UCB Unisphere Waste Conversion Ltd

(All monetary figures are expressed in U.S. Dollars unless otherwise stated)

Dundee Precious Metals Inc. (TSX:DPM)(TSX:DPM.WT)(TSX:DPM.WT.A) ("DPM" or "the
Company") and its wholly owned subsidiary Chelopech Mining EAD ("Chelopech") are
pleased to announce today the signing of an aggregate of $66.75 million in
long-term loan agreements with the European Bank for Reconstruction and
Development ("EBRD") and Unicredit Bulbank ("UCB"). The proceeds from this loan
financing will be used to retire $16.25 million of existing EBRD indebtedness
and to assist in the financing of the Company's $150 million Chelopech mine and
mill expansion in Bulgaria, to double mine and mill output to two million tonnes
of ore per year. Construction on the expansion project, which is well underway
and on budget, is expected to be completed at the end of 2011.


"The signing of this key debt financing arrangement for the Chelopech expansion
project with the EBRD and UCB is a significant milestone in the continued
development of the Chelopech mine, said Jonathan Goodman, President and CEO of
DPM. We appreciate the EBRD's continued partnership with DPM on this important
project and welcome UCB's interest and participation. We are very pleased to
have such a supportive and committed lending group."


"The EBRD is pleased to support Chelopech Mining in its drive to increase ore
production with the implementation of the best available technology. We are
delighted to partner with UniCredit Bulbank in financing this important project
that will help Chelopech Mining to improve its operations and raise
environmental standards", said Kevin Bortz, EBRD Director for Natural Resources.


"The agreement that we are now signing is proof that good projects may rely on
financing from the banks. Such good projects and the entrepreneurship will take
Bulgaria out of the economic crisis. By joining EBRD in this loan arrangement,
UniCredit Bulbank underlines its engagement to the sustainable development of
the Bulgarian economy", said UniCredit Bulbank CEO and Chairman Mr. Levon
Hampartzoumian.


The Loans, which are guaranteed by DPM and secured by a share pledge, are
repayable in ten equal semi-annual installments, commencing June 2013 and bear
interest at a rate of LIBOR plus 3.25% until project completion and LIBOR plus
2.80% thereafter. The UCB loans are subject to a cash sweep which obligates
Chelopech to prepay up to an aggregate amount of 30% of Chelopech surplus cash
flow. This mandatory prepayment is limited to the equivalent of two years of UCB
loan repayment. As part of the financing, DPM and/or Chelopech is required to
provide price protection on 15% of Chelopech's 2012, 2013 and 2014 projected
copper production. DPM does not hedge its gold production. Financial covenants
at the Chelopech level include (i) minimum forecast debt service cover ratio of
greater than 1.25:1, (ii) current ratio greater than 1.2:1, (iii) net worth of
at least US$45 million and (iv) reserve tail equal to or exceeding 30%. DPM
financial covenants include (i) current ratio greater than 1.5:1 and (ii) net
worth of at least $200 million. Costs of this arrangement include a 2% front-end
commission.


European Bank for Reconstruction and Development (www.ebrd.com):

The EBRD is an international financial institution that supports projects in 29
countries, from central Europe to central Asia. The Bank promotes
entrepreneurship and fosters transition toward open and democratic market
economies. The EBRD provides project financing for the financial and industrial
sectors, both new ventures and existing companies.


UniCredit Bulbank (www.unicreditbulbank.bg):

UniCredit Bulbank is the biggest Bulgarian bank in terms of assets, exceeding
BGN 11 billion as of end of June 2010. The Bank is servicing over one million
individual clients and households, high profile private customers, small and
mid-sized businesses, larger domestic and multinational corporate entities,
municipalities and budget enterprises.


Dundee Precious Metals (www.dundeeprecious.com):

Dundee Precious Metals Inc. is a Canadian based, international mining company
engaged in the acquisition, exploration, development, mining and processing of
precious metals properties. The Company's operating interests include its 100%
ownership of Chelopech Mining EAD, its principal asset being the Chelopech mine,
a gold, copper, silver concentrates producer located east of Sofia, Bulgaria, a
100% ownership of Namibia Custom Smelters (Pty) Ltd., a concentrate processing
facility located in Tsumeb, Namibia, and a 95% interest in Deno Gold Mining
Company CJSC, its principal asset being the Kapan mine, a gold, copper, zinc,
silver concentrates producer located in southern Armenia. DPM's interests also
include a 100% interest in the Krumovgrad development stage gold property
located in south eastern Bulgaria, near the town of Krumovgrad and certain
exploration and exploitation properties 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.

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