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Dundee Precious Metals Announces 2013 Fourth Quarter and Annual Results and 2014 Guidance

TORONTO, ONTARIO -- (Marketwired) -- 02/13/14 -- Dundee Precious Metals Inc. (TSX: DPM)(TSX: DPM.WT.A) -

(All monetary figures are expressed in U.S. dollars unless otherwise stated)

Financial and Operating Highlights:

--  Record ore and metals production - Mine production of 2.5 million tonnes
    in 2013 drove increases in gold and copper in concentrate produced of
    10% and 6% over 2012.
--  Lower overall mine cash costs - Chelopech cash costs in the fourth
    quarter and twelve months of 2013 decreased by 9% and 12% relative to
    2012, driven by benefits realized from its mine/mill expansion and other
    productivity improvements.
--  Smelter curtailment lifted; throughput ramping-up - Project
    commissioning issues constrained throughput during 2013. Second oxygen
    plant now operational and first quarter 2014 production ramp-up
    underway. Physical construction of acid plant on track.
--  Near term growth opportunities progressing - Kapan released its first NI
    43-101 compliant underground Mineral Resource estimate in August 2013.
    Conceptual study of underground expansion to be completed in the first
    quarter of 2014. Krumovgrad local permitting and approval process is
    progressing and is expected to support moving project into construction.
    Updated project economics to be released in February 2014.
--  Financial results in line with consensus estimates - Adjusted net
    earnings of $0.23 per share in 2013. Exited 2013 with approximately $180
    million of cash resources, including the Company's long-term revolving
    credit facility.

Dundee Precious Metals Inc. ("DPM" or the "Company") today reported fourth quarter 2013 net earnings attributable to common shareholders of $19.2 million ($0.14 per share) compared to $14.7 million ($0.12 per share) for the same period in 2012. Net earnings attributable to common shareholders for 2013 were $22.5 million ($0.17 per share) compared to $54.4 million ($0.43 per share) in 2012.

Net earnings attributable to common shareholders for the fourth quarter and twelve months of 2013 were impacted by several items not reflective of the Company's underlying operating performance, including gains attributable to DPM's equity settled warrants, unrealized gains and losses attributable to commodity contracts related to future production, unrealized losses on Sabina warrants, and impairment charges on a refurbished oxygen plant and equipment related to a metals processing facility project no longer expected to be used at Chelopech. Excluding these items, adjusted net earnings during the fourth quarter and twelve months of 2013 were $10.5 million ($0.08 per share) and $30.8 million ($0.23 per share), respectively, compared to $21.5 million ($0.17 per share) and $80.9 million ($0.65 per share) for the corresponding periods in 2012. The year over year declines were driven primarily by lower metal prices, higher depreciation, and higher operating costs and lower volumes of concentrate smelted at Tsumeb, partially offset by higher volumes of payable metals sold, a weaker ZAR relative to the U.S. dollar and reduced exploration and administrative expenses.

"In 2013, Chelopech, our flagship asset, achieved record production and further reduced its cash cost per tonne of ore processed. However, the sharp decline in metal prices and production shortfalls at Tsumeb and Kapan offset this strong performance," said Rick Howes, President and CEO. "We have reached a major inflection point in the operation of the smelter with the Namibian government lifting its curtailment on the smelter capacity in December and the commissioning of the second oxygen plant in January, allowing ramp up to the 240,000 tonnes per annum rate to begin this month. We also made significant progress at Kapan in Q4 2013 by raising the production grades, offsetting most of the shortfall in ore mined as result of the need to build up the developed and drilled inventories to sustainable levels. This higher grade trend is expected to continue in 2014 to offset lower ore mined until we return to normal mine production. We remain focused on optimizing operational performance, reducing costs at each of our operations, and preparing for the anticipated commencement of construction on our Krumovgrad Gold Project."

Adjusted EBITDA

Adjusted EBITDA(1) during the fourth quarter and twelve months of 2013 was $29.0 million and $102.8 million, respectively, compared to $37.7 million and $124.6 million in the corresponding periods in 2012, driven by the same factors affecting adjusted net earnings(1), with the notable exception of depreciation.

Production and Deliveries

Concentrate production in the fourth quarter of 2013 of 39,233 tonnes was 21% higher than the corresponding period in 2012 due primarily to higher copper grades at Chelopech and higher zinc grades and recoveries at Kapan. Concentrate production in 2013 of 144,278 tonnes was 6% higher than the corresponding period in 2012 due primarily to higher volumes of ore mined and processed at Chelopech, partially offset by lower copper grades at Chelopech.

Concentrate smelted at Tsumeb during the fourth quarter and twelve months of 2013 of 38,481 tonnes and 152,457 tonnes, respectively, was 16% and 4% lower than the corresponding periods in 2012. Concentrate smelted during the fourth quarter and twelve months of 2013 was lower than anticipated due primarily to delays associated with the construction and commissioning of a second oxygen plant, which has delayed the smelter's increase in throughput, and unplanned repairs and maintenance. Concentrate smelted in 2013 was also negatively impacted by disruptions related to the first quarter commissioning activities related to Project 2012.

During the fourth quarter of 2013, the Technical Committee representing the Namibian government conducted initial testing to verify that the modifications made to the off-gas and dust handling systems were delivering the expected decrease in emissions. The results of this testing were subsequently confirmed to be satisfactory and in the latter part of December 2013 the government formally advised the Company that the smelter could return to full production, subject to regulatory reporting and emission requirements, and including a further occupational health survey in April 2014. The acid plant, which is targeted for completion during the fourth quarter of 2014, will further reduce the plant's SO2 emissions and complete the Company's major capital programs directed at modernizing the smelter.

Concentrate sales during the fourth quarter and twelve months of 2013 of 38,353 tonnes and 148,716 tonnes, respectively, were each 9% higher than the corresponding periods in 2012 due primarily to increased production at Chelopech. Fourth quarter 2013 concentrate deliveries at Kapan were lower than the comparable period in 2012 due to a significant portion of its copper concentrate deliveries being deferred until the fourth quarter of 2012 as a result of its lead content exceeding contractual specification.

Relative to the fourth quarter of 2012, payable gold sold in the fourth quarter of 2013 increased by 3% to 36,870 ounces, payable copper sold increased by 10% to 12.1 million pounds, payable silver sold decreased by 18% to 147,731 ounces and payable zinc sold decreased by 5% to 2.9 million pounds. Relative to 2012, payable gold sold in 2013 increased by 14% to 153,274 ounces, payable copper sold increased by 10% to 46.3 million pounds, payable silver sold increased by 1% to 552,590 ounces and payable zinc sold decreased by 5% to 13.5 million pounds. The year over year increases in payable gold, copper and silver sold were due primarily to the expansion and improved metal recoveries at Chelopech, partially offset by lower grades at Chelopech. The decrease in payable zinc in concentrate sold was due primarily to lower zinc content in the concentrate delivered.

Cash cost of sales per ounce of gold sold

Consolidated cash cost of sales per ounce of gold sold, net of by-product credits(1), during the fourth quarter and twelve months of 2013 was $357 and $329, respectively, compared to $193 and $117 for the corresponding periods in 2012. These increases were due primarily to lower realized copper and silver prices, partially offset by higher volumes of payable metals.

Cash provided from operating activities

Cash provided from operating activities during the fourth quarter and twelve months of 2013 was $40.3 million and $99.5 million, respectively, compared to $27.0 million and $78.3 million in the corresponding periods in 2012 due primarily to lower working capital requirements in 2013. Cash provided from operating activities, before changes in non-cash working capital(1), during the fourth quarter and twelve months of 2013 was $24.4 million and $88.2 million, respectively, down $6.3 million and $32.9 million from the corresponding prior year periods due primarily to the same factors affecting adjusted EBITDA.

Capital expenditures

Cash outlays for capital expenditures during the fourth quarter and twelve months of 2013 totalled $47.5 million and $213.0 million, respectively, compared to $51.0 million and $149.0 million in the corresponding periods in 2012 due primarily to the construction activity related to the new acid plant at Tsumeb targeted for completion in the fourth quarter of 2014.

Financial position

As at December 31, 2013, DPM maintained a solid financial position with minimal debt, representing 10% of total capitalization, a consolidated cash position, including short-term investments, of $49.8 million, an investment portfolio valued at $17.8 million and $130 million of additional liquidity under the Company's $150 million long-term committed revolving credit facility. These cash resources, together with the cash flow currently being generated, are expected to be sufficient to fund all non-discretionary capital projects through to completion. The Company's discretionary growth projects, which include the Krumovgrad Gold Project, a Kapan underground mine expansion and a holding furnace at Tsumeb, are expected to be staged over time based on their expected returns, market conditions, and DPM having sufficient capital resources in place to support any one or more of these projects.

2014 Guidance

The Company's production and cash cost guidance for 2014 is set out in the following table:

                    2014 Production & Cash Cost Guidance
                          Chelopech        Kapan       Tsumeb   Consolidated
Ore mined/milled
 ('000 tonnes)        1,900 - 2,050    475 - 525            -  2,375 - 2,575
Concentrate smelted
 ('000 tonnes)                    -            -    190 - 220      190 - 220
Metals contained in
  Gold ('000 ounces)  126.0 - 138.0  29.0 - 36.0            -      155 - 174
  Copper (million
   pounds)              42.7 - 46.2    2.8 - 3.8            -    45.5 - 50.0
  Zinc (million
   pounds)                        -  11.6 - 15.9            -    11.6 - 15.9
  Silver ('000
   ounces)                210 - 230    468 - 640            -      678 - 870
Cash cost/tonne of
 ore processed ($)(2)       43 - 47      81 - 91            -        51 - 56
Cash cost/ounce of
 gold sold, net of
 by-product credits
 ($)(1), (2)              285 - 430    485 - 855            -      335 - 505
 cost/ounce, net of
 by-product credits
 ($)(1), (2), (3)                 -            -            -      710 - 815
Cash cost/tonne of
 concentrate smelted
 ($)(2)                           -            -    280 - 350      280 - 350
Payable gold in
 pyrite concentrate
 sold ('000 ounces)         27 - 33            -            -        27 - 33
(1)  Excludes metals in pyrite concentrate and, where applicable, the
     treatment charges, transportation and other selling costs related to
     the sale of pyrite concentrate, which is reported separately.
(2)  Based on current exchange rates and, where applicable, a copper price
     of $3.31 per pound, a silver price of $19.87 per ounce and a zinc price
     of $0.90 per pound.
(3)  Effective 2014, the Company will report its all-in sustaining cost per
     ounce of gold, a measure which was recently established by the World
     Gold Council, and which attempts to represent the total sustaining cost
     of producing gold ounces from current mining operations. This measure
     is expected to be used by management and investors as one of several
     costs metrics to measure cost performance. All-in sustaining cost is a
     non-GAAP measure, has no standardized meanings under IFRS and may not
     be comparable to similar measures presented by other companies. For
     DPM, all-in sustaining cost per ounce of gold, net of by-product
     credits, represents cash operating costs at Chelopech and Kapan,
     treatment charges, penalties, transportation and other selling costs,
     sustaining capital expenditures, rehabilitation related accretion
     expenses and an allocated portion of the Company's general and
     administrative expenses, less by-product revenues in respect of copper,
     silver and zinc, divided by the payable gold in copper and zinc
     concentrate sold. It does not include depreciation, exploration, growth
     capital expenditures, income tax payments and finance costs. It also
     excludes the payable gold ounces contained in the pyrite concentrate
     sold and the related treatment charges, transportation and other
     selling costs.

For 2014, the majority of Company's growth capital expenditures(1) will be focused on the construction of an acid plant at Tsumeb. Other growth capital expenditures include the pyrite recovery circuit and margin improvement projects at Chelopech, securing the remaining permits and planning for the commencement of construction related to the Krumovgrad Gold Project, and exploration and development work to enhance underground operations and advance a potential expansion at Kapan. In aggregate, these expenditures are expected to range between $160 million and $175 million. Sustaining capital expenditures(1) are expected to range between $37 million and $45 million.

The 2014 guidance provided above may not occur evenly throughout the year. The estimated metals contained in concentrate produced and volumes of concentrate smelted may vary from quarter to quarter depending on the areas being mined, the timing of concentrate deliveries, planned outages, the timing of the annual maintenance shutdown at Tsumeb, which is currently scheduled for the third quarter of 2014, and Kapan returning to full production in the second quarter of 2014. The production guidance for Tsumeb assumes that the ramp-up to full production occurs in the first quarter of 2014. Also, the rate of capital expenditures may vary from quarter to quarter based on the schedule for, and execution of, each capital project and, where applicable, the receipt of necessary permits and approvals. Further details can be found in the Company's MD&A under the section "2014 Guidance".

(1)  Adjusted net earnings, adjusted basic earnings per share, adjusted
     earnings before interest, taxes, depreciation and amortization
     ("EBITDA"), cash from operating activities, before changes in non-cash
     working capital, cash cost per tonne of ore processed, cash cost per
     ounce of gold sold, net of by-product credits, cash cost per tonne of
     concentrate smelted, and growth and sustaining capital expenditures are
     not defined measures under International Financial Reporting Standards
     ("IFRS"). Presenting these measures from period to period helps
     management and investors evaluate earnings and cash flow trends more
     readily in comparison with results from prior periods. Refer to the
     "Non-GAAP Financial Measures" section of the management's discussion
     and analysis for the three and twelve months ended December 31, 2013
     (the "MD&A") for further discussion of these items, including
     reconciliations to net earnings attributable to common shareholders and
     earnings before income taxes.

Key Financial and Operational Highlights

$ millions, except where noted                Three Months     Twelve Months
Ended December 31,                           2013     2012     2013     2012
Revenue                                      84.4    103.1    344.6    384.7
Gross profit (1)                             20.0     39.2     89.8    157.0
Earnings before income taxes                 19.7     16.2     26.9     49.7
Net earnings attributable to common
 shareholders                                19.2     14.7     22.5     54.4
Basic earnings per share ($)                 0.14     0.12     0.17     0.43
Adjusted EBITDA (2)                          29.0     37.7    102.8    124.6
Adjusted net earnings (2)                    10.5     21.5     30.8     80.9
Adjusted basic earnings per share ($)
 (2)                                         0.08     0.17     0.23     0.65
Cash provided from operating activities      40.3     27.0     99.5     78.3
Cash provided from operating activities,
 before changes in non-cash working
 capital (2)                                 24.4     30.7     88.2    121.1

Concentrate produced (mt)                  39,233   32,428  144,278  135,809
Metals in concentrate produced:
  Gold (ounces)                            38,798   32,667  156,185  142,474
  Copper ('000s pounds)                    13,056   10,884   47,939   45,171
  Zinc ('000s pounds)                       3,673    2,880   15,294   15,425
  Silver (ounces)                         174,046  143,501  671,639  665,857
Tsumeb - concentrate smelted (mt)          38,481   45,823  152,457  159,356
Deliveries of concentrates (mt)            38,353   35,261  148,716  136,948
Payable metals in concentrate sold:
  Gold (ounces)                            36,870   35,815  153,274  134,848
  Copper ('000s pounds)                    12,117   10,981   46,301   42,104
  Zinc ('000s pounds)                       2,928    3,082   13,545   14,204
  Silver (ounces)                         147,731  180,155  552,590  547,193

Cash cost of sales per ounce of gold
 sold, net of by-product credits ($) (2)      357      193      329      117
Cash cost/tonne of concentrate smelted
 at Tsumeb($) (2)                             401      347      433      374

(1)  Gross profit is regarded as an additional GAAP measure and is presented
     in the Company's audited consolidated statements of earnings. Gross
     profit represents revenue less cost of sales and is one of several
     measures used by management and investors to assess the underlying
     operating profitability of a business.
(2)  Adjusted EBITDA; adjusted net earnings; adjusted basic earnings per
     share; cash flow provided from operating activities, before changes in
     non-cash working capital; cash cost of sales per ounce of gold sold,
     net of by-product credits; and cash cost per tonne of concentrate
     smelted, are not defined measures under IFRS. Refer to the MD&A for
     reconciliations to IFRS measures.

DPM's audited consolidated financial statements, and MD&A for the fourth quarter and year ended December 31, 2013, are posted on the Company's website at www.dundeeprecious.com and have been filed on SEDAR at www.sedar.com.

The Company will be holding a call to discuss its 2013 fourth quarter and annual results on February 14, 2014, at 9:00 a.m. (E.S.T.). Participants are invited to join the live webcast (audio only) at: www.gowebcasting.com/5192. Alternatively, participants can access a listen only telephone option at 416-340-2219 or North America Toll Free at 1-866-226-1798. A replay of the call will be available at 905-694-9451 or North America Toll Free at 1-800-408-3053, passcode 2723701. The audio webcast for this conference call will also be archived and available on the Company's website at www.dundeeprecious.com.

Dundee Precious Metals Inc. is a Canadian based, international gold mining company engaged in the acquisition, exploration, development, mining and processing of precious metals. The Company's principal operating assets include the Chelopech operation, which produces a copper concentrate containing gold and silver, located east of Sofia, Bulgaria; the Kapan operation, which produces a copper concentrate and a zinc concentrate, both containing gold and silver, located in southern Armenia; and the Tsumeb smelter, a concentrate processing facility located in Namibia. DPM also holds interests in a number of developing gold properties located in Bulgaria, Serbia, and northern Canada, including interests held through its 53.1% owned subsidiary, Avala Resources Ltd., its 45.5% interest in Dunav Resources Ltd. and its 12.1% interest in Sabina Gold & Silver Corp.

Cautionary Note Regarding Forward-Looking Statements

This press release contains "forward looking statements" that involve a number of risks and uncertainties. Forward-looking statements include, but are not limited to, statements with respect to the future price of gold, copper, zinc and silver, the estimation of mineral reserves and resources, the realization of such mineral estimates, the timing and amount of estimated future production and output, costs of production, capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, currency fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, reclamation expenses, the potential or anticipated outcome of title disputes or claims and timing and possible outcome of pending litigation. Often, but not always, forward looking statements can be identified by the use of words such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes", or variations of such words and phrases or that state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Forward looking statements are based on the opinions and estimates of management as of the date such statements are made and they involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any other future results, performance or achievements expressed or implied by the forward looking statements. Such factors include, among others: the actual results of current exploration activities; actual results of current reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold, copper, zinc and silver; possible variations in ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, uncertainties inherent with conducting business in foreign jurisdictions where corruption, civil unrest, political instability and uncertainties with the rule of law may impact the Company's activities; fluctuations in metal prices; unanticipated title disputes; claims or litigation; limitation on insurance coverage; as well as those risk factors discussed or referred to in the Company's MD&A under the heading "Risks and Uncertainties" and under the heading "Cautionary Note Regarding Forward-Looking Statements" which include further details on material assumptions used to develop such forward-looking statements and material risk factors that could cause actual results to differ materially from forward-looking statements, and other documents (including without limitation the Company's 2012 AIF) filed from time to time with the securities regulatory authorities in all provinces and territories of Canada and available on SEDAR at www.sedar.com. There can be no assurance that forward looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Unless required by securities laws, the Company undertakes no obligation to update forward looking statements if circumstances or management's estimates or opinions should change. Accordingly, readers are cautioned not to place undue reliance on forward looking statements.

Dundee Precious Metals Inc.
Rick Howes
President and Chief Executive Officer
(416) 365-2836
[email protected]

Dundee Precious Metals Inc.
Hume Kyle
Executive Vice President and Chief Financial Officer
(416) 365-5091
[email protected]

Dundee Precious Metals Inc.
Lori Beak, Senior Vice President,
Investor & Regulatory Affairs and Corporate Secretary
(416) 365-5165
[email protected]

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