Dundee Precious Settles Remaining Obligations on Purchase of Bulgarian Mining Assets from Navan.TORONTO -- 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") is pleased to announce that it has agreed to settle the remaining obligations to Navan Mining Plc (in administrative receivership Administrative receivership is a procedure in common law countries whereby a creditor can enforce security against a company's assets in an effort to obtain repayment of the secured debt. ) ("Navan") in connection with the September 30, 2003 purchase of Navan's Bulgarian mining assets. In return for the payment of US$10.5 million, Navan will: (1) retire the US$4 million payable plus accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. ; (2) cancel the US$12.5 million contingent consideration due upon the conversion of the Krumovgrad exploration permit to a mining concession and the granting of all operating permits and environmental approvals necessary for the Ada Tepe gold project; and (3) cancel the future royalties payable on certain grassroots Bulgarian exploration properties. Completion of this transaction is subject to the release of outstanding security attached to the Bulgarian assets which is expected to occur on or before March 31, 2005. Dundee Precious Metals Inc. is an 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 Ada Tepe, an advanced stage gold exploration property, both located in Bulgaria. The Company is engaging in mineral exploration activities in the region and holds a significant portfolio of investments in the precious metals and mineral related sector. Dundee Precious Metals Inc. (TSX:DPM) |
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