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.
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