Dundee Precious Metals Inc. ("DPM" or the "Company") (TSX:DPM)(TSX:DPM.WT.A) has
announced that the Supreme Administrative Court (the "Court") has dismissed the
appeals filed against the approval, by the Bulgarian Minister of Environment and
Waters, of the environmental impact assessment ("EIA") for the Company's
Krumovgrad Gold Project in Bulgaria.


"We are extremely pleased by the Court's decision to dismiss the appeals of the
Minister's resolution approving our Krumovgrad EIA", said Jonathan Goodman,
President and CEO. "Over the last several years we have worked hard to redevelop
the project to address the concerns of the community and look forward to
building a project that will bring economic benefit to Bulgaria and the local
community, as well as DPM and its shareholders."


This decision of the Court's three member panel is subject to appeal to the five
member panel. It is expected that an appeal will be filed and that a hearing by
the Court's five member panel will be held by the end of 2012. Mining operations
will not commence until all EIA appeals have been resolved. Earlier this year,
the Court upheld the 30 year mining concession granted by the Bulgarian Council
of Ministers on the Khan Krum Deposit in Krumovgrad to DPM's subsidiary, Balkan
Mineral and Mining EAD. 


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 Deno Gold 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 47.3% interest in
Dunav Resources Ltd. and its 10.7% 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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