Canadian DUNDEE PRECIOUS METALS INC. acquires 80% of Kapan Mining Project

13 September, 2006

Canadian Dundee Precious Metals Inc. completed the transaction previously announced on August 10, 2006, with Vatrin Investment Limited (“Vatrin”) with respect to the acquisition of 80% of the Kapan Mining Project, located in Southern Armenia, for US$22 million, plus an additional US$10 million investment commitment for mine expansion.

The Kapan Mine is located approximately 1.5km from the town of Kapan and some 320km south of the Armenian capital of Yerevan. It has annual production of 300,000 tonnes of ore from its current underground operations, which DPM intends to expand in order to maximize the present mine milling capacity of over 1 million tonnes/year. The concentrate produced at Kapan is readily saleable due to the lack of impurities or deleterious elements.

Dundee Precious Metals Inc. is a Canadian based, international 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 mining development project, both located in Bulgaria, and is engaged in mineral exploration activities in Serbia. In addition, Dundee owns a 100% interest in the Back River gold exploration project in Nunavut, Canada and an 80% interest in the Kapan Mining Project in Armenia. The Company also holds a significant and strategic portfolio of investments in the precious metals and mineral related sector.

More information on Kapan Mining Project in Dundee Precious Metals Inc.
August 10, 2006 press release.

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