• January 13, 2023

Updated Mineral Resource and Mineral Reserve Estimate for Ada Tepe

Published on January 13th, 2023

TORONTO, Jan. 12, 2023 (GLOBE NEWSWIRE) — Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or “the Company”) is pleased to announce an updated Mineral Resource and Mineral Reserve Estimate with additional gold production over the life of mine (“LOM”) for its Ada Tepe gold mine in Bulgaria.


  • Improved LOM plan, with an estimated increase in recovered gold to concentrate of approximately 66,000 ounces (“K oz.”) and higher average gold grade of 5.2 grams per tonne (“g/t”), compared with 4.6 g/t in the previous 2020 LOM plan.
  • Average of approximately 16,500 ounces of additional gold production per year for 2023 through 2026.
  • Expected to improve DPM’s previously issued three-year outlook for gold production, which will be updated with the release of the Company’s fourth quarter and year-end 2022 financials on February 16, 2023.

“Since commissioning in 2019, Ada Tepe has continued to outperform our expectations,” said David Rae, President and CEO. “We are confident that Ada Tepe will continue to deliver strong results, supported by this improved life of mine plan.”

Updated Life of Mine Plan

Based on the final pit design, a strategic mine planning study was conducted to optimize net present value of mine cash flows, balanced against other considerations including mine production, process plant throughput rates, stockpiling capacity, and mine life.

The updated LOM plan maintains production through 2026 and reflects an increase of 66,000 ounces of total gold recovered with a higher LOM gold grade of 5.19 g/t, relative to the same period in the previous 2020 LOM plan. Additionally, it is expected to improve DPM’s previously issued three-year outlook for production, which the Company will update with its fourth quarter and year-end 2022 financial results in February.

The tables below show the current LOM plan, compared to the previous 2020 LOM plan.

2023 Life of Mine Plan
UnitTotal / Average2023202420252026
Total Ore ProcessedKt2,489767614524584
Contained Metal
AuK oz.4151551098764
AgK oz.25087635149
Recovered Metal
AuK oz.360134957754
AgK oz.15356403126
Strip Ratiot:t3.833.214.745.132.31

Updated Mineral Resource and Mineral Reserves Estimate

To ensure higher confidence geologic modelling for mine planning and scheduling, DPM elected to complete all operational grade control drilling within the remaining LOM pit volume ahead of mining, which was completed in Q1 2022. The updated Mineral Resource and Mineral Reserve estimate for Ada Tepe reflects the results of 290 kilometres of grade control drilling completed since the previous 2020 update. Effectively all of the Mineral Resource estimate has now been converted to the Measured category. This drilling has successfully defined additional mineralization within the northern regions of the deposit, which was previously interpreted as being less extensive, due to the limitations of the wider drilling grid spacings at that time.

The updated Proven and Probable Mineral Reserve comprises of 415,000 contained gold ounces and 250,000 contained silver ounces. Mineral Reserves are estimated based on a Mine Shape Optimizer (“MSO”) diluted block model, used to account for operational mine dilution and expected level of selectivity. The Mineral Reserve statement is shown below and is effective as at December 31, 2022.

Technical Information and Technical Report Filing

The Mineral Resource and Mineral Reserve estimates for Ada Tepe and other scientific and technical information which supports this news release was prepared by CSA Global, in accordance with Canadian regulatory requirements set out in National Instrument 43-101 Standards of Disclosure for Mineral Projects, as relates to Mineral Resources, Galen White, BSc. (Hons), FAusIMM, FGSL, Partner & Principal Consultant of CSA Global and as relates to Mineral Reserves, under the supervision of Andrew Sharp, BEng, PEng (BC) – Licence No. 47907, principal engineer of Sharp Ideas in Mining Ltd. Both are Qualified Persons (“QP”), as defined under NI 43-101. Galen White and Andrew Sharp 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, including the scientific and technical information contained herein.

A technical report for the Ada Tepe mine, prepared in accordance with NI 43-101, will be filed under the Company’s profile on SEDAR at www.sedar.com within 45 days of this news release. Readers are encouraged to read the technical report in its entirety, including all qualifications, assumptions, exclusions and risks that relate to the Mineral Resource, Mineral Reserves and LOM. The technical report is intended to be read as a while, and sections should be read or relied upon out of context.

The Mineral Reserve and Mineral Resource estimates and related information in this news release may not be comparable to similar information made public by U.S. companies, subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder.

Read full Announcement

SOURCE: Dundee Precious Metals
DATE: January 13, 2023

How can we help?

Contact us to discuss how we can help your organisation.