Precious Metals mutual funds (gold, silver, PGMs) Message Board

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Strategies & Market Trends : Precious Metals mutual funds (gold, silver, PGMs)

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To: Richard Mazzarella who started this subject	2/24/2004 2:16:21 PM
From: Tommaso	of 972

Dundee Precious Metals Proposes To Convert Into An Operating Gold Mining Company, Split Its Shares On A 5 For 1 Basis And Eliminate Dual Class Share Structure 08:00 EST Tuesday, February 24, 2004 TORONTO, ONTARIO--Dundee Precious Metals Inc. (DPM.A - TSX) ("Dundee Precious" or the "Company") announced today that, subject to shareholder approval, it plans to convert the Company from a closed-end precious metals investment company to an operating gold mining company. Jonathan Goodman, the Company's President and CEO noted, "In our last Annual Report we said that we would be leaving all our options open as to how we ultimately finance our Bulgarian gold mining assets. We are now of the view that the opportunities available outweigh the risks and that it is in every shareholders interest to convert to an operating gold mining company at this time. The primary motivation for this change is to provide shareholders with advantages that will accrue from the quality of the Company's gold mining assets in Bulgaria. We feel that we were fortunate to acquire these assets and the best opportunity for shareholders to benefit from this purchase is to change the mandate of the Company." On September 30, 2003, the Company, through a wholly-owned subsidiary, acquired certain Bulgarian companies holding mining assets of Navan Mining plc. These assets included Chelopech, an operating gold/copper mine in Central Bulgaria, which is operating at about 500,000 tonnes of ore per year from underground workings. The Company plans to spend approximately US$40 million in capital to upgrade these operations such that production capability will be 1.5 million tonnes per annum. The Company is currently infill drilling this deposit to bring the resources to a higher degree of confidence and to optimise the ultimate throughput rate.

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