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Dundee Precious extends Chelopech mine life in Bulgaria to 2032

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Dundee Precious Metals has updated resources and extended the life of its Chelopech mine gold-copper mine in Bulgaria. The mine is expected to remain in production to 2032.

The proven and probably reserves are 17.7 million tonnes grading 2.77 g/t gold and 0.79% copper. The metals included in the reserves include 1.6 million oz. of gold and 305.3 million lb. of copper.

The measured and indicated resources are 15.4 million tonnes grading 2.39 g/t gold (1.2 million oz.) and 0.78% copper (265 million lb.) The indicated portion is 4.3 million tonnes grading 2.00 g/t gold and 0.71% copper.

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The upgraded life-of-mine plan indicates that 128,000 oz. of gold and 9 million lb. of copper will be recovered between 2024 and 2032. The average gold grade and copper grades in the new estimate rose by 5% and 3%, respectively.

Dundee Precious says Chelopech has upside potential with in-mine and brownfield exploration. Already drilling at the Sharlo Dere West and Sharlo Dere prospects, near the existing underground development, has had positive results.

Highlights include 37.5 metres at 5.69 g/t gold and 0.98% copper beginning at 184.5 metres, including 27 metres at 7.58 g/t gold and 1.26% copper from 193.5 metres. A resource estimate for Sharlo Dere will be included in the next regular update.

“I am pleased to report that we have continued our consistent track record of extending mine life at Chelopech,” said David Rae, president and CEO of Dundee Precious. “Next month will mark the 20-year anniversary of DPM’s acquisition of the Chelopech mine. Over this period, we have transformed the mine into a modern and highly efficient operation, developed a strong local team and established strong relationships with local stakeholders.”

In 2022, the Chelopech mine produced 179,100 oz. of gold and 30.8 million lb. of copper in concentrate from processing 2.1 million tonnes of ore.

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