Click here to close now.



Welcome!

News Feed Item

Dundee Precious Metals Extends Mine Life at Chelopech With Updated Mineral Reserve and Resource Estimate

TORONTO, ONTARIO -- (Marketwired) -- 03/31/14 --

(All amounts have been expressed in US Dollars except where otherwise indicated)

Dundee Precious Metals Inc. (TSX:DPM) (TSX:DPM.WT.A) ("DPM" or "the Company") announces the results of the updated Mineral Reserve and Mineral Resource for its Chelopech mine in Bulgaria.

Highlights:


--  Life of mine ("LOM") extended from 2023 to 2025 
--  Measured tonnes increased 13%, or 2.2 million tonnes ("Mt"), from
    September 2011 estimate 
--  Pyrite recoveries incorporated into Mineral Reserve estimation 
--  LOM assumptions maintain gold price of $1,250 per ounce 
--  Pyrite recovery circuit commissioned in Q1 with an annual gold capacity
    in pyrite production of up to 80,000 oz of gold; concentrate contracts
    in 2014 for 240,000 tonnes and 40,000 oz contained gold 
--  First shipment of pyrite concentrate to Xiangguang Copper Co. completed
    in March 
--  18 months of stable operation at the 2 million tonnes per year rate,
    combined with the newly introduced pyrite recovery circuit, allows
    incremental tonnage, recovery and profitability optimization steps in
    keeping with DPM's continuous improvement core value 

"The addition of a further two years to the LOM of our flagship asset is an encouraging outcome from our reserve and resource update, which now incorporates pyrite recovery as a result of our newly constructed capability to treat all pyrite feeds rather than discard pyrites to tailings," stated Rick Howes, President and CEO. "We have recently completed our first shipment of pyrite concentrate and expect to be able to meet our 2014 contractual obligations."

The 2005 metallurgical testwork characterized the hardness and flotation parameters of each mineralized block, and confirmed that the process flowsheet currently in operation was optimum for the production of copper/gold concentrates. An additional test program was completed in 2012, covering current and future ores, which confirmed the current flowsheet performance for the copper circuit, and developed the optimum conditions for the future recovery of pyrite from the current process plant ore feed.

The expanded ore treatment process was completed in early 2012. Further plant upgrades have been completed since the original expansion, including the replacement circuit for the second and third cleaners of the copper circuit in mid-2013, and a new pyrite circuit that commenced operation in the first quarter of 2014.

Mineral Reserves have been estimated as at December 31, 2013, and are based on, and inclusive of, Mineral Resources, and include approximately 71,000 tonnes of broken stocks and stockpiles. Mineral Reserves are reported using a gold equivalent (Au + Cu(i)2.06) cut-off of 3 g/t and a Net Smelter Return ("NSR") methodology.


----------------------------------------------------------------------------
MINERAL RESERVES                   GOLD           SILVER          COPPER    
----------------------------------------------------------------------------
                        Tons   Grade      Oz   Grade      Oz   Grade  Pounds
                           M     g/t       M     g/t       M       %       M
----------------------------------------------------------------------------
Proven                  10.6    3.30   1.128    9.93   3.395    1.21     284
----------------------------------------------------------------------------
Probable                13.3    3.24   1.384    5.33   2.279    0.82     240
----------------------------------------------------------------------------
Proven and Probable     23.9    3.26   2.512    7.37   5.674    0.99     524
----------------------------------------------------------------------------

Mineral Reserves have been estimated by including a number of technical, economic and other factors. A change to any of the inputs would therefore have some effect on the overall results. Concerning mining and metallurgical factors, it is the belief of CSA Global (UK) Ltd. ("CSA") that sufficient work has been done by DPM to ensure that these are not likely to have any significant or material effect on Mineral Reserves. The quality of the ore reserves means that a high level of mine planning can be instituted and complied with.

Mineral Resources have been classified as Measured, Indicated and Inferred, following the guidelines specified by the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") and adopted for technical reports complying with National Instrument 43-101 ("NI 43-101"). Mineral Resources have been estimated as at December 31, 2013, and reported using a gold equivalent (Au + Cu(i)2.06) cut-off of 3 g/t and a breakeven NSR methodology.


----------------------------------------------------------------------------
MINERAL RESOURCES                  GOLD           SILVER          COPPER    
----------------------------------------------------------------------------
                        Tons   Grade      Oz   Grade      Oz   Grade  Pounds
                           M     g/t       M     g/t       M       %       M
----------------------------------------------------------------------------
Measured                18.6    4.07   2.431    9.72   5.808    1.35     553
----------------------------------------------------------------------------
Indicated               10.2    3.96   1.293    8.39   2.742    1.06     237
----------------------------------------------------------------------------
Measured and                                                                
 Indicated              28.7    4.03   3.724    9.25   8.550    1.25     791
----------------------------------------------------------------------------
Inferred                 8.2    2.71   0.712   11.22   2.952    0.92     166
----------------------------------------------------------------------------

Compared to the September 2011 Mineral Resources estimate, for combined Measured and Indicated material, the updated estimate for Measured tonnes has increased by 13% (or 2.2Mt). Inferred material has 15% fewer tonnes with a 12% increase in copper, 7% increase in gold and 11% increase in silver. The primary reason for these changes are tonnage losses due to production of 2.5 Mt of ore treated during the period October 1, 2012 to December 31, 2013, offset by increases in resources from development drilling success.

It is CSA's opinion that the Mineral Resources estimate has a very low to negligible risk of being affected by factors such as geological understanding, data mismanagement, poor estimation methodology or poor classification strategy. The deposit geology is well understood, has been appropriately modeled in 3D and has adequate sampling data to support the grade and tonnage estimates. Recent reconciliation with production has verified the quality of the Mineral Resources estimate.

Mineral Resources and Reserves are based on the 2014 ore production schedule, operating costs through to 2013, with current projected metal prices of $1,250 per troy ounce price for gold, $2.75 per pound for copper, and $23 per troy ounce for silver.

Technical Information

The Mineral Resource and Mineral Reserve estimates and other scientific and technical information contained in this news release was prepared by CSA Global (UK) Ltd. ("CSA"), in accordance with Canadian regulatory requirements set out in National Instrument 43-101 Standards of Disclosure for Mineral Projects, and has been reviewed and approved by, as it relates to Mineral Resources, Malcolm Titley BSc, MAIG, Director and Principal Geologist, of CSA, and Julian Bennett, BSc ARSM FIMMM CEng, Mining Consultant, as it relates to Mineral Reserves. Both Malcolm Titley and Julian Bennett are independent Qualified Persons ("QP"), as defined under NI 43-101. The NI 43-101 technical report entitled "NI 43-101 Technical Report, Mineral Resource and Mineral Reserve Update, Chelopech Project, Chelopech, Bulgaria" dated March 21, 2014, in respect of the Mineral Resource and Mineral Reserves estimates disclosed herein (the "Technical Report"), is being filed today on SEDAR at www.sedar.com. Simon Meik, Vice President, Processing, and Edgar Urbaez, Corporate Director, Technical Services, both of DPM, who are QPs and not independent of the Company, have also reviewed and approved the contents of this release.

The Mineral Resource and Mineral Reserve estimates contained herein may be subject to legal, political, environmental or other risks that could materially affect the potential development of such Mineral Resources. See the Technical Report for more information with respect to the key assumptions, parameters, methods and risks of determination associated with the foregoing Mineral Resource estimates.

Cautionary note to U.S. Investors concerning estimates of Mineral Resources. These estimates have been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of U.S. securities laws. The terms "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are defined in NI 43-101 and recognized by Canadian securities laws but are not defined terms under the U.S. Securities and Exchange Commission ("SEC") Guide 7 ("SEC Guide 7") or recognized under U.S. securities laws. U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be upgraded to mineral reserves. "Inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an "inferred mineral resource" will ever by upgraded to a higher category. Under Canadian securities laws, estimates of "inferred mineral resources" may not form the basis of feasibility or pre-feasibility studies. U.S. investors are cautioned not to assume that all or any part of an inferred mineral resource exists or is economically or legally mineable. Accordingly, these mineral resource estimates and related information may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder, including SEC Guide 7.

FORWARD LOOKING STATEMENTS

This news 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 and silver, the estimation of mineral reserves and resources, the realization of 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, unanticipated reclamation expenses, title disputes or claims, limitations on insurance coverage 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 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, fluctuations in metal prices, as well as those risk factors discussed or referred to in Management's Discussion and Analysis under the heading "Risks and Uncertainties" and other documents filed from time to time with the securities regulatory authorities in all provinces and territories of Canada and available at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. 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.

DPM 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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
Advances in technology and ubiquitous connectivity have made the utilization of a dispersed workforce more common. Whether that remote team is located across the street or country, management styles/ approaches will have to be adjusted to accommodate this new dynamic. In his session at 17th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., focused on the challenges of managing remote teams, providing real-world examples that demonstrate what works and what do...
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
SYS-CON Events announced today that AppNeta, the leader in performance insight for business-critical web applications, will exhibit and present at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. AppNeta is the only application performance monitoring (APM) company to provide solutions for all applications – applications you develop internally, business-critical SaaS applications you use and the networks that deli...
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection.
Father business cycles and digital consumers are forcing enterprises to respond faster to customer needs and competitive demands. Successful integration of DevOps and Agile development will be key for business success in today’s digital economy. In his session at DevOps Summit, Pradeep Prabhu, Co-Founder & CEO of Cloudmunch, covered the critical practices that enterprises should consider to seamlessly integrate Agile and DevOps processes, barriers to implementing this in the enterprise, and pr...
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
The principles behind DevOps are not new - for decades people have been automating system administration and decreasing the time to deploy apps and perform other management tasks. However, only recently did we see the tools and the will necessary to share the benefits and power of automation with a wider circle of people. In his session at DevOps Summit, Bernard Sanders, Chief Technology Officer at CloudBolt Software, explored the latest tools including Puppet, Chef, Docker, and CMPs needed to...
One of the bewildering things about DevOps is integrating the massive toolchain including the dozens of new tools that seem to crop up every year. Part of DevOps is Continuous Delivery and having a complex toolchain can add additional integration and setup to your developer environment. In his session at @DevOpsSummit at 18th Cloud Expo, Miko Matsumura, Chief Marketing Officer of Gradle Inc., will discuss which tools to use in a developer stack, how to provision the toolchain to minimize onboa...
As someone who has been dedicated to automation and Application Release Automation (ARA) technology for almost six years now, one of the most common questions I get asked regards Platform-as-a-Service (PaaS). Specifically, people want to know whether release automation is still needed when a PaaS is in place, and why. Isn't that what a PaaS provides? A solution to the deployment and runtime challenges of an application? Why would anyone using a PaaS then need an automation engine with workflow ...
SYS-CON Events announced today that VAI, a leading ERP software provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...