Dundee Precious Metals announced that its wholly owned subsidiary Chelopech Mining has recently entered into concentrate sales contracts of between 40,000 tonnes to 75,000 tonnes for 2008, and between 30,000 tonnes to 80,000 tonnes for 2009. At full production, Chelopech currently produces between 70,000 and 80,000 tonnes of concentrate per year.

"DPM continues to experience political delays by the Bulgarian Minister of Environment and Waters. These delays prevent DPM from securing the permits required to expand the Chelopech mine and put in place an autoclave and metals production facility", an official press-release from DPM said. 

"The Company remains committed to securing the permits as soon as possible and proceed with the development in Bulgaria as originally planned. However, with these new concentrate sales contracts, DPM is now in a position to consider alternative locations for the planned investment. DPM will immediately commence a new study that will look at other jurisdictions in which to build the autoclave and metals production facility. Since the plant design is complete, the study will likely be finished by November of this year. DPM will then be able to confirm the preferred location for the production facility, and begin securing the necessary permitting and related approvals to start construction, if required.

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, the Company owns the Back River gold exploration project in Nunavut, Canada and an 80% interest in the Kapan Mine in Armenia. DPM also holds a significant and strategic portfolio of investments in the precious metals and mineral related sector.

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