Tweet
DPM COMPLETES ACQUISITION OF 80% INTEREST IN ARMENIAN DENO GOLD
Market Wire Incorporated
Aug 23, 2006
Precious Metals Inc. (TSX: DPM) ("Dundee Precious", "DPM" or "the
Company") is pleased to announce that it has 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.
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 _www.sedar.com_ (http://www.sedar.com) . 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 protected]
Dundee Precious Metals Inc. Gabriela M. Sanchez Vice President Investor
Relations (416) 365-2549 [email protected]
Market Wire Incorporated
Aug 23, 2006
Precious Metals Inc. (TSX: DPM) ("Dundee Precious", "DPM" or "the
Company") is pleased to announce that it has 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.
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 _www.sedar.com_ (http://www.sedar.com) . 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 protected]
Dundee Precious Metals Inc. Gabriela M. Sanchez Vice President Investor
Relations (416) 365-2549 [email protected]