DPM Completes Settlement Agreement of NCS Obligations With LDC
May 27 2010 - 9:00AM
Marketwired
Dundee Precious Metals Inc. (TSX: DPM)(TSX: DPM.WT)(TSX: DPM.WT.A)
("DPM" or "the Company") has now completed the previously announced
settlement with Louis Dreyfus Commodities Metals Suisse S.A.
("LDC") of approximately US$11.4 million of financial obligations
owed by Namibia Custom Smelters (Pty) Limited ("NCS") to LDC,
through the payment of US$2 million to be made in cash and the
issuance of 2,903,525 common shares of DPM, a value of US$9.4
million based on a deemed price of Cdn$3.50 per share. As of the
date hereof, NCS has approximately US$4.7 million in term debt
owing to LDC.
Dundee Precious Metals Inc. is a Canadian based, international
mining company engaged in the acquisition, exploration,
development, mining and processing 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.
DPM recently acquired Namibia Custom Smelters (Pty) Limited, owner
of the Tsumeb smelter in Namibia, which processes, in addition to
Chelopech concentrate, third party concentrates for LDC. DPM is
also 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
& Chief Executive Officer (416) 365-2408
jgoodman@dundeeprecious.com Dundee Precious Metals Inc. Stephanie
E. Anderson Executive Vice President & CFO (416) 365-2852
sanderson@dundeeprecious.com Dundee Precious Metals Inc. Lori Beak
Vice President, Investor Relations & Corporate Secretary (416)
365-5165 lbeak@dundeeprecious.com
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