DPM Files Technical Report on Chelopech Pyrite Recovery Project Immediate Release

Toronto, September 10, 2012 – Dundee Precious Metals Inc. (DPM, DPM.WT.A – TSX) (“DPM” or “the Company”) is pleased to announce that it has today filed a National Instrument 43-101 – Standards of Disclosure for Mineral Projects technical report (the “Report”) on Sedar at www.sedar.com on its Chelopech Pyrite Recovery Project, Bulgaria.

The Report was prepared in support of a news release issued on July 26, 2012 by the Company announcing the positive technical results outlined in a preliminary economic assessment of the pyrite recovery project at its Chelopech Mine in Bulgaria, supporting the potential to increase Chelopech metal recoveries to 90%.

Dundee Precious Metals Inc. is a well-financed, Canadian based, international gold mining company engaged in the acquisition, exploration, development, mining and processing of precious metals. The Company's principal operating assets include the Chelopech operation, which produces a gold, copper and silver concentrate, located east of Sofia, Bulgaria; the Deno Gold operation, which produces a gold, copper, zinc and silver concentrate, located in southern Armenia; and the Tsumeb smelter, a concentrate processing facility located in Namibia. DPM also holds interests in a number of developing gold properties located in Bulgaria, Serbia, and northern Canada, including interests held through its 51.4% owned subsidiary, Avala Resources Ltd., its 47.3% interest in Dunav Resources Ltd. and its 10.7% interest in Sabina Gold & Silver Corp.

For further information please contact:

DUNDEE PRECIOUS METALS INC.

Jonathan Goodman Lori Beak President & Chief Executive Officer Senior Vice President, Investor & Regulatory Tel: (416) 365-2408 Affairs and Corporate Secretary Email: [email protected] Tel: (416) 365-5165 Email: [email protected]