Dundee Precious Metals Announces Second Quarter 2017 Production Results
DUNDEE PRECIOUS METALS ANNOUNCES
SECOND QUARTER 2017 PRODUCTION RESULTS
Toronto, Ontario, July 10, 2017 – Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or “the
Company”) announced its mine and smelter production results for the three and six months ended
June 30, 2017 and confirmed the timing of the release of second quarter 2017 operating and
financial results, together with the related conference call and webcast.
“The Chelopech mine continues to perform better than expected with strong production in the
quarter,” said Rick Howes, President and CEO. “Tsumeb also delivered improved operating
performance and is on track to achieve its production guidance. At Krumovgrad, construction of
our gold project is proceeding well and we still expect production to begin in the fourth quarter of
2018.”
Production Highlights
Second quarter and year-to-date 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.
Gold production at the Chelopech mine during the second quarter benefited from gold grades
being higher than anticipated in the zones mined while copper production was in line with the
mine plan. Chelopech is expected to achieve the upper end of its 2017 production guidance.
Smelter throughput in the quarter was at targeted levels with the smelter demonstrating improved
stability and performance following the implementation of several operational initiatives, which
more than offset reduced oxygen availability for 18 days with an unplanned outage of the high
pressure oxygen plant. A new matte holding vessel was successfully commissioned during the
quarter and is expected to provide additional operating stability and further enhance smelter
performance. The smelter remains on track to achieve 2017 guidance with the next Ausmelt
furnace relining not expected prior to 2018.
At Krumovgrad, earthworks continue to progress in accordance with the project implementation
plan, with first concrete poured in April as planned. Installation of major equipment foundations
Chelopech Tsumeb Year 2017 Consolidated
Guidance 1
Q2
2017
YTD
2017
Q2
2017
YTD
2017
Ore milled (‘000s tonnes) 584.8 1,125.4 - - 2,040 – 2,200
Metals contained in concentrate produced
Gold (‘000s ounces) 53.5 99.8 - - 157 - 174
Copper (million pounds) 8.7 16.8 - - 33.7 – 37.0
Payable metals in concentrate sold
Gold (‘000s ounces) 37.9 81.4 - - 135 - 150
Copper (million pounds) 6.8 15.1 - - 32.0 – 35.0
Complex concentrate smelted (‘000s tonnes) - - 60.6 102.2 210 - 240
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will continue through the third quarter and the project remains on track for commencement of
operations in the fourth quarter of 2018.
2017 guidance will be reviewed and updated, as appropriate , in conjunction with the release of
our second quarter operating and financial results on July 27, 2017.
Second Quarter Results
The Company’s second quarter 2017 operating and financial results are expected to be released
after market close on Thursday, July 2 7, 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 second quarter results on Friday, July 28
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 a nd Chief Financial Officer, together
with other members of the executive management team. The call will be accessible via a live
webcast and by telephone.
Second Quarter 2017 Call and Webcast (Listen/View only)
Date: Friday, July 28, 2017
Time: 9:00 am EST
Webcast: http://edge.media-server.com/m/p/cc3a3cwa
Canada and USA Toll Free: 1-877-497-0577
Outside Canada or USA: 647-427-7580
Replay: 1-855-859-2056
Replay Passcode: 50830637
About Dundee Precious Metals
Dundee Precious Metals Inc. is a Canadian based, international gold mining company engaged
in the acquisition of mineral properties, exploration, developmen t, 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 T sumeb 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, Armenia and C anada, 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 10.5% 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,
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”,
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“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 furt her 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
Janet Reid
Manager, Investor Relations
Tel: (416) 365-2549