TORONTO, ONTARIO--(Marketwire - Sept. 13, 2012) - Dundee Precious Metals Inc. ("DPM" or the "Company") (TSX:DPM)(TSX:DPM.WT.A) has announced that the Supreme Administrative Court (the "Court") has dismissed the appeals filed against the approval, by the Bulgarian Minister of Environment and Waters, of the environmental impact assessment ("EIA") for the Company's Krumovgrad Gold Project in Bulgaria.
"We are extremely pleased by the Court's decision to dismiss the appeals of the Minister's resolution approving our Krumovgrad EIA", said Jonathan Goodman, President and CEO. "Over the last several years we have worked hard to redevelop the project to address the concerns of the community and look forward to building a project that will bring economic benefit to Bulgaria and the local community, as well as DPM and its shareholders."
This decision of the Court's three member panel is subject to appeal to the five member panel. It is expected that an appeal will be filed and that a hearing by the Court's five member panel will be held by the end of 2012. Mining operations will not commence until all EIA appeals have been resolved. Earlier this year, the Court upheld the 30 year mining concession granted by the Bulgarian Council of Ministers on the Khan Krum Deposit in Krumovgrad to DPM's subsidiary, Balkan Mineral and Mining EAD.
Dundee Precious Metals Inc. is a well-financed, Canadian based, international gold mining company engaged in the acquisition, exploration, development, mining and processing of precious metals. The Company's principal operating assets include the Chelopech operation, which produces a gold, copper and silver concentrate, located east of Sofia, Bulgaria; the Deno Gold operation, which produces a gold, copper, zinc and silver concentrate, located in southern Armenia; and the Tsumeb smelter, a concentrate processing facility located in Namibia. DPM also holds interests in a number of developing gold properties located in Bulgaria, Serbia, and northern Canada, including interests held through its 51.4% owned subsidiary, Avala Resources Ltd., its 47.3% interest in Dunav Resources Ltd. and its 10.7% interest in Sabina Gold & Silver Corp.
This news release may contain certain information that constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices and other factors described above and in the Company's most recent annual information form under the heading "Risk Factors" which has been filed electronically by means of the Canadian Securities Administrators' website located at www.sedar.com. The Company disclaims any obligation to update or revise any forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.