DPM ACQUIRES ADDITIONAL INTEREST IN KAPAN MINE IN ARMENIA
FOX News
ustrials/article/dpm-acquires-additional-kapan-arm enia_417194_6.html
Dec 21 2007
TORONTO, ONTARIO, Dec 21, 2007 (MARKET WIRE via COMTEX) — Dundee
Precious Metals Inc. (TSX: DPM)(TSX: DPM.WT) (the "Company" or "DPM")
is pleased to announce that it has completed the purchase of a further
15% interest in Vatrin Investment Limited ("Vatrin"), a private entity,
and now holds an aggregate 95% interest in Vatrin.
Vatrin holds 100% of Deno Gold Mining Company, with its principal
asset, the Kapan mining project, located in southern Armenia (the
"Kapan Mine").
The net purchase price, which amounted to US$4.7 million, was satisfied
through a combination of cash and the issuance of 337,033 common
shares of DPM.
The Kapan Mine is located approximately 1.5km from the town of Kapan
and some 320km south of the Armenian capital of Yerevan. It is an
operating mine that is being treated, operationally, as a development
project as plans are to convert much of it to an open pit. The Company
is currently undertaking proof of concept drilling in Armenia to
assist in defining two starter pits, previously identified by Russian
historical drilling, and a future strategy for the development of
the Kapan Mine.
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, DPM owns a
100% interest in the Back River gold exploration project in Nunavut,
Canada and a 95% interest in the Kapan Mine in Armenia. The Company
also holds a significant and strategic portfolio of investments in
the precious metals and mineral related sector.
FORWARD LOOKING STATEMENTS
This news release may contain certain information that constitutes
forward-looking statements. Forward-looking statements are frequently
characterized by words such as "plan," "expect," "project," "intend,"
"believe," "anticipate" and other similar words, or statements that
certain events or conditions "may" or "will" occur. Forward-looking
statements are based on the opinions and estimates of management at
the date the statements are made, and are subject to a variety of
risks and uncertainties and other factors that could cause actual
events or results to differ materially from those projected in the
forward-looking statements. These factors include the inherent risks
involved in the exploration and development of mineral properties,
the uncertainties involved in interpreting drilling results and other
geological data, fluctuating metal prices and other factors described
above and in the Company’s most recent annual information form under
the heading "Risk Factors" which has been filed electronically by
means of the Canadian Securities Administrators’ website located
at The Company disclaims any obligation to update or
revise any forward-looking statements if circumstances or management’s
estimates or opinions should change. The reader is cautioned not to
place undue reliance on forward-looking statements.
Contacts: DUNDEE PRECIOUS METALS INC.
Jonathan Goodman President & Chief Executive Officer (416) 365-2408
Email: jgoodman@dundeeprecious.com
DUNDEE PRECIOUS METALS INC.
Gabriela M. Sanchez Vice President Investor Relations (416) 365-2549
Email: gsanchez@dundeeprecious.com
DUNDEE PRECIOUS METALS INC.
Stephanie E. Anderson Executive Vice President & Chief Financial
Officer (416) 365-2852 Email: sanderson@dundeeprecious.comSOURCE:
Dundee Precious Metals Inc.
From: Emil Lazarian | Ararat NewsPress