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Dundee Precious Metals receives governmental approval for Bulgarian gold project

Last updated: 08:49 24 Nov 2011 EST, First published: 09:49 24 Nov 2011 EST

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Dundee Precious Metals (TSE:DPM) said Thursday it received approval from the Bulgarian Minister of Environment and Waters for its environmental impact assessment (EIA) on its Krumovgrad gold project.

The original project plan concerned the community over the use of water management and treatment systems, and the elimination of cyanide and a tailings dam. The new plan sees the construction of an open pit mining operation .

The plan consists of a process plant that will employ a conventional crushing, grinding, and flotation process for gold extraction and for the disposal of thickened tailings and mine rock waste.
 
A new feasibility study that considers these changes is now being finalized, and is expected for a late November release.

Dundee Precious Metals president and CEO Jonathan Goodman said: "Since initially embarking on this project in 2005, we have made great efforts to develop a comprehensive plan for Krumovgrad that addresses the concerns of the community and will prove to be economically beneficial for Bulgaria and the local community, as well as [Dundee] and its shareholders.

"We are very pleased by the Minister's endorsement and look forward to working with the Mayors of the communities involved to move this exciting project to the next stage of development."

Dundee's subsidiary, Balkan Mineral and Mining Ltd received a 30-year concession to the Khan Krum deposit on the Krumovgrad property, allowing it to advance the project. The company's receipt of the concession was subject to the Minister's approval of the EIA.

Based on a definitive feasibility study carried out on the property in 2005, Dundee was able to complete an NI 43-101 estimate, which shows a mineable reserve of 794,000 ounces of contained gold on the Ada Tepe region, the primary area of mineralization.

Headquartered in Toronto, Dundee is focused on acquiring, exploring and developing precious metals projects. In addition to the Krumovgrad project in Bulgaria, it owns the producing gold-copper-silver Chelopech mine, also located in Bulgaria, and the producing gold-copper-zinc-silver Kapan mine, located in Armenia.

In Toronto, Dundee's stock has gained 2.66 percent in the last six months. While inactive in premarket trading, it closed at $8.48 on Wednesday.

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