Dundee Precious Metals Reports First Quarter 2010 Results
TORONTO, ONTARIO -- (Marketwire) -- 05/04/10 -- (All monetary figures are expressed in U.S. dollars unless otherwise stated)
Dundee Precious Metals Inc. ('DPM' or the 'Company') (TSX: DPM)(TSX: DPM.WT)(TSX: DPM.WT.A) today announced its unaudited results for the first quarter ended March 31, 2010. DPM reported a first quarter 2010 net loss of $48.3 million (basic and diluted net loss per share of $0.48), including net impairment provisions of $50.6 million related to the proposed Bulgarian metals processing facility. This compares with a first quarter 2009 net loss of $4.9 million (basic and diluted net loss per share of $0.05).
'During the quarter,' said Jonathan Goodman, President and CEO, 'we completed the purchase of the Tsumeb smelter in Namibia, securing long-term processing of our Chelopech concentrate, and the Chelopech mine/mill expansion is fully underway, on schedule and on budget. We are looking forward to an exciting year which will see significant advances in the Chelopech expansion, completion of the commissioning of the Tsumeb oxygen plant, an expansion of our Kapan mine in Armenia and a new project plan for our Krumovgrad gold property.'
The following table summarizes the Company's financial and operating results for the periods indicated:
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$ millions, except per share amounts Three Months
Ended March 31, 2010 2009
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Net Revenue $ 20.5 $ 21.7
Cost of Sales 21.9 18.8
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Gross Profit (Loss) from Mining Operations (1.4) 2.9
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Investment and Other Income (Expense) 3.2 (0.5)
Net Impairment Provisions (50.6) (0.2)
Administrative and Other Expenses (2.9) (3.2)
Net Loss (48.3) (4.9)
Basic Net Loss per Share $ (0.48) $ (0.05)
Diluted Net Loss per Share $ (0.48) $ (0.05)
Net Cash Provided by (Used in) Operating Activities 5.0 (10.2)
Capital Expenditures (10.6) (6.8)
Proceeds on Sale (Purchase) of Short-term Investments 29.5 (4.4)
Purchase of Namibia Custom Smelters (Pty) Ltd. (net of
cash acquired of $1,013) (17.0) -
Loan Advances (3.0) (3.0)
Other Investing Activities - 1.9
Net Cash Provided by (Used in) Financing Activities 60.6 (0.7)
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Net Increase (Decrease) in Cash $ 64.5 $ (23.2)
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Concentrate Produced (mt)
Chelopech 17,702 16,305
Deno Gold 4,244 -
Cash Cost per tonne Ore Processed ($/t)(1)
Chelopech (excluding royalties) $ 55.90 $ 44.33
Deno Gold $ 70.87 $ -
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First Quarter 2010 - Financial Highlights
-- As a Canadian-based company, DPM had historically prepared its
consolidated financial statements in Canadian dollars. However, to
enhance communication with shareholders and improve DPM's comparability
with its peer group, effective January 1, 2010, DPM has adopted the U.S.
dollar as its reporting currency. Accordingly, U.S. dollars as
referenced herein are denoted as '$' and all Canadian dollars are
denoted as 'Cdn$'.
-- In the first quarter of 2010, DPM reported a net loss of $48.3 million
compared to a net loss of $4.9 million in the first quarter of 2009. The
net loss for the first quarter of 2010 included a net impairment
provision of $50.6 million taken against the planned construction of a
metals processing facility ('MPF') in Chelopech to process concentrates
from the mine and mill facilities also located in Chelopech. The
Bulgarian Supreme Administrative Court's (the 'Court') recent final
decision to revoke the MPF Environmental Impact Assessment ('EIA')
renders it unlikely that the MPF project will proceed. In November 2009,
the Court revoked the Ministry of Environment and Water's ('MoEW') July
2008 EIA resolution and returned the EIA administrative file to it for
another review. The final decision of the Court, issued on April 15,
2010, confirmed the previous decision. This decision does not impact on
the Chelopech mine and mill expansion project.
-- Chelopech recorded a gross loss from mining operations of $1.9 million
in the first quarter of 2010 compared to a gross profit from mining
operations of $5.8 million in the first quarter of 2009. The decrease in
gross profit was primarily due to a delay in a concentrate shipment as a
result of congestion at the Port of Bourgas, Bulgaria, unfavourable
mark-to-market adjustments and final settlements and lower gold in
concentrate sold partially offset by stronger metal prices. If the sale
had taken place as scheduled in the first quarter of 2010, the Company
estimates that the gross profit from mining operations at Chelopech
would have been $1.3 million. Chelopech operations reported net revenue
of $14.8 million on concentrate deliveries of 11,831 tonnes. Chelopech
cash cost per tonne of ore processed(1), excluding royalties, in the
first quarter of 2010 of $55.90 was 26% higher than the corresponding
prior year period due to the unfavourable impact of a 6% appreciation of
the average Euro to U.S. foreign exchange rate, period over period,
higher spending on services, increased rates for and consumption of
power and fuels and higher employment expenses. Cash cost per tonne of
ore processed(1), including royalties, in the first quarter of 2010 of
$60.53 was 27% higher than the first quarter of 2009 cash cost per
tonne of ore processed(1), including royalties, of $47.74.
-- Deno Gold recorded a gross profit from mining operations of $0.5 million
in the first quarter of 2010 compared to a gross loss from mining
operations of $2.9 million in the corresponding prior year period. Deno
Gold operations reported net revenue of $5.7 million on concentrate
deliveries of 2,640 tonnes. Cash cost per tonne of ore processed(1) in
the first quarter of 2010 was $70.87. Operations at Deno Gold were on
care and maintenance in the first quarter of 2009.
-- Cash provided by operating activities was $5.0 million in the first
quarter of 2010 compared to cash used in operating activities of $10.2
million in the corresponding prior year period. The increase in cash
provided by operating activities was primarily due to a decrease in
working capital requirements partially offset by lower gross profit from
mining operations.
-- As at March 31, 2010, DPM had cash, cash equivalents and short-term
investments of $110.5 million compared to $75.6 million at December 31,
2009.
Significant Items
Equity Financing
-- In the first quarter of 2010, DPM raised gross proceeds of $64.8 million
(Cdn$66.0 million) or net proceeds of $62.0 million (Cdn$63.1 million)
through the sale and issuance of 20,000,000 common shares at a price of
Cdn$3.30 per share. Proceeds from the offering have been or will be used
for: (i) the payment of the cash consideration for the acquisition of
NCS, as defined below, and capital expenditures to sustain operations at
the Tsumeb smelter, (ii) the deposit of a portion of the financial
guarantee for estimated environmental and rehabilitation costs at
Chelopech, (iii) the Chelopech mine and mill expansion project; and (iv)
general corporate purposes.
Acquisition of Tsumeb Smelter Assets and Related Business
-- On March 24, 2010, DPM completed the acquisition of NCS, a metals
processing and smelting operation in Tsumeb, Namibia (the 'Smelter'),
from Weatherly International plc ('WTI') by way of the purchase of 100%
of the shares of NCS. The total consideration paid to WTI for NCS was
$33.0 million consisting of: (i) $18.0 million in cash and (ii) the
issuance of 4,446,420 fully paid common shares of DPM.
-- Subject to the execution of definitive agreements, DPM has agreed, in
principle, with Louis Dreyfus Commodities Metals Suisse SA ('LDC') to
settle up to $11.4 million of metals exposure (calculated as at November
30, 2009) and debt through the payment of $2.0 million in cash and $9.4
million in common shares of DPM, based on a deemed price of Cdn$3.50 per
share. LDC will continue to have exclusive rights to purchase the
Chelopech concentrate for toll processing through NCS (including return
of blister copper to LDC) and to source the balance of the concentrate
for the Smelter through to and including 2020. Negotiations are
presently ongoing with an expected completion date on or before May 31,
2010.
Sale of Serbian Assets
-- On April 28, 2010, DPM entered into a definitive business combination
agreement with PJV Resources Inc. ('PJV'), a private company and Rodeo
Capital Corp. ('Rodeo'), a capital pool corporation listed on the TSX
Venture Exchange ('TSXV'), for the sale of its Timok and Potoj Cuka gold
projects located in Serbia (the 'Projects') through the sale of DPM's
Serbian subsidiary, Dundee Plemeniti Metali d.o.o. ('Metali') in return
for a cash payment and equity and equity-linked consideration which will
result in DPM acquiring an approximate 50.4% interest in Rodeo
(factoring in securities acquired by DPM in an equity financing of PJV).
PJV has completed financings, raising an aggregate of approximately
Cdn$24.2 million in gross proceeds, which are to be used to pay expenses
related to the purchase of the Projects and for exploration on the
Projects.
-- In February 2010, DPM entered into a letter of intent to sell the
balance of its molybdenum, gold and copper projects in Serbia to
Queensland Minerals Limited ('QML') in return for equity and equity-
linked consideration that includes a 47.5% interest in QML upon
completion of its announced Cdn$10 million equity offering.
Krumovgrad Gold Project, Bulgaria
-- Detailed review work continued in the first quarter of 2010. An internal
optimization study which consolidates a set of independent studies on
various aspects of the gold project was completed. Metallurgical and
process studies carried out on samples provided by DPM and that reflect
the sample compositing strategy used for the 2005 definitive feasibility
study indicate that metallurgical recoveries of 85% or better can be
achieved via conventional flotation technology for gold. Economic
analysis indicates that this recovery, although lower than the 93% to
94% that can be achieved by the use of cyanide technology, will
significantly reduce the permitting risks and result in sufficient cost
and schedule benefits to be attractive.
A complete set of DPM's Consolidated Financial Statements, Notes to the Consolidated Financial Statements and Management's Discussion and Analysis for the three months ended March 31, 2010 will be posted on the Company's website at www.dundeeprecious.com and filed on Sedar at www.sedar.com.
Conference Call
An analyst conference call is scheduled for Wednesday, May 5, 2010 at 3:30 p.m. (EST) in conjunction with the Company's Annual and Special Meeting of Shareholders, to present these results and will be webcast live at: http://www.gowebcasting.com/1658.
The audio webcast for this conference call will be archived and available on the Company's website at www.dundeeprecious.com.
Overview
DPM is a Canadian-based, international mining company engaged in the acquisition, exploration, development and mining and processing of precious metal properties. Its common shares and share purchase warrants (symbols: DPM; DPM.WT; DPM.WT.A) are traded on the Toronto Stock Exchange ('TSX'). DPM's business objectives are to identify, acquire, finance, develop and operate low-cost, long-life mining properties.
The Company's operating interests include its 100% ownership of Chelopech Mining EAD ('Chelopech'), a gold, copper, silver concentrates producer, owner of the Chelopech mine located approximately 70 kilometres east of Sofia, Bulgaria, 100% ownership of Namibia Custom Smelters (Pty) Ltd. ('NCS') and a 95% interest in Vatrin Investment Limited, a private entity which holds 100% of Deno Gold Mining Company CJSC ('Deno Gold'), its principal asset being the Kapan mine, a gold, copper, zinc, silver concentrates producer located about 320 kilometres south east of the capital city of Yerevan in Southern Armenia. DPM's interests also include a 100% interest in the Krumovgrad development stage gold property located in south eastern Bulgaria, near the town of Krumovgrad, and numerous exploration properties in one of the larger gold-copper-silver mining regions in Serbia.
Summarized Financial Results
Net revenue
Net revenue from the sale of concentrates of $20.5 million in the first quarter of 2010 was $1.2 million or 6% lower than the corresponding prior year period net revenue of $21.7 million due to a 29% decrease in deliveries of concentrates produced at Chelopech, lower gold in concentrate sold and net unfavourable mark-to-market adjustments and final settlements partially offset by a 22% increase in gold prices, a 112% increase in copper prices and higher deliveries of concentrates produced at Deno Gold. Deno Gold was on care and maintenance in the first quarter of 2009.
Deliveries of concentrates produced at Chelopech of 11,831 tonnes in the first quarter of 2010 were 29% lower than first quarter of 2009 deliveries of 16,573 tonnes due to a delay in a concentrate shipment related to congestion at the Port of Bourgas, Bulgaria. Deliveries of concentrates produced at Deno Gold totalled 2,640 tonnes in the first quarter of 2010. There were no deliveries of concentrates in the first quarter of 2009. Net unfavourable mark-to-market adjustments and final settlements of $3.0 million, related to the open positions of provisionally priced concentrate sales, were recorded in the first quarter of 2010 compared to net favourable mark-to-market adjustments and final settlements of $3.7 million in the first quarter of 2009. In the first quarter of 2010, DPM recorded nil net losses/gains on its copper derivatives, compared to net losses on copper derivatives of $1.1 million in the first quarter of 2009.
The average London Bullion gold price(2) in the first quarter of 2010 of $1,105 per ounce was 22% higher than the first quarter of 2009 average price of $908 per ounce. The average London Metal Exchange ('LME') cash copper price(2) in the first quarter of 2010 of $3.28 per pound was 112% higher than the first quarter of 2009 average price of $1.55 per pound. The average LME cash zinc price(2) in the first quarter of 2010 of $1.04 per pound was 96% higher than the first quarter of 2009 average price of $0.53 per pound.
Cost of sales
Cost of sales of $21.9 million in the first quarter of 2010 was $3.1 million or 16% higher than the corresponding prior year period due primarily to higher production costs at Chelopech and Deno Gold.
Cash cost per tonne of ore processed(1), excluding royalties, at Chelopech in the first quarter of 2010 of $55.90 was 26% higher than the corresponding prior year period cash cost per tonne of ore processed(1), excluding royalties, of $44.33 due primarily to the unfavourable impact of a 6% appreciation of the average Euro to U.S. foreign exchange rate, period over period, higher spending on services, increased rates for and consumption of power and fuels and higher employment expenses. Cash cost per tonne of ore processed(1), including royalties, at Chelopech in the first quarter of 2010 of $60.53 was 27% higher than first quarter of 2009 cash cost per tonne of ore processed(1), including royalties, of $47.74.
Cash cost per tonne of ore processed(1) at Deno Gold in the first quarter of 2010 was $70.87. Deno was on care and maintenance in the first quarter of 2009.
Gross profit (loss)
Chelopech recorded a gross loss from mining operations of $1.9 million in the first quarter of 2010 compared to a gross profit from mining operations of $5.8 million in the first quarter of 2009. The period over period decrease in gross profit from mining operations was due to a 29% decrease in deliveries of concentrates (congestion at the Port of Bourgas, Bulgaria, delayed a shipment scheduled for the end of March 2010 to early April 2010), lower gold in concentrate sold, net unfavourable mark-to-market adjustments and final settlements and higher production costs partially offset by a 22% increase in gold prices and a 112% increase in copper prices. If the sale had taken place as scheduled in the first quarter of 2010, the Company estimates that the gross profit from mining operations at Chelopech would have been $1.3 million. Net unfavourable mark-to-market adjustments and final settlements of $2.5 million, related to the open positions of provisionally priced concentrate sales, were recorded in the first quarter of 2010 compared to net favourable mark-to-market adjustments and final settlements of $3.1 million in the first quarter of 2009.
Deno Gold recorded a gross profit from mining operations of $0.5 million in the first quarter of 2010 compared to a gross loss from mining operations of $2.9 million in the corresponding prior year period as the operations were on care and maintenance in the first quarter of 2009. Deliveries of concentrates totalled 2,640 tonnes in the first quarter of 2010. Net unfavourable mark-to-market adjustments and final settlements of $0.5 million, related to the open positions of provisionally priced concentrate sales, were recorded in the first quarter of 2010 compared to net favourable mark-to-market adjustments and final settlements of $0.6 million in the first quarter of 2009.
Net impairment provisions
Following the Court's recent final decision to revoke the MPF EIA, it is unlikely that the MPF project will proceed. A property impairment provision of $54.0 million to write-down the carrying value of the MPF project to its estimated fair value was recorded in the first quarter of 2010. Partially offsetting this impairment provision was a reversal of $3.4 million for royalties accrued in respect of the MPF project. The Company believes that the July 2008 amendments to Chelopech's mining concession contract with the Bulgarian government, as they relate to the royalty provisions, no longer apply and no excess royalty above the 1.5% fixed rate is required to be accrued.
Investment and other income
Investment and other income totalled $3.2 million in the first quarter of 2010 compared to investment and other expense of $0.5 million in the corresponding prior year period. Included in the first quarter of 2010 was an unrealized favourable mark-to-market adjustment related to the Sabina Gold & Silver Corporation special warrant units.
Administrative and other expenses
Administrative and other expenses were $2.9 million in the first quarter of 2010 compared to $3.2 million in the corresponding prior year period.
Exploration expense
Exploration expense was $0.7 million in the first quarter of 2010 compared to $1.3 million in the corresponding prior year period.
Foreign exchange
In the first quarter of 2010, DPM recorded foreign exchange gains of $0.1 million compared with foreign exchange losses of $2.1 million in the corresponding prior year period.
Income tax expense
In the first quarter of 2010, the tax recovery rate of 10% was lower than the Canadian statutory rate of 31.0% due primarily to a lower tax rate on foreign losses and the unrecognized tax benefit relating to foreign and Canadian losses. In the first quarter of 2010, Chelopech recognized a future income tax asset of $5.3 million which Chelopech can use against future taxable income.
Operating cash flow (shortfall)
The following table summarizes the Company's cash flow (shortfall) from operating activities for the periods indicated:
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$ thousands Three Months
Ended March 31, 2010 2009
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Net loss $ (48,254) $ (4,882)
Non-cash charges (credits) to earnings:
Amortization of property, plant and equipment 4,148 3,672
Property impairment provisions 54,049 248
Other (7,886) 1,274
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Total non-cash charges to earnings 50,311 5,194
Decrease (increase) in non-cash working capital 2,938 (10,485)
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Net cash provided by (used in) operating activities $ 4,995 $ (10,173)
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Cash provided by operating activities in the first quarter of 2010 was $5.0 million compared with cash used in operating activities of $10.2 million in the first quarter of 2009. The increase in cash provided by operations was primarily due to a decrease in working capital requirements partially offset by the gross loss from mining operations. The decrease in working capital requirements in the first quarter of 2010 of $2.9 million was primarily due to an increase in deferred revenue and a decrease in accounts receivable partially offset by a decrease in accounts payable and an increase in inventories.
The following table summarizes the Company's investing activities for the periods indicated:
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$ thousands Three Months
Ended March 31, 2010 2009
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Proceeds on sale of investments at fair value $ - $ 1,873
Acquisition of NCS, net of cash acquired of $1,013 (16,987) -
Proceeds on sale (purchase) of short-term investments 29,528 (4,400)
Loan advances (3,000) (3,028)
Capital expenditures (10,650) (6,816)
Other - 75
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Net cash used in investing activities $ (1,109) $ (12,296)
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Capital expenditures at Chelopech in the first quarter of 2010 of $8.3 million were 72% higher than the corresponding prior year period due to the ramp-up of the mine and mill expansion project. Capital expenditures at Deno Gold in the first quarter of 2010 of $1.8 million were comparable to corresponding prior year period capital expenditures.
On March 24, 2010, the Company completed the purchase of the Smelter from WTI by way of the purchase of 100% of the shares of NCS. The cash consideration provided to WTI by DPM was $17.0 million, net of cash acquired of $1.0 million.
In the first quarter of 2010, DPM advanced $3.0 million to NCS in accordance with the binding letter of intent signed in January 2010 with WTI for the purchase of the Smelter.
In the first quarter of 2009, DPM advanced $3.0 million to NCS in accordance with the agreement DPM signed with NCS in December 2008 to advance up to $7.0 million of loans to NCS.
Financing Activities
The following table summarizes the Company's financing activities for the periods indicated:
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$ thousands Three Months
Ended March 31, 2010 2009
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Net proceeds of equity financing $ 61,981 $ -
Repayment of debt (563) (563)
Repayment of leases (796) (166)
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Net cash provided by (used in) financing activities $ 60,622 $ (729)
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In the first quarter of 2010, the Company completed an equity financing for gross proceeds of $64.8 million (Cdn$66.0 million). The equity financing consisted of the sale of 20,000,000 common shares at Cdn$3.30 per share. The proceeds, net of expenses and fees, were $62.0 million (Cdn$63.1 million).
Average Metal Prices
The following table, summarizing the average metal prices for the London Bullion Market Association ('LBM') gold, LME copper Grade A, LME special high grade ('SHG') zinc and LBM silver prices, is used to illustrate the Company's average metal price exposures based on its key reference prices for the periods indicated.
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Average Three Months
Ended March 31, 2010 2009
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London Bullion gold ($/oz) $ 1,105 $ 908
LME settlement copper ($/lb) $ 3.28 $ 1.55
LME settlement SHG zinc ($/lb) $ 1.04 $ 0.53
LBM spot silver ($/oz) $ 16.92 $ 12.61
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Non-GAAP Financial Measures
Cash cost per tonne of ore processed is referred to because it is understood that certain investors use this information to assess the Company's performance and also determine the Company's ability to generate cash flow for investing activities. This measurement captures all of the important components of the Company's production and related costs. In addition, management utilizes this metric as an important management tool to monitor cost performance of the Company's operations. This measurement has no standardized meaning under Canadian GAAP and is therefore unlikely to be comparable to similar measures presented by other companies. This measurement is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with Canadian GAAP.
The following table provides, for the periods indicated, a reconciliation of the Company's cash cost measure and Canadian GAAP cost of sales:
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$ thousands, unless otherwise indicated
For the quarter ended March 31, 2010 Chelopech Deno Gold Total
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Ore processed (mt) 252,886 80,523
Cost of sales $ 16,703 $ 5,203 $ 21,906
Add (deduct):
Amortization (3,060) (879)
Reclamation costs and other (355) (182)
Change in concentrate inventory 2,018 1,564
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Total cash cost of production $ 15,306 $ 5,706
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Cash cost per tonne of ore processed,
including royalties $ 60.53 $ 70.87
Cash cost per tonne of ore processed,
excluding royalties $ 55.90 $ 70.87
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$ thousands, unless otherwise indicated
For the quarter ended March 31, 2009 Chelopech Deno Gold Total
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Ore processed (mt) 243,457 -
Cost of sales $ 15,342 $ 3,491 $ 18,833
Add/(Deduct):
Amortization (3,092) (361)
Reclamation costs and other (303) (128)
Care and maintenance costs - (3,074)
Change in concentrate inventory (979) -
Foreign exchange 654 72
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Total cash cost of production $ 11,622 $ -
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Cash cost per tonne of ore processed,
including royalties $ 47.74 $ -
Cash cost per tonne of ore processed,
excluding royalties $ 44.33 $ -
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(1) A reconciliation of the Company's cash cost per tonne ore processed to
cost of sales under Canadian GAAP for the first quarter of 2010 and 2009
is shown in the table entitled 'Non-GAAP Financial Measures.'
(2) Refer to the Average Metal Prices section for the average metal prices
used to illustrate the Company's average metal price exposure based on
its key reference prices.
To view the Financial Statements, please click the following link: http://media3.marketwire.com/docs/dpm0504stmts.pdf.
Cautionary Note Regarding Forward-Looking Statements
This press release contains 'forward-looking statements' that involve a number of risks and uncertainties. Forward-looking statements include, but are not limited to, statements with respect to the future price of gold, copper, zinc and silver the estimation of mineral reserves and resources, the realization of mineral estimates, the timing and amount of estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, currency fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims, limitations on insurance coverage and timing and possible outcome of pending litigation. Often, but not always, forward-looking statements can be identified by the use of words such as 'plans', 'expects', or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates', or 'does not anticipate', or 'believes', or variations of such words and phrases or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved.
Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made, and they involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any other future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others: the actual results of current exploration activities; actual results of current reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold, copper, zinc and silver; possible variations in ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, fluctuations in metal prices, as well as those risk factors discussed or referred to in Management's Discussion and Analysis under the heading 'Risks and Uncertainties' and other documents filed from time to time with the securities regulatory authorities in all provinces and territories of Canada and available at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Unless required by securities laws, the Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements.
Contacts:
Dundee Precious Metals Inc.
Jonathan Goodman
President and Chief Executive Officer
(416) 365-2408jgoodman@dundeeprecious.com
Dundee Precious Metals Inc.
Stephanie Anderson
Executive Vice President and Chief Financial Officer
(416) 365-2852sanderson@dundeeprecious.com
Dundee Precious Metals Inc.
Lori Beak
Vice President, Investor Relations and Corporate Secretary
(416) 365-5165lbeak@dundeeprecious.com