Dundee Precious Metals Incorporated’s Chelopech Expansion Project Certified Under International Cyanide Management Code

The International Cyanide Management Institute (ICMI) announced today that Dundee Precious Metals Incorporated’s Chelopech Expansion Project in the Sophia District of Bulgaria has been certified as compliant with the International Cyanide Management Code (Code).

ICMI has received and accepted a Detailed Audit Findings Report prepared by an independent professional third-party auditor who evaluated the Chelopech Expansion Project against the ICMI’s Verification Protocol and found it in full compliance with the Code’s Principles and Standards of Practice.

The Chelopech Expansion Project is not yet in operation. It’s certification is based on the company’s written commitments to implement the measures necessary for responsible management of cyanide at the gold mine once it is operational. A follow-up audit must be conducted within one year of the mine’s first receipt of cyanide to confirm that it has met these commitments. The operation will be re-audited every three years thereafter to evaluate its continuing compliance with the Code. A summary of the audit report is available on the Signatory Companies Page on the ICMI web site: http://www.cyanidecode.org/signatory-company/dundee-precious-metals. The operation must be re-audited every three years hereafter to evaluate continuing compliance with the Code.

The Code is a voluntary industry program for companies involved in the production of gold using cyanide and companies producing and transporting this cyanide. It was developed under the aegis of the United Nations Environment Programme by a multi-stakeholder Steering Committee. The Code is intended to complement an operation’s existing obligation to comply with the applicable laws and regulations of the political jurisdictions in which the operation is located.

ICMI has been established to administer the Code, promote its adoption, evaluate its implementation, and manage the certification process. A detailed list of the operations covered by signatory companies’ applications, along with the full text of the Code and its implementing and administrative documents, are available at www.cyanidecode.org.

Friday, October 31, 2008