Dundee Precious Metals Announces Ada Tepe Successfully Reaches Design Throughput and Recovery
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DUNDEE PRECIOUS METALS ANNOUNCES ADA TEPE SUCCESSFULLY REACHES
DESIGN THROUGHPUT AND RECOVERY
Toronto, September 27, 2019 – Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or “the
Company”) is pleased to announce that the Ada Tepe Mine has successfully completed ramp-up
activities and has been operating at the full design tonnage at the mine and processing plant of
2,500 tonnes per day at 85% gold recovery in concentrate for a period of 10 days.
“We are extremely excited to see the operation achieve and sustain design tonnages and
recoveries in September as expected,” stated Rick Howes, President and CEO. “This is yet
another pivotal milestone that will help transition Dundee Precious Metals to a new tier of gold
producers and growth in free cash flow.”
As previously disclosed in the Company’s press release dated August 30, 2019, construction of
the larger integrated mine waste facility (“IMWF”) cells were completed as planned , and
settlement time of tailings has improved allowing plant design capacity to be achieved. Additional
cells have also been designed and construction commenced that will provide further flexibility
going forward.
During the most recent ramp -up period in September, the mill has been able to process higher
grades that were stockpiled during commissioning, helping to offset the lower throughput while
the additional IMWF cells were being constructed. Ada Tepe is still expected to produce between
45,000 and 60,000 ounces of gold contained in concentrate in 2019 (refer to the DPM Second
Quarter Report dated July 30, 2019 found on the Company website at www.dundeeprecious.com
and filed on SEDAR at www.sedar.com).
Technical Information
The Mineral Resource and Mineral Reserve estimates for Ada Tepe and other scientific and
technical information which support this press release were prepared by CSA Global (UK) Ltd.
(“CSA”), in accordance with Canadian regulatory requirements set out in National Instrument 43-
101 Standards of Disclosure for Mineral Projects, and were reviewed and approved by, as relates
to Mineral Resources, Galen White, BSc (Hons) FAusIMM FGS, Director and Principal Consultant
of CSA, and Julian Bennett, BSc ARSM FIMMM CEng, as relates to Mineral Reserves. Both
Galen White and Julian Bennett are independent Qualified Persons (“QP”), as defined under NI
43-101. The NI 43 -101 technical report (the “ Ada Tepe Technical Report”) entitled “Revised NI
43-101 Technical Report, Ada Tepe Deposit, Krumovgrad Project, Bulgaria” originally dated
March 21, 2014 and re-issued November 7, 2017, in respect of the study for the construction and
operation of Ada Tepe disclosed herein, was filed November 7, 2017 on SEDAR at
www.sedar.com.
Ross Overall, Corporate Senior Resource Geologist of DPM, who is a QP and not independent
of the Company, has reviewed and approved the contents of this release.
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About Dundee Precious Metals
Dundee Precious Metals Inc. is a Canadian based, international gold mining company engaged
in the acquisition of mineral properties, exploration, development, mining and processing of
precious metals. The Company's operating assets include the Chelopech operation, which
produces a gold-copper concentrate containing gold, copper and silver and a pyrite concentrate
containing gold, located east of Sofia, Bulgaria; the Ada Tepe operation, which produces a gold
concentrate containing gold and silver, located in southern Bulgaria; and the Tsumeb smelter, a
complex copper concentrate processing facility located in Namibia. DPM also holds interests in a
number of developing gold and exploration properties located in Canada and Serbia, and its
10.3% interest in Sabina Gold & Silver Corp.
Cautionary Note Regarding Forward Looking Statements
Certain statements and other information included in this press release and our other disclosure
documents constitute “forward looking statements” or “forward looking information” within the
meaning of applicable securities legislation, which we refer to collectively hereinafter as “Forward
Looking Statements”. Forward Looking Statements are statements that are not historical facts
and are generally, but not always, identified by the use of forward loo king terminology such as
“plans”, “expects”, or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”,
“forecasts”, “outlook”, “intends”, “anticipates”, or “does not anticipate”, or “believes”, or variations
of such words and phrases or that state that certain actions, events or results “may”, “could”,
“would”, “might” or “will” be taken, occur or be achieved. The Forward looking statements in this
press release relate to, among other things: certain statements with respect to the estimated
capital costs, key project operating costs and financial metrics and other project economics with
respect to Ada Tepe; price of gold, copper and silver; the estimation of Mineral Reserves and
Mineral Resources and the realization of such mineral estimates; the timing and amount of
estimated future production and output, life of mine, costs of production, cash costs and other
cost measures, capital expenditures, rates of return at Ada Tepe and other deposits and timing
of the development of new deposits; results of economic studies; success of permitting activities,
permitting time lines; currency fluctuations; requirements for additional capital; government
regulation of mining and smelting operations; and environmental risks. Forward Looking
Statements are b ased on certain key assumptions and the opinions and estimates of
management and Qualified Persons (in the case of technical and scientific information), as of the
date such statements are made, and they involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements of the Company
to be materially different from any other future results, performance or achievements expressed
or implied by the Forward Looking Statements. In addition to factors already discussed in this
document, such factors include, among others: conclusions of economic evaluations and
economic studies; changes in project parameters as plans continue to be refined; possible
variations in ore grade or recovery rates; failure of plant, equipment or processes to operate as
anticipated; accidents, labour disputes and other risks of the mining industry; uncertainties and
risks inherent to developing and commissioning new mines into production, such as Ada Tepe,
which may be subject to unforeseen delays, costs or other issues; uncertainties inherent with
conducting business in foreign jurisdictions where corruption, civil unrest, political instability and
uncertainties with the rule of law may impact the Company’s activities; social a nd non -
governmental organizations (“NGO”) opposition to mining projects; fluctuations in metal and acid
prices, toll rates and foreign exchange rates; unanticipated title disputes; claims or litigation;
limitation on insurance coverage; cyber -attacks; differences in U.S. and Canadian practices for
reporting Mineral Reserves and Mineral Resources; lack of suitable infrastructure or damage to
existing infrastructure; delays in obtaining or failure to obtain government permits, or non -
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compliance with permits; as well as those risk factors discussed or referred to in any other
documents (including without limitation the Company’s most recent Annual Information Form)
filed from time to time with the securities regulatory authorities in all provinces and territor ies of
Canada and available on SEDAR at www.sedar.com. The reader has been cautioned that the
foregoing list is not exhaustive of all factors which may have been used. Although the Company
has attempted to identify important factors that could cause actual actions, events or results to
differ materially from those described in Forward Looking Statements, there may be other factors
that cause actions, events or results not to be anticipated, estimated or intended. There can be
no assurance that Forward Look ing Statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such statements. The Company’s
Forward Looking Statements reflect current expectations regarding future events and speak only
as of the date hereof. Unless required by securities laws, the Company undertakes no obligation
to update Forward Looking Statements if circumstances or management’s estimates or opinions
should change. Accordingly, readers are cautioned not to place undue r eliance on Forward
Looking Statements.
For further information, please contact:
DUNDEE PRECIOUS METALS INC.
Rick Howes
President and
Chief Executive Officer
Tel: (416) 365-2836
Michael Dorfman
Executive Vice President, Corporate Development
Tel: (416) 365-5090
Janet Reid
Manager, Investor Relations
Tel: (416) 365-2549