Bulgarian Court Dismisses Appeal of DPM's Krumovgrad Mining Concession
January 26 2012 - 1:10PM
Marketwired
Dundee Precious Metals Inc. (TSX:DPM)(TSX:DPM.WT)(TSX:DPM.WT.A)
("DPM" or "the Company") is pleased to announce that the five
member panel of the Bulgarian Supreme Administrative Court (the
"Court") has now confirmed the earlier ruling of the three member
panel terminating the appeal proceedings of the Krumovgrad mining
concession on the grounds that the appeals filed are inadmissible
as the parties involved have no legal interest in the proceedings.
This Court decision is final and confirms the rights of Balkan
Mineral and Mining EAD, a subsidiary of DPM, over the mining
concession for a 30 year period.
"We are extremely pleased with the findings of the Court," said
Jonathan Goodman, President and CEO of DPM. "The resolution of the
concession appeal is another step forward in the development of the
Krumovgrad gold project, which we expect to prove beneficial to the
local community and Bulgaria, as well as the stakeholders of the
Company."
The environmental impact assessment ("EIA") on the Krumovgrad
project was approved by the Minister of the Environment and Waters
on November 24, 2011 and has been appealed. Mining activities may
not commence on the property until the EIA appeal is resolved. The
Company is currently awaiting notification of a hearing date.
The new project scope for the Krumovgrad gold deposit involves a
significantly reduced operating footprint with one major landowner,
one single integrated tailings and mine waste facility, a
simplified processing route that does not require the use of
cyanide and a longer operating life than previously considered. The
changes that have led to this new scope are based on community
feedback on the earlier project proposal. For this project the EIA
permit and compatibility with the European Union legislative
requirement to protect habitats and species are the only major
environmental approvals required.
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 11.5% 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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