Dundee Precious Metals Announces Receipt of Final Operating Permits FOR Its Ada Tepe MINE IN Bulgaria
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DUNDEE PRECIOUS METALS ANNOUNCES RECEIPT OF FINAL OPERATING PERMITS
FOR ITS ADA TEPE MINE IN BULGARIA
Toronto, August 30, 2019 – Dundee Precious Metals Inc. (TSX: DP M) (“DPM” or “the
Company”) is pleased to announce that it has received the final operating permits for its Ada Tepe
gold mine in Bulgaria. Following the achievement of commercial production, which was
announced during the second quarter, the Company applied for th e final operating permits from
the relevant local authorities which were received on August 12 , 2019, as expected. The
Company held its official mine opening on August 23 rd which was attended by Prime Minister
Boyko Borisov, Speaker of Parliament Tsveta Karayancheva, Minis ter of Finance Vladislav
Goranov, Krumovgrad mayor Sebihan Mehmed, Kardzhali district governor Nikola Chanev as well
as other local and national stakeholders, demonstrating the importance of the project and strong
level of support.
“Receipt of our operating permits and the official mine opening are important additional milestones
for DPM and Ada Tepe which is expected to deliver significant g rowth for the Company going
forward” stated Rick Howes, President and CEO. “We are extremel y proud of the relationships
and trust we have built with all stakeholders. We would like to thank them for their many years of
support for this project and look forward to our future coopera tion. We are currently focused on
the ramp-up of the operation which is progressing well.”
Following the achievement of commercial production, the mine an d mill have demonstrated the
ability to operate at design throughput and recoveries. In Augu st, construction of the larger
integrated mine waste facility (“IMWF”) cells has been completed as planned and settlement time
of tailings has improved. Additional cells have also been designed and construction commenced
that will provide further flexibility going forward. The increase to full capacity is still forecast for the
third quarter and gold contained in concentrate at Ada Tepe is still expected to be between 45,000
and 60,000 ounces in 2019 (refer to the DPM Second Quarter Repo rt dated July 30, 2019 found
on the Company website at www.dundeeprecious.com and filed on SEDAR at www.sedar.com).
Technical Information
Ross Overall, Corporate Senior Resource Geologist of DPM, who i s a QP and not independent
of the Company, has reviewed and approved the contents of this release.
About Dundee Precious Metals
Dundee Precious Metals Inc. is a Canadian based, international gold mining company engaged
in the acquisition of mineral properties, exploration, developm ent, mining and processing of
precious metals. The Company's operating assets include the Che lopech 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 Bul garia; 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.
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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 l ooking 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 fo rward looking terminology such as
“plans”, “expects”, “is expected”, “budget”, “scheduled”, “esti mates”, “forecasts”, “outlook”,
“intends”, “anticipates”, “believes”, or variations of such wor ds and phrases or that state that
certain actions, events or results “may”, “could”, “would”, “mi ght” or “will” be taken, occur or be
achieved, or the negative of any of these terms or similar expr essions. The Forward looking
statements in this press release relate to, among other things: the ramp up to design capacity at
Ada Tepe and future operating performance and financial results from Ada Tepe. Forward
Looking Statements are based 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 unkno wn 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, perfo rmance or achievements expressed
or implied by the Forward Looking Statements. In addition to fa ctors already discussed in this
document, such factors include, among others: the uncertainties with respect to the actual results
of current exploration activities and optimization work; actual results of current reclamation
activities; conclusions of economic evaluations and economic st udies; 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 inh erent to developing and
commissioning new mines into production, which may be subject to unforeseen delays, costs or
other issues; accidents, labour disputes and other risks of the mining industry; delays in obtaining
governmental approvals or financing or in the completion of dev elopment or construction
activities; social and non-governmental organizations opposition to mining projects; uncertainties
inherent with conducting business in foreign jurisdictions wher e 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; risks related to the implementation,
cost and realization of benefits from digital initiatives; fail ure to realize projected financial results
from MineRP Holdings Inc.; risks related to operating a technol ogy business reliant on the
ownership, protection and ongoing development of key intellectu al properties; as well as those
risk factors discussed or referred to in any other documents (i ncluding without limitation the
Company’s most recent Annual Information Form) filed from time to time with the securities
regulatory authorities in all provinces and territories of Cana da 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 atte mpted 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 a ssurance that Forward Looking
Statements will prove to be accurate, as actual results and fut ure events could differ materially
from those anticipated in such statements. The Company’s Forwar d Looking Statements reflect
current expectations regarding future events and speak only as of the date hereof. Other than as
it may be required by law, 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.
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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