Dundee Precious Metals Announces First Quarter 2017 Production Results and Provides Notice of First Quarter 2017 Financial Results
DUNDEE PRECIOUS METALS ANNOUNCES FIRST QUARTER 2017 PRODUCTION
RESULTS AND PROVIDES NOTICE OF FIRST QUARTER 2017 FINANCIAL RESULTS
Toronto, Ontario, April 12, 2017 – Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or “the
Company”) announced its mine and smelter production results for the three months ended March
31, 2017 and confirmed the timing of the release of first quarter 2017 operating and financial
results, together with the related conference call and webcast.
“We continue to make good progress on smelter optimization and remain on track with
construction at the Krumovgrad gold project ,” said Rick Howes, P resident and CEO. “With the
advance of the refractory reline at the Ausmelt by one quarter, we identified an opportunity to
benefit from an early introduction of the matte holding furnace that will serve to improve
performance at the smelter starting in the second quarter of 2017.”
Ore milled and metals production in the first quarter 2017 were in line with the Company’s 2017
guidance.
Production Highlights
First quarter 2017 mine and metals production at the Chelopech mine and complex concentrate
smelted at the Tsumeb smelter are provided below.
1. As disclosed in Management’s Discussion and Analysis (“MD&A”) for the period ended December 31, 2016 and issued on
February 15, 2017.
First quarter Chelopech gold and copper production was in line with the 2017 mine plan. Near-
term, it is expected that the mining sequence will result in higher gold and copper production in
copper concentrate as a result of mining higher grade zones in the planned mining sequence for
2017. Chelopech remains on track to achieve 2017 guidance.
At the Tsumeb smelter, the first quarter throughput was impacted by the advancement of the
Ausmelt shutdown into February from the original May -June timing to correct accelerated
refractory wear. Aligning the Ausmelt shutdown with the first con verter relines, scheduled for
Chelopech
Tsumeb
Consolidated
Year 2017
Consolidated
Guidance 1
Q1 2017 Q1 2017 Q1 2017
Ore milled (‘000s tonnes) 540.6 - 540.6 2,040 – 2,200
Metals contained in concentrates produced
Gold (‘000s ounces) 46.4 - 46.4 157 - 174
Copper (million pounds) 8.2 - 8.2 33.7 – 37.0
Payable metals in concentrates sold
Gold (‘000s ounces) 43.5 - 43.5 135 - 150
Copper (million pounds) 8.3 - 8.3 32.0 – 35.0
Complex Concentrate smelted (‘000s tonnes) - 41.6 41.6 210 - 240
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February, allows the smelter to advance the installation of the holding furnace which is expected
to reduce the impact of the next converter relines on Ausmelt performance. Good progress was
made on converter and Ausmelt optimization through the quarter.
At Krumovgrad, earthworks continue to progress in accordance with the project plan, with first
concrete forecast to be poured in April as planned, and consistent with the project schedule to
commence operations in late 2018. In addition, the previously announced C$43.7 million strategic
equity investment by the European Bank for Reconstruction and Development closed on January
24, 2017. Proceeds will be used for the construction of the Krumovgrad Project and will serve to
further strengthen the Company’s financial position and flexibility during the construction phase
of this project.
First Quarter Results
The Company’s first quarter 2 017 operating and financial results are expected to be released
after market close on Wednesday, May 3, 2017. The press release, MD&A and consolidated
financial statements will be posted on SEDAR at www.sedar.com and on the Company’s website
at www.dundeeprecious.com.
The Company will hold a call and webcast to discuss its first quarter results on Thursday, May 4,
2017 at 9:00 am EST. The call will be hosted by Rick Howes, President and Chief Executive
Officer, who will be joined by Hume Kyle, Executive Vice President and Chief Financial Officer,
together with other members of the executive management team. The call will be accessible via
a live webcast and by telephone.
First Quarter 2017 Call and Webcast (Listen/View only)
Date: Thursday, May 4, 2017
Time: 9:00 am EST
Webcast: http://edge.media-server.com/m/p/af384njn
Canada and USA Toll Free: 1-866-223-7781
Outside Canada or USA: 416-340-2216
Replay: 905-694-9451
Replay Passcode: 8804791#
About Dundee Precious Metals
Dundee Precious Metals Inc. is a Canadian based, international gold mining company engaged
in the acquisition of min eral properties, exploration, development, mining and processing of
precious metals. The Company's operating assets include the Chelopech operation, which
produces a copper concentrate containing gold and silver and a pyrite concentrate containing
gold, located east of Sofia, 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 Bulgaria, Serbia, and northern Canada, including the
Krumovgrad gold project, which started construction in the fourth quarter of 2016 and is expected
to commence production in the fourth quarter of 2018, and its 10.7% interest in Sabina Gold &
Silver Corp.
Cautionary Note Regarding Forward Looking Statements
This press release contains “forward looking statements” that involve a number of risks and
uncertainties. Forward looking statements include, but are not limited to, statements with respect
to the future price of gold, copper, zinc, silver and acid, future toll rates, the estimation of mineral
reserves and resources, 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
cash me asures, capital expenditures, costs and timing of the development of new deposits,
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success of exploration activities, success of permitting activities, permitting time lines, currency
fluctuations, requirements for additional capital, government regulation of mining operations,
environmental risks, reclamation expenses, the potential or anticipated outcome of title disputes
or claims and timing and possible outcome of pending litigation. Often, but not always, forward
looking statements can be identified by the use of words 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. Forward looking statements are based on the opinions and estimates of
management as of the date such statements are made and they inv olve 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 f orward looking statements. Such factors include,
among others: the actual results of current exploration activities; actual results of current
reclamation activities; conclusions of economic evaluations and economic studies; changes in
project parameters as plans continue to be refined; future prices of gold, copper, zinc, silver and
acid; future toll rates; 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; delays in obtaining governmental approvals or financing or in the completion of
development or construction activities, 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; fluctuations in metal and acid prices, toll rates and foreign
exchange rates; unanticipated title disputes; claims or litigation; limitation on insurance coverage;
cyber attacks; as well as those risk factors discussed or referred to in the Company’s MD&A under
the heading “Risks and Uncertainties” and under the heading “Cautionary Note Regarding
Forward Looking Statements” which include further details on material assumptions used to
develop such forward looking statements and material risk factors that could cause actual results
to differ materially from forward looking statements, and other documents (including without
limitation the Company’s 2016 AIF) filed from time to time with the securities regulatory authorities
in all provinces and territories of Canada and available on SEDAR at www.sedar.com. There can
be no assurance that forward looking statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such statements. 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 reliance on forward looking statements.
For further information please contact:
DUNDEE PRECIOUS METALS INC.
Rick Howes
President and
Chief Executive Officer
Tel: (416) 365-2836
Lori Beak
Senior Vice President,
Governance, and Corporate
Secretary
Tel: (416) 365-5165