DPM Completes Share Purchase of 5% of Vatrin to Hold 100% Indirect Interest in Deno Gold
December 23 2010 - 4:30PM
Marketwired
(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.
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 & Chief Financial Officer
(416) 365-2852 sanderson@dundeeprecious.com
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