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  • Dundee Precious Metals (DPM) announced the company is issuing a life extension for its Chelopech Mine
  • The mine is located in Bulgaria
  • Findings support extending the mine's lifespan until 2029
  • Dundee plans a significant drilling program for 2021
  • Dundee Precious Metals is down 1.05 per cent on the day, with shares of the company trading at C$ 7.55 at 12:59 pm ET

Dundee Precious Metals (DPM) announced the company is issuing a life extension for its Chelopech Mine located in Bulgaria.

The company believes "proven and probable mineral reserves of 1.7 million ounces of gold and 344.4 million pounds of copper" support an optimized mine life that extends to 2029.

Dundee successfully added 3.9 million tonnes to its Mineral Reserves, which more than offset 2020 production depletion of 2.2 million tonnes for a net addition of 1.7 million tonnes. Relative to the previous Mineral Reserve estimate, this represents an increase of 10 per cent in tonnage and an increase in metal content of 5 per cent for gold, 13 per cent for silver and 3 per cent for copper.

The company plans a significant drilling program for 2021, including 44,000 metres of in-mine drilling and 38,000 metres of drilling on prospective brownfield targets.

The updated Mineral Resource and Mineral Reserve estimate for the Chelopech mine reflects the conversion of Mineral Resources to Mineral Reserves

"We continued our strong track record of extending mine life at our Chelopech mine in 2020, with net additions to our Mineral Reserves and Mineral Resources compared with 2019 estimates.

With Mineral Reserves that now extend to 2029, an updated Mineral Resource base and increased in-mine and brownfield exploration drilling, we believe there is strong potential for this trend to continue at Chelopech," said Dundee Precious Metals President and CEO David Rae.

Dundee continues to focus on extending Chelopech’s mine life through its in-mine and brownfield exploration programs.

Dundee Precious Metals is down 1.05 per cent on the day, with shares of the company trading at C$ 7.55 at 12:59 pm ET.

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