Bulgarian Government Issues Key Operating Permit for Chelopech Metal Processing Facility in Bulgaria
September 11 2009 - 10:02AM
Marketwired
Dundee Precious Metals Inc. ("DPM" or the "Company") (TSX:
DPM)(TSX: DPM.WT)(TSX: DPM.WT.A) announced that the Bulgarian
Ministry of Environment and Waters ("MoEW") has today issued the
Integrated Pollution Prevention and Control ("IPPC") permit for the
metal processing facility to be constructed at its Chelopech Mine
in Bulgaria to its Bulgarian subsidiary, Chelopech Mining EAD.
"The IPPC permit is the key permit required for construction and
operation of the metals plant at our Chelopech Mine in Bulgaria and
is critical to the success of our expansion project," said Jonathan
Goodman, President and CEO of DPM. "We are extremely pleased by the
positive actions taken by the new Prime Minister and Ministry of
Environment and Waters in Bulgaria in resolving these matters which
clearly illustrate their commitment to advancing business interests
and the economy of Bulgaria," said Mr. Goodman.
The IPPC and the Seveso (Working with Hazardous Substances)
permits are prerequisites for the issuance of the construction
permit for the Chelopech metal processing facility ("MPF"). The
environmental impact assessment for the Chelopech project,
completed by the Balkan Science and Education Centre of Ecology and
Environment in November 2005, and registered in February 2006, was
approved by the MoEW in July 2008. The Seveso application is being
processed and is expected to be issued by year end. The project is
fully compliant with all European safety and environmental
directives and industry Best Available Techniques requirements, as
determined by IPPC. The process engineering has passed through a
rigorous audit and been certified by The International Cyanide
Management Institute as being compliant with the International
Cyanide Management Code. Other permits required for construction of
various components of the facility are either in hand or in
process.
The MPF forms part of a two pronged expansion project that is
currently underway at the Chelopech Mine which will eventually
produce, on average, 47.9 million pounds of copper metal and
139,568 ounces of gold dore per annum, from 2012 to 2018, at the
rate of two million tonnes of ore per annum. The combined project
comprises:
- Expansion of mine production capacity to 2.0 million tonnes
per year;
- Modernization and upgrade of the existing concentrator to
treat the mined tonnage and produce up to 150,000 tonnes of
concentrate per year;
- Installation of an MPF that incorporates pressure oxidation,
solvent extraction and electrowinning and carbon in leach
cyanidation to treat the copper/gold concentrate and produce copper
cathode and gold dore; and
- Upgrade of the existing tailing management facility and
construction of a new facility for storage of the MPF tailings.
Dundee Precious Metals Inc. is a Canadian based, international
mining company engaged in the acquisition, exploration, development
and mining of precious metals. DPM owns the Chelopech Mine, a
producing gold/copper mine, and the Krumovgrad Gold Project, a
mining development project, both located in Bulgaria, as well as a
95% interest in the Kapan Mine in Armenia. In addition, it is
engaged in mineral exploration activities in Serbia.
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
jgoodman@dundeeprecious.com DUNDEE PRECIOUS METALS INC. Lori Beak
Vice President, Investor Relations and Corporate Secretary (416)
365-5165 lbeak@dundeeprecious.com
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