• April 1, 2021

Dundee Precious Metals Announces Mine Life Extension and Update to Mineral Resource and Mineral Reserve Estimates for the Chelopech Mine

Published on April 1st, 2021

TORONTO, March 30, 2021 (GLOBE NEWSWIRE) — Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or “the Company”) is pleased to announce a mine life extension and updated Mineral Resource and Mineral Reserve estimate for the Chelopech mine in Bulgaria. The Mineral Resource and Mineral Reserve estimates for DPM’s Ada Tepe mine in Bulgaria and Timok gold project in Serbia remain unchanged from the estimates previously reported in the news releases dated October 16, 2020 and February 23, 2021, respectively.


  • 10% net addition to Mineral Reserves: Successfully added 3.9 million tonnes (“Mt”) to Mineral Reserves, which more than offset 2020 production depletion of 2.2 Mt for a net addition of 1.7 Mt. Relative to the previous Mineral Reserve estimate, this represents an increase of 10% in tonnage and an increase in metal content of 5% for gold, 13% for silver and 3% for copper;
  • Mine life extended to 2029: Proven and Probable Mineral Reserves of 1.7 million ounces (Moz.) of gold and 344.4 million pounds (Mlbs.) of copper supports an optimized mine life that extends to 2029 as well as the Company’s previously issued three-year outlook for Chelopech;
  • 22% increase to Measured and Indicated Mineral Resources: Measured and Indicated Mineral Resources, exclusive of Mineral Reserves, increased 22%, representing a 3.2 Mt net increase in tonnage and an increase in metal content of 12% for gold and 6% for copper, further adding to the potential to extend mine life, if such Mineral Resources are converted to Mineral Reserves;
  • Additional potential with in-mine and brownfield exploration: Significant drilling program planned for 2021, including 44,000 metres of in-mine drilling and 38,000 metres of drilling on prospective brownfield targets.

“We continued our strong track record of extending mine life at our Chelopech mine in 2020, with net additions to our Mineral Reserves and Mineral Resources compared with 2019 estimates,” said David Rae, President and Chief Executive Officer of Dundee Precious Metals. “With Mineral Reserves that now extend to 2029, an updated Mineral Resource base and increased in-mine and brownfield exploration drilling, we believe there is strong potential for this trend to continue at Chelopech.”

Updated Mineral Resource and Mineral Reserve Estimate

The updated Mineral Resource and Mineral Reserve estimate for the Chelopech mine reflects the conversion of Mineral Resources to Mineral Reserves, as well as a strategic mine plan optimization process that was completed in Q3 2020. The strategic optimization process included an analysis of multiple mine schedules at various cut-off values (“CoV”), with the primary objectives focused on optimizing net present value and the life of mine (“LOM”). Of the overall increase to Mineral Reserves, approximately 20 to 25% was added as a result of the conversion of new Mineral Resources generated by in-mine drilling activities, with the balance of the increase resulting from the optimization of the CoV and other design parameters.

Total Proven and Probable Mineral Reserves at Chelopech of 1.7 Moz. of gold and 344.4 Mlbs. of copper support an eight-year mine life that extends to 2029, prior to any further conversions from existing Mineral Resources or additional exploration success.

The Mineral Reserves statement is shown below and is effective as of December 31, 2020.

Technical Information

The Mineral Resource and Mineral Reserve estimates for the Chelopech mine and other scientific and technical information which supports this news release was prepared by CSA Global (UK) Ltd. (“CSA Global”), in accordance with Canadian regulatory requirements set out in National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”), as relates to Mineral Resources, Galen White, BSc, FAusIMM, Partner and Principal Consultant of CSA Global (UK) Limited and as relates to Mineral Reserves, under the supervision of Karl van Olden, BSc (Eng), GDE, MBA, FAusIMM, Mining Manager of CSA Global. Both are Qualified Persons (“QP”), as defined under NI 43-101. Galen White and Karl van Olden are independent of the Company.

Ross Overall, Corporate Mineral Resource Manager, of the Company, who is a QP, as defined under NI 43-101, has reviewed and approved the contents of this news release.

Read full Announcement

DATE: April 1, 2021

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