CHELOPECH

Dundee Precious Metals announced its unaudited results for Q1 ended March 31, 2010. Highlights for Q1 include a reported net loss of US$48.3 m, including net impairment provisions of US$50.6 m. This compares with a Q1 2009 net loss of US$4.9 m. During the quarter the company completed the purchase of the Tsumeb smelter, Namibia, securing the long-term processing of the Chelopech concentrate. The Chelopech mine/mill expansion is fully underway.

Dundee Precious Metals announced results from ongoing underground drilling at Chelopech copper and gold deposit located in Bulgaria. Highlights include target 181, hole 149_225_52 which intersected 6.2 m of 1.65 g/t copper and 12.64 g/t gold. Drilling results to date confirm and expand on the known mineralization of Blocks 145, 147 and 149.

Dundee Precious Metals announced a Bulgarian Supreme Administrative Court decision on the appeals proceedings with respect to the Environmental Impact Assessment resolution for the planned construction and operation of a metals processing facility at Chelopech. The Court decision is for revocation of the Environmental Impact Assessment resolution issued by the Minister of Environment and Waters in July 2008 and a return of the Environmental Impact Assessment administrative file to the Ministry of Environment and Waters for another review. The court decision is not final and is subject to appeal before a five-member Court panel. The Company will appeal this decision.