Canada’s Dundee ups stake in Armenia’s Deno Gold Mining to 95%

Interfax News Agency, Russia
March 13 2008

Canada’s Dundee ups stake in Armenia’s Deno Gold Mining to 95%

YEREVAN March 13

Canada’s Dundee Precious Metals (DPM) has bought a further 15% of the
shares in Armenia’s Deno Gold Mining (former Kapan Mining) and
increased its stake in the company to 95%, DPM told Interfax.

DPM said it bought the 15% on the Toronto Stock Exchange on December
20, 2007, from a private individual who is a non-resident of Armenia,
for an undisclosed sum.

Deno Gold owns the rights to the Shaumian deposit, which contains
zinc, silver and gold in copper concentrate, as well as the Central
copper deposit. Dundee Precious Metals bought 80% of Deno Gold for
$22 million in 2006 from Britain’s Vatrin Investment Ltd.

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