Bulgarian Government Approves EIA for DPM's Krumovgrad Gold Project
November 24 2011 - 7:45AM
Marketwired
Dundee Precious Metals Inc. ("DPM" or the "Company")
(TSX:DPM)(TSX:DPM.WT)(TSX:DPM.WT.A) is pleased to announce that the
Bulgarian Minister of Environment and Waters has signed a
resolution approving the environmental impact assessment ("EIA")
for the Company's Krumovgrad Gold Project in Bulgaria.
"Since initially embarking on this project in 2005, we have made
great efforts to develop a comprehensive plan for Krumovgrad that
addresses the concerns of the community and will prove to be
economically beneficial for Bulgaria and the local community, as
well as DPM and its shareholders," said Jonathan Goodman, President
and CEO, "We are very pleased by the Minister's endorsement and
look forward to working with the Mayors of the communities involved
to move this exciting project to the next stage of
development."
The project plan takes into consideration concerns raised by the
community through the use of water management and treatment systems
and the elimination of cyanide as well as a tailings dam. The plan
now contemplates the construction of an open pit mining operation
comprised of a process plant, which employs conventional crushing,
grinding and flotation processing for gold extraction, and the
disposal of thickened tailings, together with mine rock waste, in
an integrated mine waste facility. A new feasibility study
developed within the parameters of the project plan is being
finalized and is expected to be released by the end of
November.
The Bulgarian Council of Ministers granted a 30 year concession
on the Khan Krum Deposit in Krumovgrad to DPM's subsidiary, Balkan
Mineral and Mining Limited, earlier this year, which was subject to
the approval of the EIA. This approval includes pre-emptive
execution and, while subject to appeal, allows DPM to advance the
Krumovgrad project.
Dundee Precious Metals Inc. is a well-financed, Canadian based,
international gold mining company engaged in the acquisition,
exploration, development, mining and processing of precious metals.
The Company's principal operating assets include the Chelopech
operation, which produces a gold, copper and silver concentrate,
located east of Sofia, Bulgaria; the Kapan operation, which
produces a gold, copper, zinc and silver concentrate, located in
southern Armenia; and the Tsumeb smelter, a concentrate processing
facility located in Namibia. DPM also holds interests in a number
of developing gold properties located in Bulgaria, Serbia, and
northern Canada, including interests held through its 51.4% owned
subsidiary, Avala Resources Ltd., its 47.7% interest in Dunav
Resources Ltd. and its 11.6% interest in Sabina Gold & Silver
Corp.
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)
365-2408jgoodman@dundeeprecious.com DUNDEE PRECIOUS METALS INC.
Lori Beak Senior Vice President, Investor & Regulatory Affairs
and Corporate Secretary (416) 365-5165lbeak@dundeeprecious.com
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