DENO GOLD MINING COMPANY NOT TO BE SOLD

Noyan Tapan

Jan 13, 2009

KAPAN, JANUARY 13, NOYAN TAPAN. Robert Falleta, director general of
Deno Gold Mining Company – the former Kapan Mining and Processing
Enterprise, denied the information that the financial state of
Dundee Precious Metals is not good and it intends to sell Deno Gold
Mining. "I as the director general has heard about it for the first
time. I would be the first to be informed about such a thing," he said.

60% of the enterpise’s employees have been laid off. No ores are mined,
the plant and mine are not operating. According to R. Falleta, the
employees are participating in training courses and the improvement
of the enterprise. It was mentioned that the laid off employees will
work by turns: if an employee of the same speciality is laid off for
a month, while his colleague is working, the latter will be laid off
next month.

R. Falleta found it difficult to say what will happen in 3 months. "The
truth is that no one can say what will happen in 2009. Unless the
economic situation changes in the world, the relaunching of the
enterprise is likely to be delayed. But we have programs and we are
working in this direction," the director general stated.