrate sales
were recorded in the first nine months of 2008 compared to
favourable marked-to-market adjustments of $9.2 million in the same
period of the prior year. Deliveries of concentrates produced at
Chelopech of 40,796 tonnes in the first nine months of 2008 were
21% lower than first nine months of 2007 deliveries of 51,839
tonnes as a result of lower production of concentrate in 2008.
Deliveries of concentrates produced at Deno Gold of 6,249 tonnes in
the first nine months of 2008 were 25% higher than first nine
months of 2007 deliveries of 4,984 tonnes due to increased
production.
Cost of sales
Cost of sales of $23.8 million in the third quarter of 2008 was
$6.0 million or 34% higher than the corresponding prior year period
due primarily to higher operating costs at Chelopech and Deno Gold
partially offset by lower deliveries of concentrates. Higher cash
cost per tonne of ore processed(1) increased cost of sales by
approximately $7.2 million and lower volumes of concentrate
deliveries resulted in a decrease in cost of sales of approximately
$1.2 million.
Cost of sales of $74.5 million in the first nine months of 2008
was $17.6 million or 31% higher than the corresponding prior year
period due to higher operating costs at Chelopech and Deno Gold
partially offset by lower deliveries of concentrates. The increase
in cash cost per tonne of ore processed(1) resulted in an increase
in cost of sales of approximately $21.2 million and lower
deliveries of concentrates resulted in a decrease in cost of sales
of approximately $3.6 million.
Cash cost per tonne of ore processed(1) at Chelopech in the
third quarter and first nine months of 2008 increased by 39% and
46%, respectively, relative to the corresponding prior year periods
due to expenditures associated with cemented rock fill and
hydraulic fill in the mine (which commenced in the fourth quarter
of 2007 and in the second quarter of 2008, respectively), the
appreciation of the Euro relative to the U.S. dollar, higher
employment expenses, higher royalties and higher prices for diesel
and power. Partially offsetting these increases in the third
quarter of 2008 was the favourable impact on unit cash cost of
higher volumes of material processed. Cash cost per tonne of ore
processed(1) at Deno Gold increased by 14% and 51% in the third
quarter and first nine months of 2008, respectively, compared with
the corresponding periods in 2007 due to the increase in human
resources and materials required to improve the levels of safety,
communications and general operating standards consistent with the
Company's required levels and higher prices for fuel, diesel and
some reagents. Partially offsetting these increases in the third
quarter of 2008 was the favourable impact on unit cash cost of
higher volumes of material processed. Cash cost per tonne of ore
processed1 in the first nine months of 2008 was also negatively
impacted by lower volumes of material processed and the
appreciation of the Armenian dram relative to the U.S. dollar.
Gross Profit/(Loss)
Chelopech recorded a gross loss from mining operations of $1.5
million in the third quarter of 2008 compared to a gross profit
from mining operations of $11.6 million in the third quarter of
2007. The gross loss from mining operations was due to lower
deliveries of concentrates and higher production costs. In
addition, unfavourable marked-to-market adjustments of $2.9 million
on the open positions of provisionally priced concentrate sales
were recorded in the third quarter of 2008 whereas favourable
adjustments of $2.1 million were recorded in the third quarter of
2007.
Chelopech recorded a gross profit from mining operations of
$28.2 million in the first nine months of 2008 compared to a gross
profit from mining operations of $49.4 million in the first nine
months of 2007. The decrease in gross profit was due to lower
deliveries of concentrates as a result of lower production and
higher production costs partially offset by stronger metal prices.
In addition, unfavourable marked-to-market adjustments of $1.6
million relating to the open positions of provisionally priced
concentrate sales were recorded in the first nine months of 2008
whereas favourable adjustments of $9.5 million were recorded in the
first nine months of 2007.
Deno Gold recorded a gross loss from mining operations of $5.6
million in the third quarter of 2008 compared to a gross loss from
mining operations of $2.7 million in the third quarter of 2007. The
increased loss was due to higher production costs partially offset
by higher deliveries of concentrates. In addition, unfavourable
marked-to-market adjustments of $1.5 million on the open positions
of provisionally priced concentrate sales were recorded in the
third quarter of 2008 compared to unfavourable adjustments of $0.3
million in the third quarter of 2007.
Deno Gold recorded a gross loss from mining operations of $13.6
million in the first nine months of 2008 compared to a gross loss
from mining operations of $6.1 million in the first nine months of
2007. The increased loss from mining operations was due to higher
production costs partially offset by higher deliveries of
concentrates. In addition, unfavourable marked-to-market
adjustments of $1.5 million on the open positions of provisionally
priced concentrate sales were recorded in the first nine months of
2008 compared to unfavourable adjustments of $0.3 million in the
first nine months of 2007.
Investment income (expense)
Investment income in the third quarter of 2008 totalled $27.9
million compared to investment expense of $1.9 million in the third
quarter of 2007. The increase in investment income was primarily
due to higher net realized gains on sales of investments in the
third quarter of 2008. A gain of $27.2 million on the sale of the
Company's holdings, 5,117,021 common shares, in Eldorado was
recorded in the third quarter of 2008.
Investment income in the first nine months of 2008 totalled
$28.9 million, a decrease of $2.5 million relative to investment
income of $31.4 million in the first nine months of 2007. The
decrease was primarily due to lower net realized gains on sales of
investments in the nine months ended September 30, 2008.
Exploration expense
Exploration expense was $7.5 million and $21.5 million in the
third quarter and first nine months of 2008 compared with $9.5
million and $21.5 million in the corresponding prior year periods,
respectively. The decrease in spending in the third quarter of 2008
relative to the third quarter of 2007 was due to lower level of
diamond drilling activities in Serbia.
Income tax expense
The Company's effective tax rate of 33.4% in the third quarter
of 2008 was slightly lower than the statutory rate of 33.5% due to
offsetting amounts from the non-taxable portion of capital gains
relating to the sales of investments against the foreign losses
which are taxed at lower rates and unrecognized tax benefits
relating to operating losses. The Company's effective tax recovery
rate for the third quarter of 2007 of 10.4% was significantly lower
than the statutory recovery rate of 36.12% due to unrecognized tax
benefits relating to operating losses partially offset by the
benefit of profits earned in jurisdictions having lower tax
rates.
Cash Flow and Financial Condition
The following table summarizes the Company's cash flow
(shortfall) from operating activities for the periods
indicated:
----------------------------------------------------------------------------
$ thousands Three Months Nine Months
---------------------------------------
Ended September 30, 2008 2007 2008 2007
----------------------------------------------------------------------------
Net earnings (loss) $ 6,537 $(9,653) $ 847 $ 24,869
Non-cash charges (credits)
to earnings:
Amortization of property,
plant and equipment 4,314 3,381 11,456 9,283
Net realized (gains) losses
on sales of investments (27,509) 1,922 (28,005) (34,922)
Other 1,330 1,376 2,216 6,175
----------------------------------------------------------------------------
Total non-cash charges (credits)
to earnings (21,865) 6,679 (14,333) (19,464)
Decrease (increase) in non-cash
working capital 4,887 (5,389) 17,368 (36,911)
----------------------------------------------------------------------------
Net cash provided by (used in)
operating activities $(10,441) $(8,363) $ 3,882 $(31,506)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash used in operating activities in the third quarter of 2008
was $10.4 million, compared with cash used in operating activities
of $8.4 million in the third quarter of 2007. The increase in cash
used in operating activities in the third quarter of 2008 relative
to the third quarter of 2007 was due to the gross loss from mining
operations partially offset by a decrease in working capital
requirements. The decrease in working capital requirements in the
third quarter of 2008 was primarily due to a decrease in accounts
receivable partially offset by an increase in inventories.
Cash provided by operating activities in the first nine months
of 2008 was $3.9 million, compared with cash used in operating
activities of $31.5 million in the first nine months of 2007. The
increase in cash provided by operating activities in the first nine
months of 2008 relative to the first nine months of 2007 was
primarily due to a decrease in working capital requirements
partially offset by lower gross profit from mining operations. The
decrease in working capital requirements in the first nine months
of 2008 was primarily due to a decrease in accounts receivable, an
increase in deferred revenue and an increase in accounts payable
partially offset by an increase in inventories.
The following table summarizes the Company's investing
activities for the periods indicated:
----------------------------------------------------------------------------
$ thousands Three Months Nine Months
---------------------------------------
Ended September 30, 2008 2007 2008 2007
----------------------------------------------------------------------------
Purchase of investments $ - $ (5,000) $ - $(16,796)
Proceeds on sales of investments 41,047 8,121 60,238 73,745
Capital expenditures (19,321) (42,478) (66,681) (95,823)
Proceeds on disposal of fixed assets 5 - 714 -
----------------------------------------------------------------------------
Net cash provided by (used in)
investing activities $ 21,731 $(39,357) $ (5,729) $(38,874)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Capital expenditures for the Chelopech mine in the third quarter
and first nine months of 2008 of $9.1 million and $33.4 million
were 60% and 40% lower, respectively, than the corresponding prior
year periods due to lower spending on non-critical capital
expenditures, including those related to the expansion project
which were deferred while waiting for the EIA to be approved by the
Bulgarian government. The EIA was approved on July 30, 2008.
Capital expenditures for Deno Gold in the third quarter 2008,
including capitalized exploration, of $6.6 million were 42% lower
than the corresponding prior year period due to reduced spending on
exploration. Capital expenditures for Deno Gold in the first nine
months of 2008 of $19.9 million were comparable to those in the
first nine months of 2007. Capitalized exploration at Deno Gold
totalled $4.3 million and $13.3 million in the third quarter and
first nine months of 2008 compared with expenditures of $9.0
million and $10.8 million in the third quarter and first nine
months of 2007, respectively.
(1) A reconciliation of the Company's cash cost per tonne ore
processed to cost of sales under Canadian GAAP for the third
quarters of 2008 and 2007 is shown in the section entitled
"Non-GAAP Financial Measures."
NON-GAAP FINANCIAL MEASURES
The Company refers to cash cost per tonne of ore processed
because it understands 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 has
no standardized meaning under Canadian generally accepted
accounting principles ("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 to its Canadian
GAAP cost of sales:
----------------------------------------------------------------------------
$ thousands, unless otherwise indicated
For the quarter ended September 30, 2008 Chelopech Deno Gold Total
----------------------------------------------------------------------------
Ore processed (mt) 238,820 78,191
Cost of sales (Cdn$) $ 16,674 $ 7,155 $23,829
Cost of sales (US$) $ 15,853 $ 6,889 $22,742
Add/(Deduct):
Amortization and other
non-cash charges (3,283) (977)
Change in concentrate inventory 2,837 2,748
----------------------------------------------------------------------------
Total cash cost of production before
by-product credits (US$) $ 15,407 $ 8,660
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash cost per tonne of ore processed (US$) $ 64.52 $110.75
----------------------------------------------------------------------------
----------------------------------------------------------------------------
$ thousands, unless otherwise indicated
For the quarter ended September 30, 2007 Chelopech Deno Gold Total
----------------------------------------------------------------------------
Ore processed (mt) 210,101 74,781
Cost of sales (Cdn$) $ 12,603 $ 5,229 $17,832
Cost of sales (US$) $ 11,413 $ 4,870 $16,283
Deduct:
Amortization and other
non-cash charges (2,263) (423)
Change in concentrate inventory 585 2,849
----------------------------------------------------------------------------
Total cash cost of production before
by-product credits (US$) $ 9,735 $ 7,296
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash cost per tonne of ore processed (US$) $ 46.34 $ 97.56
----------------------------------------------------------------------------
To view the Financial Statements, please click the following
link:
http://media3.marketwire.com/docs/dundee_financial_statements.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 law, 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.
Contacts: DUNDEE PRECIOUS METALS INC. Jonathan Goodman President
and Chief Executive Officer (416) 365-2408 Email:
jgoodman@dundeeprecious.com DUNDEE PRECIOUS METALS INC. Stephanie
Anderson Executive Vice President and Chief Financial Officer (416)
365-2852 Email: sanderson@dundeeprecious.com DUNDEE PRECIOUS METALS
INC. Gabriela M. Sanchez Vice President, Investor Relations (416)
365-2549 Email: gsanchez@dundeeprecious.com Website:
www.dundeeprecious.com
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