Chelopech Finalizes Modified Concentrate Processing Contract and Loan Agreement with Namibian Custom Smelters and Weatherly Inte
December 24 2008 - 1:07PM
Marketwired
Dundee Precious Metals Inc. (TSX: DPM)(TSX: DPM.WT)(TSX: DPM.WT.A)
(the "Company" or "DPM") is pleased to announce, further to the
press release issued on November 27th, 2008, the completion of the
Loan Agreement between its wholly owned subsidiary, Chelopech
Mining EAD ("Chelopech"), Weatherly International plc ("WTI") and
its subsidiary, Namibian Custom Smelters ("NCS"), for the extension
of up to US$7 million of long-term debt from Chelopech. Proceeds
from the loan will be used by WTI/NCS for working capital purposes
and improvements at NCS's Tsumeb smelter. In addition, the
Chelopech copper/gold concentrate purchase and sales contract with
NCS has been extended to 2013, giving Chelopech the right to sell
up to 120,000 tonnes of concentrate per year to NCS for the years
2011, 2012 and 2013 and to reduce concentrate sales on 12 months'
notice to allow for the start-up of the DPM Group's metals
production facility in Bulgaria.
Dundee Precious Metals Inc. is a Canadian based, international
mining company engaged in the acquisition, exploration, development
and mining of precious metals. It's group currently owns the
Chelopech Mine, a producing gold/copper mine, and the Krumovgrad
Gold Project, a mining development project, both located in
Bulgaria, and is engaged in mineral exploration activities in
Serbia. In addition, Dundee Precious owns the Back River gold
exploration project in Nunavut, Canada and a 95% interest in the
Kapan Mine in Armenia.
FORWARD LOOKING STATEMENTS
This news release may contain certain information that
constitutes forward-looking statements. Forward-looking statements
are frequently characterized by words such as "plan," "expect,"
"project," "intend," "believe," "anticipate" and other similar
words, or statements that certain events or conditions "may" or
"will" occur. Forward-looking statements are based on the opinions
and estimates of management at the date the statements are made,
and are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ
materially from those projected in the forward-looking statements.
These factors include the inherent risks involved in the
exploration and development of mineral properties, the
uncertainties involved in interpreting drilling results and other
geological data, fluctuating metal prices and other factors
described above and in the Company's most recent annual information
form under the heading "Risk Factors" which has been filed
electronically by means of the Canadian Securities Administrators'
website located at www.sedar.com. The Company disclaims any
obligation to update or revise any forward-looking statements if
circumstances or management's estimates or opinions should change.
The reader is 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. Lori Beak Vice President, Investor Relations and Corporate
Secretary (416) 365-5165 Email: lbeak@dundeeprecious.com
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