FOREIGN INVESTMENTS POSSIBLE BY PRESIDENT’S AND PRIME MINISTER’S EFFORTS

Panorama.am
15:32 13/02/2008

"Deno Gold Mining" CJSC announced in its press release that Robert
Falletta was assigned as the general manager of Kapan Mining. Falletta
is responsible for the managing and the administrative part of the
company’s work. Below is presented the press release:

"Deno Gold Mining Company CJSC is pleased to announce the appointment
of Mr. Robert Falletta as General Manager of Kapan Mine as of 28
January 2008. He will be responsible for managing the work on the
mine as well as the administrative part.

Robert Faletta brings over 35 years of mining experience to his new
role. He is a professional mining engineer and has held increasingly
senior roles in both underground and open pit operations in a variety
of countries including the United States, Indonesia and Russia. Since
1997, Mr. Falletta has been based in Russia. Originally working with
Kinross Gold Corporation, he thereafter held a variety of positions
culminating with his appointment as General Director of Omolon Gold in
2005. Before assuming his position with the Deno Gold Mining Robert
Faletta held a position of General Director of Ozerniy GOK – a joint
venture between Lundin Mining and MBC/Metropol/Russian Partners.

Appointment of Mr. Faletta to this responsible position at Deno Gold
Mining Company once again proves serious intention its owners to
continue implementation of sustainable investment programs in Armenia.

At the same time we inform that as a result of direct meetings with the
President and the Prime-Minister of Armenia we have become assured it
was due to their personal efforts that favorable climate for foreign
investment has been established in Armenia. We are convinced that
the authorities of the country will continue the process of securing
stability in Armenia, which, in turn, will positively affect the
foreign investors to implement long-term and financially stable
activities. This, in its turn, will aid in development of a number
of communities – the desire and aspiration of the authorities of the
country for this has been clearly noted by us.

Deno Gold Mining CJSC is 95 % owned by Dundee Precious Metals (Canada).

Dundee Precious Metals is an international mining company,
headquartered in Canada. The company mines precious metals, acquires,
researches and processes them. The company’s shares (Symbol: DPM;
DPM.WT) are traded at the Toronto stock exchange. Currently, Dundee
Precious Metals is implementing gold and copper concentrate production
Chelopech Mine and Krumovgrad Gold mining projects in Bulgaria, as
well as exploits 95 per cent of Kapan gold, copper and zinc mine on
the South of Armenia to produce concentrates. In addition to this,
DPM has research and exploitation agreements in the largest gold,
copper and silver production areas in Serbia. The company owns Back
River gold research project, located at Nunavut (Canada)".