Dundee Precious Metals Inc. (TSX:DPM)(TSX:DPM.WT)(TSX:DPM.WT.A) ("DPM" or "the
Company") is pleased to announce the 2011 exploration and development drill
results with the uncovering of "Shahumyan East", a newly discovered "blind"
domain of polymetallic (Au-Ag-Cu-Zn) mineralization, in multiple sub-parallel
zones, similar to that seen at the Shahumyan Mine, Kapan, Armenia, which is 100%
owned by the Company's subsidiary, Deno Gold Mining Company ("Deno Gold").
Surface Drill Results
Hole SHDDR0175 returns 11m @ 8.53g/t AuEq (5.19g/t Au, 79.77g/t Ag, 0.78%
Cu, 0.82% Zn) from 79m
Hole SHDDR0187 returns 29m @ 2.77g/t AuEq (1.05g/t Au, 43.65g/t Ag, 0.11%
Cu, 1.21% Zn) from 307m
Hole SHDDR0210 returns 23m @ 2.07g/t AuEq (0.54g/t Au, 29.56g/t Ag, 0.42%
Cu, 0.46% Zn) from 350m
Hole SHDDR0219 returns 9m @ 3.58g/t AuEq (2.03g/t Au, 23.23g/t Ag, 0.57% Cu,
0.27% Zn) from 292m
Underground Drill Results
Hole NXC02748_02 returns 31m @ 4.55g/t AuEq (3.40g/t Au, 26.49g/t Ag, 0.25%
Cu, 0.38% Zn) from 62m
"We are encouraged by the positive results of both our surface and underground
drill programs," said Jonathan Goodman, CEO of DPM. "The success of the programs
so far confirms our belief that the full extents of the Shahumyan deposit have
yet to be fully defined, both in terms of depth and lateral extents to the south
and east. Our strategy to fully explore the immediate Shahumyan deposit and to
extend the current life of the existing underground operations while we evaluate
a potential expansion with an open pit operation is on track."
Deno Gold currently owns and operates an underground polymetallic (Au-Ag-Cu-Zn)
mine and mill complex and surrounding exploration license in southern Armenia
which was acquired by DPM in 2006. The Kapan Exploration License covers
approximately 350 km2 and excludes existing populated areas, mine concessions
and related infrastructure. The mining concession is encapsulated within the
exploration license and consists of the Shahumyan mine and mill concession
(2.55km2). The Kapan Exploration License extends from the town of Kapan along a
northwest trending valley and covers an area of Jurassic-age intermediate
volcanics. The Shahumyan underground operation covers the extent of the mining
concession with production rates currently at 600,000 tonnes per year. The
deposit consists of closely spaced polymetallic (Au-Ag-Cu-Zn) veins and veinlets
displaying a broadly east-west strike and steep (70 - 85 degrees) dip to the
north or south.
Since 2006, DPM's exploration growth strategy for Armenia has been based on four
key components:
-- The Shahumyan Open Pit Project, which recognizes the possibility of
delineating a large open pittable Mineral Resource over the currently
operating Shahumyan underground mine 'footprint';
-- Advancing the underground Mineral Resource and Mineral Reserve base, in
order to extend the life of the current underground mine;
-- Methodically explore the +350 square kilometre Kapan Exploration License
to define additional Mineral Resources; and
-- Project evaluation work in Armenia as our understanding of the area
increases.
All four components are now being realized with the ramp-up of activities in 2011.
The Open Pit drill program commenced in July 2007 with 53,238 metres of reverse
circulation ("RC") and diamond drilling completed before it was shutdown in
October 2008 due to the global financial crisis. Drilling then recommenced in
December 2010 and a total of 55,333 metres were drilled in 2011 on a 160 x 160
metre grid over the Shahumyan mine 'footprint', covering an area of 2.5
kilometres x 1.0 kilometres using three DPM-owned Sandvik UDR200D LS diamond
drill rigs. Infill drilling then commenced in the central and southern portions
of the deposit as these areas were identified by pit optimization studies as
potential "starter pits".
Underground exploration below the 700 level of the Shahumyan underground mine
commenced in September, 2011 for a total of 2,397 metres with an Atlas Copco
Diamec underground diamond drill rig shipped from DPM's Chelopech mine in
Bulgaria. The SGS-managed Kapan Laboratory was re-established in 2011 in order
to accommodate the large volumes of samples produced by the concurrent drilling
programs.
Exploration activities on the Kapan Exploration License included completion of
regional mapping, re-evaluation of the 2008 helicopter-borne magnetic and
electromagnetic data and analysis of regional soil sample assay data which have
defined 'drill ready' targets for 2012.
Assay results from the Open Pit Project and underground drilling programs have
returned multiple, wide (up to 30 metres) polymetallic zones of potentially open
pittable mineralization (refer to Tables 1, 2 and 3 for all significant
intercepts). The mineralized zones comprise narrow (0.5 - 5 metre) high-grade
quartz veins, similar to those being mined underground, which are surrounded by
broader disseminated mineralization.
Drilling carried out as part of the Open Pit drilling program intersected the
"Shahumyan East" domain, located 50 to 160 metres beneath barren cover
lithologies, east of the Shahumyan East Fault. Limited drilling (4 drill holes)
in the 1960's intersected minor mineralization and an attempt was made to
develop a vein designated Vein 23, but with little success. Drill holes in some
areas were also too shallow and often failed to pass through the barren cover
sequence. Twinning of 'historical' drill holes indicates that selective sampling
missed disseminated and high-grade zones of mineralization, leading previous
explorers to downgrade the potential for the area to host significant
mineralization.
Based on a current drill spacing of 160 x 160 metres (and some infill drilling
at 80 x 80 metres), "Shahumyan East" covers an area of approximately 1.5 x 0.5
kilometres with mineralization open to the south and east (see Figure 1). The
vein sets and surrounding mineralized halos are steeply dipping to the south,
orientated east-west with a strike length of some 500 metres and depth of at
least 300 metres from the 750 - 450 mine levels (Figure 2). A total of 20 holes
have returned potentially economic grades and widths for either open pit or
underground operations (refer to Figure 1 and Table 2). A further 16 diamond
drill holes have pending assay results while 15 infill holes (as part of a 80 x
80 metre infill drilling program) are planned for this area.
DPM intends to systematically drill test the "Shahumyan East" domain as part of
the definition of the extents of the Shahumyan Deposit. The Company has the
equipment and resources to put into production a further three ROCKDRILL5000 RC
drill rigs which will be used for infill drilling. Drilling planned for 2012
comprises 87,700 metres of diamond drilling and up to 30,000 metres of RC
drilling.
SHAHUMYAN EAST & OPEN PIT PROJECT - SIGNIFICANT ASSAY RESULTS
Initial HQ diamond drilling within the Open Pit Project 'footprint' and east of
the current Shahumyan mine has returned multiple intercepts of potentially
mineable medium to high-grade polymetallic mineralization with selected
intercepts shown below (based on a 0.5g/t gold-equivalent cut-off grade):
SHDDR0150(i):
-- 8m @ 0.75g/t AuEq (0.25g/t Au, 4.01g/t Ag, 0.06% Cu, 0.59% Zn), from
312m
-- 3m @ 1.30g/t AuEq (0.2g/t Au, 16.9g/t Ag, 0.06% Cu, 1.23% Zn), from 363m
-- 11m @ 4.37g/t AuEq (2.08g/t Au, 52.45g/t Ag, 0.4% Cu, 1.07% Zn), from
435m
-- Including 2m @ 19.62g/t AuEq (8.88g/t Au, 252g/t Ag, 2.05% Cu, 4.24%
Zn), from 442m
SHDDR0155(i):
-- 15m @ 4.14g/t AuEq (3.85g/t Au, 9.73g/t Ag, 0.03% Cu, 0.09% Zn), from
228m
-- 14m @ 1.40g/t AuEq (0.23g/t Au, 17.22g/t Ag, 0.16% Cu, 1.02% Zn), from
365m
SHDDR0162(i):
-- 9m @ 0.95g/t AuEq (0.41g/t Au, 16.68g/t Ag, 0.04% Cu, 0.26% Zn), from
193m
-- 4m@ 1.09g/t AuEq (0.23g/t Au, 6.47g/t Ag, 0.06% Cu, 1.15% Zn), from 271m
-- 7m@ 0.85g/t AuEq (0.31g/t Au, 6.61g/t Ag, 0.02% Cu, 0.69% Zn), from 328m
-- 21m@ 1.24g/t AuEq (0.21g/t Au, 8.13g/t Ag, 0.06% Cu, 1.41% Zn), from
388m
SHDDR0187:
-- 29m @ 2.77g/t AuEq (1.05g/t Au, 43.65g/t Ag, 0.11% Cu, 1.21% Zn), from
307m
SHDDR0205:
-- 13m @ 0.65 g/t AuEq (0.16g/t Au, 4.35g/t Ag, 0.05% Cu, 0.57% Zn), from
220m
-- 4m @ 10.52g/t AuEq (7.42g/t Au, 75.7g/t Ag, 0.72% Cu, 0.76% Zn), from
296m
-- 10m @ 0.87g/t AuEq (0.62g/t Au, 5.14g/t Ag, 0.03% Cu, 0.17% Zn), from
342m
-- 7m @ 0.83g/tAuEq (0.23g/t Au, 3.26g/t Ag, 0.05% Cu, 0.81% Zn), from 377m
-- 5m @ 0.63g/t AuEq (0.18g/t Au, 7.08g/t Ag, 0.04% Cu, 0.44% Zn), from
388m
SHDDR0222:
-- 10m @ 1.39g/t AuEq (0.33g/t Au, 6.77g/t Ag, 0.15% Cu, 1.23% Zn), from
199m
Open Pit Project
SHDDR0177:
-- 9m @ 0.65g/t AuEq (0.21g/t Au, 2.17g/t Ag, 0.03% Cu, 0.65% Zn), from 98m
-- 8m @ 2.38g/t AuEq (0.54 g/t Au, 17.56g/t Ag, 0.48% Cu, 1.28% Zn), from
124m
-- 9m @ 2.01g/t AuEq (1.09g/t Au, 31.5g/t Ag, 0.04% Cu, 0.4% Zn), from 137m
-- 7m @ 1.13g/t AuEq (0.31g/t Au, 21.5g/t Ag, 0.03% Cu, 0.63% Zn), from
156m
SHDDR0206:
-- 10m @ 1.04g/t AuEq (0.37g/t Au, 8.63g/t Ag, 0.09% Cu, 0.65% Zn), from
103m
-- 15m @ 1.78g/t AuEq (0.57g/t Au, 15.89g/t Ag, 0.35% Cu, 0.59% Zn), from
137m
-- 3m @ 11.68g/t AuEq (8.46g/t Au, 82.37g/t Ag, 0.62% Cu, 1% Zn), from 222m
-- 14m @ 1.13g/t AuEq (0.37g/t Au, 9.87g/t Ag, 0.11% Cu, 0.69% Zn), from
265m
-- 6m @ 1.90g/t AuEq (0.77g/t Au, 29.05g/t Ag, 0.17% Cu, 0.51% Zn), from
285m
-- 5m @ 0.99g/t AuEq (0.2g/t Au, 3.22g/t Ag, 0.26% Cu, 0.55% Zn), from 309m
-- 9m @ 1.76g/t AuEq (0.76g/t Au, 10.42g/t Ag, 0.37% Cu, 0.32% Zn), from
318m
SHDDR0210:
-- 9m @ 0.68g/t AuEq (0.19g/t Au, 9.08g/t Ag, 0.03% Cu, 0.47% Zn), from 92m
-- 10m @ 0.58g/t AuEq (0.13g/t Au, 2.17g/t Ag, 0.03% Cu, 0.66% Zn), from
157m
-- 18m @ 0.69g/t AuEq (0.22g/t Au, 6.03g/t Ag, 0.05% Cu, 0.5% Zn), from
171m
-- 12m @ 0.62g/t AuEq (0.2g/t Au, 5.94g/t Ag, 0.1% Cu, 0.26% Zn), from 193m
-- 19m @ 0.75g/t AuEq (0.18g/t Au, 3.59g/t Ag, 0.14% Cu, 0.49% Zn), from
216m
-- 23m @ 2.07g/t AuEq (0.54g/t Au, 29.56g/t Ag, 0.42% Cu, 0.46% Zn), from
350m
SHDDR0256:
-- 22m @ 1.26g/t AuEq (1g/t Au, 2.39g/t Ag, 0.02% Cu, 0.35% Zn), from 44m
-- 9m @ 0.96g/t AuEq (0.57g/t Au, 8.58g/t Ag, 0.04% Cu, 0.3% Zn), from 100m
-- 8m @ 0.86g/t AuEq (0.4g/t Au, 7.3g/t Ag, 0.08% Cu, 0.32% Zn), from 160m
-- 7m @ 0.93g/t AuEq (0.48g/t Au, 13.1g/t Ag, 0.09% Cu, 0.08% Zn), from
206m
SHDDR0260:
-- 8m @ 1.45g/t Au Eq (0.57g/t Au, 13.8g/t Ag, 0.18% Cu, 0.57% Zn), from
146m
-- 8m @ 0.60g/t Au Eq (0.23g/t Au, 6.58g/t Ag, 0.02% Cu, 0.37% Zn), from
174m
-- 7m @ 1.57g/t Au Eq (1.03g/t Au, 13.16g/t Ag, 0.05% Cu, 0.36% Zn), from
211m
-- 15m @ 1.16g/t Au Eq (0.57g/t Au, 8.53g/t Ag, 0.07% Cu, 0.55% Zn), from
237m
-- 3m @ 4.78g/t AuEq (2.42g/t Au, 27.63g/t Ag, 0.78% Cu, 0.97% Zn), from
266m
SHDDR0271:
-- 19m @ 1.08g/t AuEq (0.56g/t Au, 8.53g/t Ag, 0.08% Cu, 0.4% Zn), from 20m
SHDDR0277:
-- 10m @ 1.25g/t AuEq (0.46g/t Au, 6.39g/t Ag, 0.19% Cu, 0.66% Zn), from
22m
Notes:
i. In situ gold equivalent (AuEq) grade based on the following 2011 long-
term metal prices: Au: US$1250/oz, Ag: US$25/oz, Cu: US$3.00/lb and Zn:
US$1.00/lb;
ii. Minimum width reported is 2 metres, with a minimum internal dilution of
4 metres;
iii.Drill Intersections are down hole with true width considered to be 90%
of the intersection length;
iv. Drill Intersections represent intercepts into an intermediate-
sulphidation vein-breccia epithermal system;
v. Assays are uncut;
vi. All samples assayed by SGS independently managed laboratory, Kapan,
Armenia;
vii.International reference standards and full QAQC samples (duplicates,
replicates and blanks) inserted with all exploration drill hole samples;
viii.Holes with an asterix were drilled as part of the 2007 and 2008
drilling campaign;
ix. All significant intercepts are shown in Tables 1 and 2; and
x. All drill hole data is shown in Table 4.
UNDERGROUND EXPLORATION
The first underground exploration target area to be drilled by widely spaced
drill holes (80 x 80 metres) defined significant zones of polymetallic
mineralization. Drilling from the 748 mine level in the Central Zone tested
veins 33, 34 and 37 below the 700 mine level. The drill results have emphasized
confidence in the mine with the discovery of new zones of mineralization, the
confirmation of existing vein sets and the extension of known vein systems down
to the 500 mine level. Underground drilling also defined the continuation of the
surrounding low-grade halos intersected in surface drilling (see Figure 3). It
is strongly evident that significant mineralization remains undiscovered as
selective sampling techniques were used by previous explorers in the underground
environment.
Underground drilling is ongoing to define the strike extents of this area. An
additional two Boart Longyear LM75 drill rigs have been ordered, with the first
expected to be commissioned in March 2012 and the second in July, 2012. These
rigs will be used to define the resource base below the 700 mining level in the
southern, central and northern zones of the Shahumyan mine with 27,200 metres
expected to be drilled in 2012 at a drill spacing of 80 x 80 metres and 40 x 40
metres in selected areas. Underground and surface drilling will be coordinated
to ensure that all areas of potential resource expansion are covered.
Underground - Significant Results
Initial BQ diamond drilling has returned numerous, potentially mineable widths
of medium to high-grade mineralization, with selected intervals displayed below
(1g/t gold equivalent cut-off grade):
NXC02748_01:
-- 6m @ 1.6g/t AuEq (0.35g/t Au, 8.86g/t Ag, 0.14% Cu, 1.55% Zn), from 36m
-- 2m @ 4.14g/t AuEq (3.59g/t Au, 13.24g/t Ag, 0.15% Cu, 0.08% Zn), from
93m
-- 3m @ 7.10g/t AuEq (3.70g/t Au, 104.37g/t Ag, 0.17% Cu, 1.89% Zn), from
105m
-- 4m @ 6.40g/t AuEq (2.54g/t Au, 33.42g/t Ag, 0.73% Cu, 3.64% Zn), from
241m
NXC02748_02:
-- 31m @ 4.55g/t AuEq (3.40g/t Au, 26.49g/t Ag, 0.25% Cu, 0.38% Zn), from
62m
-- Including 6m @ 5.05g/t AuEq (2.29g/t Au, 43.97g/t Ag, 1.08% Cu,
0.19% Zn), from 69m
-- Including 6m @ 13.09g/t AuEq (11.72g/t Au, 37.61g/t Ag, 0.24% Cu,
0.40% Zn), from 80m
-- Including 4m @ 6.43g/t AuEq (4.67g/t Au, 37.37g/t Ag, 0.14% Cu,
1.43% Zn), from 89m
-- 3m @ 2.28g/t AuEq (1.04g/t Au, 25.37g/t Ag, 0.13% Cu, 0.95% Zn), from
193m
-- 6m @ 1.94g/t AuEq (0.75g/t Au, 21.13g/t Ag, 0.38% Cu, 0.26% Zn), from
254m
NXC02748_03:
-- 9m @ 3.01g/t AuEq (1.13g/t Au, 43.86g/t Ag, 0.11% Cu, 1.48% Zn), from
70m
-- 3m @ 4.52g/t AuEq (1.79g/t Au, 47.67g/t Ag, 0.16% Cu, 2.79% Zn), from
257m
NXC02748_04:
-- 26m @ 1.90g/t AuEq (1.48g/t Au, 0.33g/t Ag, 0.06% Cu, 0.58% Zn), from
10m
-- Including 10m @ 3.72g/t (30.6g/t Au, 0.55g/t Ag, 0.04% Cu, 1.06%
Zn), from 26m
-- 2m @ 5.44g/t AuEq (0.48g/t Au, 28.07g/t Ag, 0.46% Cu, 6.66% Zn), from
217m
-- 5m @ 2.01g/t AuEq (0.26g/t Au, 32.34g/t Ag, 0.35% Cu, 0.96% Zn), from
277m
Notes:
i. In situ gold equivalent (AuEq) grade based on the following 2011 long-
term metal prices: Au: US$1250/oz, Ag: US$25/oz, Cu: US$3.00/lb and Zn:
US$1.00/lb;
ii. Minimum width reported is 2 metres, with a minimum internal dilution of
2 metres;
iii.Drill Intersections are down hole with true width considered to be 85%
of the intersection length;
iv. Drill Intersections represent intercepts into an intermediate-
sulphidation vein-breccia epithermal system;
v. Assays are uncut;
vi. All samples assayed by SGS independently managed laboratory, Kapan,
Armenia;
vii.International reference standards and full QAQC samples (duplicates,
replicates and blanks) inserted with all exploration drill hole samples;
viii.All significant intercepts are shown in Table 3; and
ix. All drill hole data is shown in Table 4.
CONCLUSIONS
-- A major mineralized corridor, some 1.5 kilometres by 1 kilometre, has
been discovered underneath barren cover lithologies by surface drilling.
The domain is open to the east and south, and has the potential to add
significant value to the current operation and increase confidence in
the potential for a major open pit scenario.
-- Review of the geology and drill intersections has confirmed the strong
similarity to the style of polymetallic (Au-Ag-Cu-Zn) mineralization
currently being mined at the Shahumyan underground operation.
-- Significant low to medium grade mineralization, surrounding known higher
grade veins and additional high-grade vein sets have been delineated by
DPM drilling. The mineralization was not previously identified by
earlier Shahumyan mining operators due to selective sampling, lack of
drilling and the ability to drill to depth.
-- The first underground exploration target area to be drilled by widely
spaced drill holes has returned significant zones of polymetallic
mineralization at widths of up to 32 metres and depth extents below the
current mining levels. The results to date are considered to be
extremely encouraging as they represent the first systematic underground
drilling between the 500 and 700 mining levels and indicate similar
epithermal vein style mineralization continues to depth below the
current underground mining which is currently at the 700 mining level.
-- After identifying the "Shahumyan East" domain, the exploration and
development strategy for the Open Pit Project has been revised with
exploration resources added to accomplish both wide spaced (160 x 160
metres) and infill drilling (80 x 80 metres) in 2012 to redefine the
project area.
To view Figures 1, 2 and 3 and Tables 1 through 4, please click the following
link: http://media3.marketwire.com/docs/dundee_precious_metals_feb16.pdf
GEOLOGY AND MINERALIZATION STYLE
The Kapan region lies within the extensive Tethyan orogenic belt, which is part
of a collision zone between the Eurasian and Afro-Arabian 'mega-continental'
plates. Within the Tethyan Belt, the DPM mining and exploration concession lies
within a Jurassic-Cretaceous volcanic arc, dominated by rocks of andesitic and
basaltic affinity. These rocks make up the Kapan Volcanic Complex, the majority
of which DPM holds within its greater than 350 square kilometre Kapan
Exploration Licence in Southern Armenia. Within the concession are the Shahumyan
polymetallic (Cu, Au, Ag & Zn) and Centralni Cu (+/-Zn & Au) deposits. In 2009,
the Centralni mining concession was terminated and handed back to the Armenian
Government.
The Shahumyan deposit is classified as a carbonate-base metal gold system
(intermediate-sulphide vein-breccia epithermal system). These systems generally
occur at higher crustal levels than quartz-sulphide Au+/-Cu systems and
typically contain gangue of carbonate, quartz, pyrite, sphalerite, galena and
chalcopyrite as fracture/vein/ breccias. Some of these systems may be
overprinted by bonanza epithermal quartz Au, Ag ores and others may be
telescoped upon deeper level quartz-sulphide Au+/-Cu mineralization. Deposits of
this style represent some of the more prolific gold producers (Victoria Veins at
Lepanto, Acupan, Kidston, Penjom and Kelian)
Approximately 3 kilometres northwest of the Shahumyan deposit is the Centralni
deposit which has been extracted by open pit and underground mining methods. The
Centralni deposit has an affinity with quartz-sulphide gold+/-copper deposits,
i.e. formed at deeper crustal levels close to porphyry intrusions and comprising
dominantly iron sulphides and quartz, mostly as veins and vein/breccias. The
quartz-sulphide veins at Centralni deposit correspond to D type veins of
porphyry deposits and it is quite possible that the lower levels of the deposit
(underground) represent a porphyry style of mineralization, including minerals
such as chalcopyrite, bornite, and chalcocite. The host rock is a feldspar
porphyritic andesite and within the open pit area the andesite has been
overprinted by a high-sulphidation hydraulic fracturing event represented by a
matrix dominated by fine grained pyrite and enargite with Au-Ag mineralization.
The Kapan mining district is an area which was dominated by a strong tensional
structural regime during the period of mineralization, and this is particularly
evident at the Shahumyan deposit. The Centralni deposit is at a higher
topographic setting than the Shahumyan deposit, which indicates that post
mineral faulting has been active in the region, as the Centralni deposit
represents a deeper formed style of mineralization.
In general, the Kapan Volcanic District has produced
porphyry-style/quartz-sulphide mineralization, carbonate-base metals vein style
and high-sulphidation epithermal mineralization with probable intermediate
styles of mineralization located to the immediate west of Centralni. There is
little doubt that the Kapan Volcanic Complex, held by DPM, contains the
essential components for ore deposit formation. The recognition of post mineral
cover and faulting events within the district are particularly encouraging as it
would suggest that potential exists for blind discoveries such as "Shahumyan
East".
SAMPLING AND ANALYSIS
All drill core is sampled in intervals up to a maximum of 3 metres, with 1.0
metre sample intervals most common within the mineralized zones. After transport
to the secure core facility, all core is marked up systematically for cutting by
diamond saw. HQ core is cut systematically with care to retain the orientation
line. BQ core is sampled whole, while HQ and NQ core is routinely sampled on the
right hand side with core samples submitted to the onsite, SGS managed,
laboratory facility for assaying. The residual half core is retained in plastic
core trays and is stored in a secure facility. Samples are routinely assayed for
Cu, Au, Ag, Zn and Pb. All drill core is photographed wet and dry by a
semi-automated digital system. Following DPM exploration standard quality
control and assurance procedures, a full suite of field and laboratory
duplicates and replicates along with internationally accredited standards
representing 5% for each sample type, have been submitted with each batch of
samples. In addition, SGS submits and reports its own standards, blanks and
control samples under the C-Class system.
Sample tickets are entered into the bags with a numbering system, which
reconciles sample and assayed results in the Acquire database. The average core
recovery within the modelled resource constraints is 96% overall. The weight of
a diamond core sample varies between 2kg and 7kg with an average weight of
approximately 3.5kg.
The technical information contained herein has been prepared in accordance with
Canadian regulatory requirements set out in National Instrument 43-101 Standards
of Disclosure for Mineral Projects ("NI 43-101"), and has been reviewed and
approved by Dr. Julian Barnes, B.Sc.Hon., PhD (Geology), Technical Consultant,
formerly Executive Vice President of DPM, who is a Qualified Person, as defined
under NI 43-101, and not independent of the Company.
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.
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