DPM Dundee Precious Metals Inc

Dundee Precious Metals Inc. (TSX:DPM)(TSX:DPM.WT)(TSX:DPM.WT.A) ("DPM" or the
"Company") has announced that, following completion of the government's report
on the environmental, health and safety audit (the "Report") it commissioned,
the Namibian Minister of Environment and Tourism ("MET") has issued a letter to
the Company relating to the operation of its Tsumeb smelter, owned and operated
by its subsidiary, Namibia Custom Smelters (Pty) Limited ("NCS"). The Company
has not yet had an opportunity to review the Report or discuss the findings with
the MET. 


Effective May 1, 2012, the MET has instructed NCS to reduce feed to the smelter
by approximately half until the projects designed to capture fugitive emissions
have been completed. These projects, which form part of NCS' Project 2012
currently underway, will be completed in the second half of the year. The
Company is seeking further clarification on the levels the government has
outlined, following which it will develop a plan to manage production and
related emissions that will have the least impact on the Company and the
community during this period. In the interim, NCS will work to bring forward the
particular components of Project 2012 that specifically address fugitive
emissions and also proceed with its scheduled one-month shutdown of the ausmelt
furnace in mid-May for annual re-bricking.


In addition, the Minister has advised NCS to advance the installation of the
sulphuric acid plant from 2014 to 2013. On its own initiative, NCS has started
work on expediting the acid plant and determined that the fastest schedule
possible, from the start of engineering to construction completion, is 26
months. The Company is currently contacting the MET to develop a mutually
acceptable schedule within which to complete the plant. 


The Minister's letter also contains additional instructions with respect to the
occupational health of its workers and the environment which will be addressed
in the coming months. 


"The health of our workers and care for the environment are extremely important
to us as evidenced by the strong relationship we have built with our employees
and their representatives. We have spent over US$40 million on the smelter in
the two years we have owned it and are aware of the challenges that continue to
exist there," said Jonathan Goodman, President and CEO of DPM. "We are pleased
to see the government's endorsement of our plan to address the remaining issues
and look forward to working with them to bring the smelter up to global
environmental standards."


Further information will be provided as soon as it is available. 

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 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 47.3% 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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