Dundee Precious Metals Announces Update to Operations at Tsumeb
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DUNDEE PRECIOUS METALS ANNOUNCES UPDATE TO OPERATIONS AT TSUMEB
Toronto, September 5, 2019 – Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or “the
Company”) announces that on September 3, DPM had an incident at its Tsumeb smelter following
a pressurization event in the Ausmelt offgas system during a restart after routine maintenance
activities. Regrettably, injuries were sustained by two employees, both of whom are receiving
appropriate care.
“The safety of our employees continues to be our highest priority” stated Rick Howes, President
and CEO. “We are committed to supporting the individuals that have been injured to achieve a
fast and full recovery. A full investigation into the cause of this incident is underway to ensure we
prevent such incidents in the future.”
The Company has initiated the required repairs to the offgas system which are expected to take
10 to 14 days , during which the Ausmelt system will not be in operation. With this estimated
additional downtime, t he smelter is still trending towards the low end of its 2019 guidance of
between 225,000 and 250,000 tonnes of complex concentrate smelted. The planned maintenance
shutdown for the fourth quarter of 2019 will occur as originally schedu led. Following recent
operational improvements, the next Ausmelt shutdown is not expected until 2021 allowing for
additional smelter throughput in 2020.
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 op eration, 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 inform ation” 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, identifi ed by the use of forward looking 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 the timing and expected duration of maintenance
shutdowns and the future operating and financial performance at the Tsumeb smelter. Forward
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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 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 and non -
governmental organizations (“NGO”) opposition to mining projects; fluctuations in metal and acid
prices, tol l 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 infra structure or damage to
existing infrastructure; delays in obtaining or failure to obtain government permits, or non -
compliance with permits; as well as those risk factors discussed or referred to in any other
documents (including without limitation the Co mpany’s most recent Annual Information Form)
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. 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 Looking Statements will prove to be accurate, as actual results and
future events could differ materially from those an ticipated 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 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