Dundee Precious Metals reports fatal accident at a mine in Armenia

Canada East, Canada
Jan 10 2008

Dundee Precious Metals reports fatal accident at a mine in Armenia

TORONTO – Dundee Precious Metals Inc. (TSX:DPM) says one miner is
dead and another injured after an accident at an underground mine in
Armenia owned by its subsidiary Deno Gold Mining Company.

The accident happened Wednesday night in the northern area of the
Shahumyan underground mine in Kapan, Armenia, Dundee said in a
statement after markets closed Thursday.

"Two miners have been affected by the accident; one was recovered
dead at the scene and the other miner was injured and has been
transported to the medical centre of Kapan where he is conscious and
receiving medical attention," the company said.

It said the area of the mine where the accident happened has been
isolated while the company and the Armenian National Centre of
Technical Security investigates the incident.

"The company would like to take this opportunity to express its
deepest condolences to the family and friends of the deceased and to
all employees of the mine who have lost a valued colleague," Dundee

Toronto-based Dundee has a 95-per-cent interest in the Kapan Mine in
Armenia through Deno Gold.

As well, Dundee owns the Chelopech gold/copper mine and Krumovgrad
gold mining development project in Bulgaria.

It also has a 100-per-cent interest in the Back River gold
exploration project in Nunavut.



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