DPM Announces Receipt of Commercial Discovery Certificate for Krumovgrad Gold Project, Bulgaria

TORONTO, ONTARIO -- (Marketwire) -- 09/08/09 -- Dundee Precious Metals Inc. ("DPM" or the "Company") (TSX: DPM)(TSX: DPM.WT)(TSX: DPM.WT.A) announced that the Bulgarian Ministry of Environment and Waters has today issued a Commercial Discovery Certificate for the Krumovgrad gold deposit (the "Certificate") to its Bulgarian subsidiary, Balkan Mineral and Mining EAD.

"The receipt of the Commercial Discovery Certificate represents an important step in advancing our Krumovgrad project. With our EIA process restarted, the Certificate is the final requirement for conversion of the property to a mining concession, the application for which has already been filed with the government," said Jonathan Goodman, President and CEO of DPM. "We are encouraged by the new government's action in resolving this long outstanding issue and hope this paves the way to address the balance of permits required to bring our Krumovgrad project into operation."

The Certificate follows the Geological Discovery Certificate for gold-bearing mineral resources within the Krumovgrad License, issued in 2001, and is a prerequisite towards obtaining a mining concession.

Dundee Precious Metals Inc. is a Canadian based, international mining company engaged in the acquisition, exploration, development and mining of precious metals. DPM owns the Chelopech Mine, a producing gold/copper mine, and the Krumovgrad Gold Project, a mining development project, both located in Bulgaria, as well as a 95% interest in the Kapan Mine in Armenia. In addition, it is engaged in mineral exploration activities in Serbia.

FORWARD-LOOKING STATEMENTS

This news release may contain certain information that constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices and other factors described above and in the Company's most recent annual information form under the heading "Risk Factors" which has been filed electronically by means of the Canadian Securities Administrators' website located at www.sedar.com. The Company disclaims any obligation to update or revise any forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.

Contacts:
Dundee Precious Metals Inc.
Jonathan Goodman
President and Chief Executive Officer
(416) 365-2408

jgoodman@dundeeprecious.com

Dundee Precious Metals Inc.
Lori Beak
Vice President, Investor Relations & Corporate Secretary
(416) 365-5165

lbeak@dundeeprecious.com