DPM Board Approves Major Chelopech Mine/Mill Expansion; Krumovgrad Project EIA Awaits Approval.TORONTO -- (All amounts have been expressed in US Dollars except where indicated) Dundee Precious Metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :DPM (Documents Per Minute) The number of paper documents that can be processed in one minute. ) ("Dundee Precious", "DPM" or "the Company") announced that its Board of Directors approved an investment of US$150 million to undertake the mine expansion at its 100% owned Chelopech Mine in Bulgaria, based on the results to date of its Definitive Feasibility Study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. (DFS (Distributed File System) An enhancement to Windows NT/2000 and 95/98 that allows files scattered across multiple servers to be treated as a single group. With Dfs, a network administrator can build a hierarchical file system that spans the organization's LANs and ) undertaken by GRD GRD Guard GRD Grenada (ISO Country code) GRD Greek Drachma (old currency code; replaced by EUR) GRD Gulf Region Division (US Army Corps of Engineers) Minproc Ltd. (GRD Minproc). "The Chelopech Project feasibility study confirms a long life, low cost mine that will be the flagship asset for Dundee Precious Metals for many years to come," stated Jonathan Goodman Goodman was a polite term of address, used where Mister (Mr.) would be used today. Compare Goodwife. Goodman refers to:
PROJECT HIGHLIGHTS
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Item Unit Life of Mine
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Throughput - ore Mt/a 2.0
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- concentrate kt/a 150
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Project Life (after commissioning) Years 9.3
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Copper Price (after commissioning) $/lb 1.05
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Gold Price (after commissioning) $/oz 430
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Silver Price $/oz 6.50
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Annual production gold equivalent Oz Au/Eq 251,000
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Annual production Oz Au 130,000
t/Cu 21,700
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Total cash cost per oz Au equivalent $/oz 242.00
Total cash cost (per ounce of Au
net of Cu credit) $/oz 90.00
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Total cash costs/tonne ore treated $/t 29.70
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Project Economics
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Initial capital cost $M 148.0
Sustaining and deferred capital $M 62.0
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Pretax
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NPV at a discount rate of 9% $M 98.4
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Internal Rate of Return % 24.3
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Payback Period years 3.4
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After Tax
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NPV at a discount rate of 9% $M 73.7
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Internal Rate of Return % 21.0
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Payback Period years 3.8
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PROJECT CASHFLOWS
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ITEM Unit Life of Mine
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Project Cashflows
Total Pretax Cashflow $M 253.3
Royalties/Concession Fee $M 20.5
Corporate Taxation $M 45.6
Total After Tax Cashflow $M 207.8
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MINEABLE RESERVES:
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Gold (Au) Copper (Cu)
Tonnes -----------------------------------------------
Category (000) Grade (g/t) Ounces (000) Grade (%) Tonnes (000)
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Proven 2,287 4.3 316 1.6 37
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Probable 19,233 3.5 2,173 1.4 262
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Unclassified 139
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Total 21,659 3.6 2,489 1.4 300
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The mineable Reserves, as of December 2004, are reported as:
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Tonnes 21.66 Mt
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AuEq 5.94 g/t
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Cu - mill feed 1.38%
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Au - mill feed 3.57 g/t
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S - mill feed 13.3%
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PROJECT BACKGROUND Dundee Precious operates a copper/gold mine at Chelopech, in Bulgaria. The saleable sale·a·ble adj. Variant of salable. saleable or US salable Adjective fit for selling or capable of being sold saleability or US copper/gold concentrate contains high concentrations of arsenic arsenic (är`sənĭk), a semimetallic chemical element; symbol As; at. no. 33; at. wt. 74.9216; m.p. 817°C; (at 28 atmospheres pressure); sublimation point 613°C;; sp. gr. (stable form) 5.73; valence −3, 0, +3, or +5. . This restricts the production rate of concentrate and at the same time further reduces the realised return on the value of the metals contained in the concentrate. Consequently, Dundee Precious proposes to increase mine production and to construct a facility to produce copper and gold metals for direct sale to end users. The process will also convert the arsenic present in the concentrate into an environmentally stable form suitable for safe disposal into a tailings Tailings (also known as tailings pile, tails, leach residue, or slickens[1]) are the materials left over[2] after the process of separating the valuable fraction from the worthless fraction of an ore. management facility (TMF TMF The Motley Fool TMF The Music Factory (TV) TMF Telemanagement Forum TMF Texas Medical Foundation TMF Terminated Merchant File (credit card systems) TMF Trial Master File TMF Thermo-Mechanical Fatigue ). The scope of the DFS incorporates the current operation, upgrade of the existing mine and flotation flotation or froth flotation Most widely used process for extracting many minerals from their ores. The method separates and concentrates ores by altering their surfaces so that they are either repelled or attracted by water. plant, upgrade of existing infrastructure and facilities and the new Metals Production Facility (MPF MPF mitosis-promoting factor. ). THE PROJECT The Project will produce a nominal 21,700 tonnes of copper metal and 130,000 ounces of gold bullion Gold bullion Investment-grade, pure gold, which may be smelted into gold coins or gold bars. per annum Per annum Yearly. . The mining rate will be two million tonnes of ore per annum, and the processing will be carried out by flotation, pressure oxidation oxidation /ox·i·da·tion/ (ok?si-da´shun) the act of oxidizing or state of being oxidized.ox·idative ox·i·da·tion n. 1. The combination of a substance with oxygen. 2. (POX) and solvent extraction Solvent extraction A technique, also called liquid extraction, for separating the components of a liquid solution. This technique depends upon the selective dissolving of one or more constituents of the solution into a suitable immiscible liquid solvent. and electrowinning (SX/EW) for copper, and carbon in leach leach v. leached, leach·ing, leach·es v.tr. 1. To remove soluble or other constituents from by the action of a percolating liquid. 2. (CIL (Common Intermediate Language) The ECMA version of the Microsoft Intermediate Language (MSIL). See CLI. 1. (project) CIL - Component Integration Laboratories. 2. (language) CIL - Common Intermediate Language. ) cyanidation of the residue residue n. in a will, the assets of the estate of a person who has died with a will (died testate) which are left after all specific gifts have been made. Typical language: "I leave the rest, residue and remainder [or just residue] of my estate to my grandchildren. for gold. The Chelopech Expansion Project comprises: - Expansion of mine production capacity to 2.0 million tonnes per year (Mt/a). - Modernisation of the existing flotation concentrator to handle the capacity. - A Metal Production Facility that incorporates POX, CIL and SX/EW to treat the copper gold concentrate and produce copper cathode and gold dore. - Upgrade of the existing TMF and construction of a new facility for storage of POX-CIL tailings. Based on present measured and indicated resources and other DFS results, the life of mine for the operation is expected to be a minimum of 9.3 years from commissioning of the new facilities. The engineering for the mine, process plant and infrastructure has been developed to support a capital cost estimate, as well as an operating cost estimate, to an accuracy of plus/minus 10%. The capital and operating costs operating costs npl → gastos mpl operacionales consider the mining, processing, general administration costs and environmental implications and are in United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Dollars (US$). Costs are expressed as third quarter (Q3), 2005. An Environmental Impact Assessment (EIA (Electronic Industries Alliance, Arlington, VA, www.eia.org) A membership organization founded in 1924 as the Radio Manufacturing Association. It sets standards for consumer products and electronic components. ) has been completed by the Balkan Science and Education Centre of Ecology ecology, study of the relationships of organisms to their physical environment and to one another. The study of an individual organism or a single species is termed autecology; the study of groups of organisms is called synecology. and Environment and was submitted to the Bulgarian Ministry of Environment and Waters on November 3rd, 2005.
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ESTIMATED PROJECT SCHEDULE
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Approval December 2005
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DPM expected EIA approval March 2006
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Project commitment March 2006
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Shaft conversion March 2007
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SAG mill commissioning May 2007
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Metals facility commissioning October 2007
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Ramp up completion October 2008
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NOTE: To view the Production Summary table please visit the
following link - http://www.ccnmatthews.com/docs/20051208-dpm1208.doc
Capital Cost
The summary of the capital cost estimate for the Chelopech Project is
presented below:
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CAPITAL COST ESTIMATE SUMMARY ($M)
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Initial Sustaining Total
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Mining 27.8 41.7 69.5
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Process Plant 95.4 95.4
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Environmental (incl TMF) 4.7 14.9 19.6
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Owners Costs (incl site
budgets & contingency) 19.8 5.8 25.6
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TOTAL 147.6 62.4 210.1
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The capital cost estimate has a level of accuracy of plus/minus 10% and is expressed in Q3 2005 US$. Operating Costs A summary of the Chelopech operating costs is presented below. These costs are based on the treatment of an average ore type at a rate of 2.0 Mt/a and producing an average of 21,671 t/a copper and 129,800 oz/a gold. Costs are presented in Q3/05 US$ per tonne tonne measure of weight or mass; 1 tonne=1000 kg. See also ton. of ore ($/t ore). --------------------------------------------------------- SUMMARY OF CHELOPECH OPERATING COSTS --------------------------------------------------------- Operating Cost Item $/t ore --------------------------------------------------------- Mining 10.6 --------------------------------------------------------- Mill 5.5 --------------------------------------------------------- Metals Production Facility 9.5 --------------------------------------------------------- Site Administration and General Costs 2.7 --------------------------------------------------------- Transport and Refining 0.5 --------------------------------------------------------- Royalty (Concession Fee) 1.0 --------------------------------------------------------- TOTAL PROJECT OPERATING COST 29.7 --------------------------------------------------------- The operating costs are generated by period over the life of the Project and thus, the average unit cost per tonne of ore after the Project is commissioned is shown. The process operating cost is assumed to apply to the upgraded facilities operating at design capacity of 2.0 Mt/a of mill feed to the flotation plant and 150 kt/a of concentrate to the MPF, respectively. The overall operating cost is estimated to be $29.75 per tonne of ore. Exchange Rates The foreign exchange rates provided by Dundee Precious have been applied to all estimates. The rates are shown in the following table: ------------------------------------ ESTIMATE EXCHANGE RATES TO US DOLLAR ------------------------------------ Currency Rate ------------------------------------ Bulgarian Lev 0.664 ------------------------------------ South African Rand 0.1442 ------------------------------------ Australian Dollar 0.75 ------------------------------------ Euro 1.3 ------------------------------------ Exchange rates lead to an exchange rate exposure for the Project as detailed below: ------------------------------------------------- EXCHANGE RATE EXPOSURE ------------------------------------------------- Currency Capital Operating ------------------------------------------------- Bulgarian Lev 19% 64% ------------------------------------------------- Euro 47% 20% ------------------------------------------------- Australian Dollar 20% 10% ------------------------------------------------- United States Dollar 14% 6% ------------------------------------------------- Use of the current Euro:US$ exchange rate could result in: - Potential reduction of $10.5M in capital cost - Potential reduction of $2.18/t in operating cost Mining The mining method has changed from sub level caving to long hole open stoping and improvements in equipment and workforce skill training has commenced in order to increase mine production to a rate of 2.0 Mt/a by late 2007. The main features of the mine schedule are as follows: - The project production commences at the current 900 kt/a and ramps-up during the period between late 2006 to early 2007, and thereafter remains at 2.0 Mt/a. - A surface decline is scheduled to be completed during mid 2006 and commissioned for hauling whilst the Kapitalna Shaft is upgraded. This upgrade will allow production to be increased to over 2.0Mt/a. Metallurgy metallurgy (mĕt`əlûr'jē), science and technology of metals and their alloys. Modern metallurgical research is concerned with the preparation of radioactive metals, with obtaining metals economically from low-grade ores, with Several comprehensive testwork programmes have been completed on samples representing various Chelopech ore types. The testing included batch and continuous pilot scale programmes for the mineral processing mineral processing or ore dressing Mechanical treatment of crude ores to separate the valuable minerals. Mineral processing was at first applied only to ores of precious metals but later came to be used to recover other metals and nonmetallic minerals. and hydrometallurgical hy·dro·met·al·lur·gy n. The treatment of metal or the separation of metal from ores and ore concentrates by liquid processes, such as leaching, extraction, and precipitation. aspects of the Concentrator Upgrade and Metals Production Facility. The work has been undertaken in recognised laboratory facilities in Australia and Canada. The overall programme has taken over 18 months and cost over $4.5M. The results of the metallurgical met·al·lur·gy n. 1. The science that deals with procedures used in extracting metals from their ores, purifying and alloying metals, and creating useful objects from metals. 2. testwork programmes were employed to develop the DFS process flowsheet, process design criteria Noun 1. design criteria - criteria that designers should meet in designing some system or device; "the job specifications summarized the design criteria" criterion, standard - the ideal in terms of which something can be judged; "they live by the standards of their , mass balance model and equipment sizing. The key objectives of the testwork programme were to: - Confirm that the high copper and gold extraction Gold extraction or recovery from its ores may require a combination of comminution, mineral processing, hydrometallurgical, and pyrometallurgical processes to be performed on the ore. results obtained in earlier batch testing (approximately 95% Cu, and 90-95% Au) could be achieved on a range of Chelopech concentrates, including future concentrate samples derived from bulk flotation of representative composites of drill core from the three major ore zones of the deposit. - Identify process conditions and an overall process flowsheet which could deliver these extractions at optimal reagent reagent /re·a·gent/ (re-a´jent) a substance used to produce a chemical reaction so as to detect, measure, produce, etc., other substances. re·a·gent n. consumptions and, preferably pref·er·a·ble adj. More desirable or worthy than another; preferred: Coffee is preferable to tea, I think. pref , in a single train pressure oxidation plant. - Confirm the process performance and design criteria of the key circuits. This programme culminated in the development of a suitable flowsheet for the treatment of the flotation sulphide sulphide: see sulfide. concentrate, which comprises: - Concentrate regrind; - Pressure oxidation; - Solid/liquid separation using counter current decantation decantation /de·can·ta·tion/ (de?kan-ta´shun) the pouring of a clear supernatant liquid from a sediment. decantation the pouring of a clear supernatant liquid from a sediment. (CCD CCD in full charge-coupled device Semiconductor device in which the individual semiconductor components are connected so that the electrical charge at the output of one device provides the input to the next device. ); - Extraction of gold from the solids using conventional CIL technology; - Recovery of copper from the solution using conventional SX/EW technology; - Removal of impurities and excess acid using neutralization neutralization, chemical reaction, according to the Arrhenius theory of acids and bases, in which a water solution of acid is mixed with a water solution of base to form a salt and water; this reaction is complete only if the resulting solution has neither acidic nor . Tailings Management The existing TMF will be upgraded to meet modern environmental standards and will continue to be used for storage of the flotation tailings together with a gypsum gypsum (jĭp`səm), mineral composed of calcium sulfate (calcium, sulfur, and oxygen) with two molecules of water, CaSO4·2H2O. It is the most common sulfate mineral, occurring in many places in a variety of forms. waste stream from the new facility. This facility has sufficient storage to provide over 20 years life at the proposed production rate. A new TMF will be built upstream of the existing TMF to provide storage for the tailings from the cyanide cyanide (sī`ənīd'), chemical compound containing the cyano group, -CN. Cyanides are salts or esters of hydrogen cyanide (hydrocyanic acid, HCN) formed by replacing the hydrogen with a metal (e.g., sodium or potassium) or a radical (e.g. circuit. This will be a fully lined facility. Community Consultation The Chelopech mine is located in an area with a large mining industry and currently employs over 700 people. Dundee Precious has made a great effort to improve community consultation and involvement since taking over ownership of the mine. It is expected that the Project will attract general community support. Land Purchase Development of the Project will require the acquisition of land from a variety of impacted stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. in the Chelopech Municipality MUNICIPALITY. The body of officers, taken collectively, belonging to a city, who are appointed to manage its affairs and defend its interests. . The land is required for: - The new TMF. - A buffer zone buffer zone n. A neutral area between hostile or belligerent forces that serves to prevent conflict. Noun 1. buffer zone around the TMF. The land purchase programme is scheduled to be completed early in 2006. Permitting Bulgaria's legal framework for conducting business has been evolving since the enactment of the Commerce Act (1991), and with its recent application to join the European Union European Union (EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community further positive changes are taking place. This desire for change has created a collaborative environment for the government/regulatory agencies and the investor to work together to satisfy objectives of mutual benefit. Due to the magnitude of the total investment required to implement the Expansion Project, Chelopech Mining was awarded the status of a Class 1 Investor in February 2005. Under Bulgarian legislation this entitles the investor to a reduction in the regulatory time frames. A cornerstone cornerstone Ceremonial building block, dated or otherwise inscribed, usually placed in an outer wall of a building to commemorate its dedication. Often the stone is hollowed out to contain newspapers, photographs, or other documents reflecting current customs, with a view to of the permitting process is the submission and approval of an EIA, which was submitted to the MoEW in November, 2005. Subject to the completion of the public hearings (scheduled for mid December), the EIA is expected to be approved by the end of the first quarter 2006. Once completed, application for a number of approvals must be made before construction can proceed, including approval and registration of the Detailed Development Plan, the permit to operate with hazardous substances and the receipt of the integrated permit, which is the Environmental License to proceed. CHELOPECH EXPLORATION UPDATE Following the high grade drill intercepts reported in August 2005, drilling of the Block 149 target at Chelopech Mine has been ongoing. In total, fifteen diamond drill holes have been completed through the target zone. Of these, ten have intersected ore grade Ore grade is a measure that describes the concentration of a valuable natural material (such as metals or minerals) in its surrounding ore. Ore grade is used to assess the economic feasibility of a mining operation: the cost of extracting a natural material from its ore is directly mineralisation. The ore grade intersections are detailed below: - 149_345_1: 14m at 3.3% Cu, 24.0 g/t Au (previously reported) - 149_345_2: 12m at 5.2% Cu, 30.8 g/t Au (previously reported) - 149_345_7: 8m at 4.6% Cu, 41.9 g/t Au - 149_345_8: 10m at 1.3% Cu, 4.2 g/t Au - 149_345_10: 19m at 0.8% Cu, 9.2 g/t Au - 149_405_1: 4m at 3.4% Cu, 6.0 g/t Au - 149_405_2: 13m at 2.4% Cu, 16.9 g/t Au - 149_405_5: 5m at 3.2% Cu, 8.9 g/t Au - 149_405_3: 18m at 8.5% Cu, 17.8 g/t Au (hanging-wall position) - 149_405_7: 10m at 2.4% Cu, 13.0 g/t Au (hanging-wall position) Grade distribution within the intersections is typically characterized char·ac·ter·ize tr.v. character·ized, character·iz·ing, character·iz·es 1. To describe the qualities or peculiarities of: characterized the warden as ruthless. 2. by consistent high grade assays, rather than isolated higher grade outliers. The mineralisation style is variable from massive to stockwork. Unusual for Chelopech, the intersections contain visible gold. The intersections confirm a sub-vertical high grade structure with a true width of between three and nine metres. The mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. zone appears to have a strike length of approximately 50m and dip extent in excess of 150m. The structure is located approximately 320m North, and 60m below, the current main decline location. On-going drilling is currently targeting the lower areas of the zone, where mineralisation has been intersected by the two most recent ore grade holes in a hanging-wall position, with respect to the higher level intersections. Additionally, drilling of the Block 149 target has intersected a broad zone of lower grade mineralisation at a position approximately 200m from the decline location. Chelopech Mine will release an updated Resource statement in Q1 2006. In addition to a Block 149 estimate, this will include a revised Resource estimate for the Chelopech deposit, as a result of significant additional drilling elsewhere. This exploration update has been compiled under the supervision of Dr. Julian Barnes, Executive Vice President, Dundee Precious Metals Inc. and complies with the requirements of National Instrument 43-101. These exploration results are based on data gathered by Dundee Precious during the period April to December 2005. Mr. Alex Arizanov, Chief Geologist, Chelopech Mining EAD EAD Ensino A Distancia (Brazil) EAD Encoded Archival Description (DTD for SGML) EAD Employment Authorization Document (US INS) EAD Exposure At Default , is the qualified person (QP) responsible for the preparation of these results and he has directly supervised su·per·vise tr.v. su·per·vised, su·per·vis·ing, su·per·vis·es To have the charge and direction of; superintend. [Middle English *supervisen, from Medieval Latin the programme. Mr Arizanov has an MSc in Geology from the Mining and Geology University of Sofia, and has been Senior and Chief Geologist at the Chelopech Mine for 11 years and is a full Member of the Australian Institute of Mining and Metallurgy and has relevant experience in the mineral deposit described in this release. KRUMOVGRAD UPDATE The Company filed an appeal with the Bulgarian MoEW on December 2, 2005, after the MoEW failed to rule on the previously submitted EIA by November 18, 2005, the due date stipulated by Bulgarian law. The lack of response from the MoEW may not represent either a positive or a negative decision on the Krumovgrad EIA on the part of the Ministry. At the present moment, the Company is not aware of any specific reason which would account for this delay; however, the appeal was filed in order to preserve the Company's rights under Bulgarian Law. A final Executive Summary for this Feasibility Study will be posted in the Company's website at www.dundeeprecious.com and filed with Sedar before the end of the month. An analyst conference call will be webcast live at: http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=69218& eventID=1167856 on Friday, December 9, 2005 at 8:30 a.m. (EST EST electroshock therapy. EST abbr. electroshock therapy ) and the corresponding slides will be posted on the Company's website. FORWARD LOOKING STATEMENTS This news release may contain certain information that constitutes forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . 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 fluc·tu·ate v. fluc·tu·at·ed, fluc·tu·at·ing, fluc·tu·ates v.intr. 1. To vary irregularly. See Synonyms at swing. 2. To rise and fall in or as if in waves; undulate. v. metal prices and other factors described above and in the Company's most recent annual information form under the heading "Risks 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 CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements. Dundee Precious is a Canadian operating mining company engaged in the acquisition, exploration, development and mining of precious metals. It currently owns the Chelopech Mine, a producing gold/copper mine and the Krumovgrad Gold Project, a development project, both located in Bulgaria, and is engaged in mineral exploration activities in the region. In addition, Dundee Precious has the option to earn a 60% interest in the Back River gold project in Nunavut, Canada. The Company also holds a significant and strategic portfolio of investments in the precious metals and mineral related sector. Dundee Precious Metals Inc. (TSX:DPM) |
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