(All Monetary Figures Are Expressed in U.S. Dollars Unless Otherwise Stated)

Dundee Precious Metals Inc. (TSX:DPM)(TSX:DPM.WT)(TSX:DPM.WT.A) ("DPM" or "the
Company") is pleased to announce today the completion of an agreement wherein
DPM, through a wholly owned subsidiary company, has purchased the balance of
shares it did not own in Vatrin Investments Limited ("Vatrin") for net cash
consideration of $1.5 million and the elimination of all associated third party
indebtedness. Vatrin is 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. The Company has
recently completed a 50% mine and mill expansion at Deno Gold and is presently
evaluating the possibility of supplementing its underground operations with an
open pit.


Dundee Precious Metals Inc. is a Canadian based, international mining company
engaged in the acquisition, exploration, development, mining and processing of
precious metals properties. The Company's operating interests include its 100%
ownership of Chelopech Mining EAD, its principal asset being the Chelopech mine,
a gold, copper, silver concentrates producer located east of Sofia, Bulgaria, a
100% ownership of Namibia Custom Smelters (Pty) Ltd., a concentrate processing
facility located in Tsumeb, Namibia, and a 100% interest in Deno Gold Mining
Company CJSC, its principal asset being the Kapan mine, a gold, copper, zinc,
silver concentrates producer located 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 and certain
exploration and exploitation properties 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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