Dundee Precious Metals Inc. announced that a court decision on the appeals proceedings with respect to the Environmental Impact Assessment (EIA) resolution for the planned construction and operation of a metals processing facility at Chelopech announced by the Bulgarian Supreme Administrative Court. The court decision is for revocation of the EIA resolution issued by the Minister of Environment and Waters in July 2008 and a return of the EIA administrative file to the Ministry of Environment and Waters (MoEW) for another review. The principal reasons for the decision include: the two and a half year period between the date of review of the EIA by the Supreme Expert Environmental Council (10.03.2006) and the date of the EIA resolution (30.07.2008); the MoEW did not provide justification as to why Chelopech and Chavdar were deemed to be the only affected municipalities; and the proposed processing (pressure oxidation leach) technology cannot be considered best available technology if it has not been used on similar types of copper-arsenic concentrates and at the same scale of the proposed operation.

Dundee Precious Metals Inc. announced unaudited consolidated earnings results for the third quarter ended September 30, 2009. Net earnings in the third quarter of 2009 were CAD 4.1 million or CAD 0.04 per diluted share compared to net earnings of CAD 6.5 million or CAD 0.11 per diluted share reported in the corresponding prior year period. The decrease in net earnings, period over period, was primarily due to lower investment and other income partially offset by higher gross profit from mining operations and reductions in exploration and administrative expenses. Net revenue for the quarter was CAD 50.3 million against CAD 16.7 million reported last year. Net cash provided by operating activities was CAD 11.7 million in the third quarter of 2009 compared to cash used in operating activities of CAD 10.4 million in the corresponding prior year period. The increase in cash provided by operating activities was primarily due to higher gross profit from mining operations. Capital expenditures were CAD 9.8 million against CAD 19.3 million reported last year. For the nine months, the company has reported net earnings of CAD 1.3 million or CAD 0.01 per diluted share on net revenue of CAD 110.0 million compared to net earnings of CAD 0.8 million or CAD 0.01 per diluted share on net revenue of CAD 89.2 million reported in the same period last year. Net cash used in operating activities were CAD 3.3 million against net cash provided by operating activities of CAD 3.9 million and capital expenditures were CAD 25.9 million against CAD 66.7 million reported last year. The decrease in spending in the nine months ended September 2009, relative to the corresponding prior year period, was due to a reduction in non-critical expenditures, including those related to the expansion project.

Dundee Precious Metals Inc. recorded impairment of property, plant and equipment of CAD 4.211 million for the third quarter of 2009.