Forward Looking Statements

Denver Gold Forum, Denver, Colorado

September 10-12, 2012

Forward Looking Statements

This presentation contains

“forward-looking information” or "forward-looking statements" that involve a number of risks and

uncertainties. Forward-looking information and forward-looking statements include, but are not limited to, statements with respect to

the future prices of gold and other metals, the estimation of mineral reserves and resources, the realization of mineral estimates, the

timing and amount of estimated future production and output, costs of production, capital expenditures, costs and timing of the

development of new deposits, success of exploration activities, permitting time lines, currency fluctuations, requirements for additional

capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims,

limitations on insurance coverage and timing and possible outcome of pending litigation. Often, but not always, forward-looking

statements can be identified by the use of words such as “plans”, “expects”, or “does not expect”, “is expected”, “budget”, “scheduled”,

“estimates”, “forecasts”, “intends”, “anticipates”, or “does not anticipate”, or “believes”, or variations of such words and phrases or state

that certain actions, events or results

“may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking

statements are based on the opinions and estimates of management as of the date such statements are made, and they involve

known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the

Company to be materially different from any other future results, performance or achievements expressed or implied by the

forward-looking statements. Such factors include, among others: the actual results of current exploration activities; actual results of current

reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future

prices of gold; possible variations in ore grade or recovery rates; failure of plant, equipment or processes to operate as anticipated;

accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the

completion of development or construction activities, fluctuations in metal prices, as well as those risk factors discussed or referred to

in this news release under and in the Company‟s annual information form under the heading "Risk Factors" and other documents filed

from time to time with the securities regulatory authorities in all provinces and territories of Canada and available at

www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results

to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results

not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as

actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers are cautioned

not to place undue reliance on forward-looking statements.

Dundee Precious Metals Highlights

$1.3B gold producer

2 operating mines in Bulgaria & Armenia

Strategic complex concentrate smelter in Namibia

2012 gold production of 132,000 to 145,000 oz

Low cash cost/ounce gold produced

Growing pipeline of growth opportunities

Experienced management team

Attractive value proposition

_{Operating assets}

Development assets

Exploration assets

Canada

Namibia Custom Smelter

Deno Gold Chelopech Krumovgrad Avala 51% Dunav 47% Sabina 11%

Strong Balance Sheet

Cash on Hand

@ June 30, 2012

(excluding AVZ & DNV)

Significant Operating Cash Flow

Annualized H1 2012

Debt

@ June 30, 2012

Total Debt:Total Capital = 10%

Capital Structure @ Sept. 6, 2012

Share Price

C$8.81

Shares Outstanding

125M

Fully diluted shares

Additional cash on dilution

147M

C$66M

52 week high - low

$10.72 - $5.82

$115M

$83M

$110M

Top shareholders

Gross Revenue by Metals Sold

6% 5% 41% 48% 36% 5% 4% 55% 64% 24% 6% 6%

2011A

2012E

2016E

Gold

Copper

Silver

Zinc

Dundee Corporation

22.6%

Equinox Partners

10.3%

Corporate Strategy

Build DPM into an intermediate, low-cost gold producer:

Optimize value of existing operating assets

Grow business beyond existing operating assets

Sustain low quartile operating cost position

Chelopech – production expansion and pyrite recovery project

Smelter – complete Project 2012 upgrades & expansion

Deno Gold Mine - open pit evaluation and underground extension

Maintain a solid financial position

Develop Krumovgrad Gold Project

Establish deep pipeline of greenfield exploration opportunities

Consolidated Production and Financial Highlights

2007

2008

2009

2010

2011

2012E

2007

2008

2009

2010

2011

2012E

42-

46

Gold Production (000s ounces)

_{Copper Production (pounds in millions)}

2007

2008

2009

2010

2011

2012E

Silver Production (000s ounces)

84

84

95

103

25

22

28

30

40

121

408

399

($40)

EBITDA (US$MM)

$

32

$

45

333

640

671

($2)

132-

145

640-

715

$118

$60

Chelopech Mine

• Low Cost, Long Life Producer

DPM Ownership

100%

Location

Bulgaria

Acquired

Sept. 2003

Resources

Measured &

Indicated

(at Oct. 31, 2011)

Gold (oz) (4.09 g/t)

3,930,000

Copper (lbs) (1.31% Cu)

862,840,000

Reserves

(@ Jan. 1, 2012)

Gold (oz) (3.66 g/t)

2,660,000

Copper (lbs) (1.15% Cu)

572,600,000

Mine Type

Underground

Deposit Type

High sulphidation

epithermal deposit

Estimated Mine Life @ expanded rate

10 + yrs

Complete expansion to 2

mtpy Q4 2012

Continue to replace

depletion and increase

Mineral Resources and

Mineral Reserves through

exploration

Complete feasibility study

on the pyrite gold recovery

project

Chelopech Mine

• Reducing Costs & Increasing Throughput

* Cash cost of sales/oz gold (net of by product credits). Reconciliation included in Appendices

$0 $200 $400 0 40 80 120 2008 2009 2010 2011 2012E O u n ce s (0 0 0 ‟s ) Cas h Cos t * (G o ld $ US/o z ) 71 88 65 2008 2009 2010 2011 2012E

Gold Production (000s ounces)

Copper Production (pounds in millions)

19 27 26 $309 $369 94 37 $210 900 981 1,001 1,359 $0 $20 $40 $60 0 1,000 2,000 T o n n e s o re p ro ce ss e d p e r ye a r (0 0 0 ‟s )

Ore Processed and Cost/Tonne

Cos t/ to n n e ($ US) (Ex c lu d in g ro y a lti e s ) 2008 2009 2010 1,700– 1,850 2011 2008 2009 2010 2011 H1 2012

EBITDA (US$MM)

Chelopech Mine

• Pyrite Project Expected to Increase Gold Recoveries

Gold recovered from Copper Concentrate

55% - 60%

Remaining gold rejected to tailings

40% - 45%

@ 2 mtpy ore mined

400,000 T pyrite concentrate

produced (E)

Metals

Potential Grades

Estimated Production Result

Gold

6-7 g/t

75,000 - 90,000 oz

Silver

10-15 g/t

130,000 - 190,000 oz

Copper

0.5%-0.7%

4.5 million – 6.0 million pounds

Pyrite Project Highlights

Cash cost per tonne of pyrite

$156

Cash cost per oz of gold (net of by-product credits)

$615

Project capital costs

$202M

Average annual EBITDA

_$49M

NPV (5% discount rate) after tax

_$141M

IRR after tax

_24%

Timeline: concentrator upgrade - POX facility production

2013 - 2017

Project will economically

recover most of the

contained gold, silver &

copper associated with

rejected pyrite minerals

Increases gold recovery

from 55% to 90%

POX process can be used

to produce a low mass

residue resulting in a

Consistently replacing depletion

Spend $3-$4 M/yr on exploration

Chelopech Mine

• Successful Low Cost Exploration Program

150

149

147

145

151

19

Plan view of ore bodies and structure

T181 & 182

18

16

103

Near Mine

•

+500,000 T high grade

deposits

Greenfields

•

+5MT low grade deposits

•

Chelopech SW

Namibia Custom Smelter

• A Unique Strategic Asset

DPM Ownership

100

%

Location

Namibia

Acquisition March 2010

$50M

Capital expenditures to date

$57M

Project 2012 Costs

$75M

Technology

Ausmelt

Product

Copper blister bars

2011 concentrate throughput

180,403 tonnes

Expanding smelter capacity

240k – 310k tpy

Sulphuric acid capture plant FS

Complete

Build a one of a kind asset to treat DPM and

third party complex concentrate

Upgrade operation to meet global standards

Increase capacity and lower costs

Contract other third party sources of complex

concentrate to optimize throughput

Strategy

0

50

100

150

200

250

T

o

n

n

e

(

0

0

0

s

)

Smelter Capacity

2009

2010

2011

2012E

Chelopech con

Third party con

2013E: +O

H1 2012

Namibia Custom Smelter

• Environmental & Production Upgrades

Upgrade Initiatives

Status

Costs

Emissions control (Project 2012)

Fugitive emissions (arsenic)

Completion Q4 2012

$75M

Sulphur emissions (acid plant)

Completion Q4 2014

$167M

Further Production Facility Optimization Initiatives

Additional oxygen for Ausmelt furnace

All primary smelting in Ausmelt furnace

3 blocks of dust-capturing chambers

installed in the new baghouse

New vehicle designed to vacuum

dust off the ground for disposal

New dust disposal site

New oxygen plant

Deno Gold Mine

• Potential to Increase Size and Life of Mine

DPM Ownership

100%

Location

Armenia

Acquired

August 2006

Mine Type

Underground

Product

Au/Cu & Zn concentrate

Deposit Type

Polymetallic vein deposit (swarms)

Open Pit Resource

Q4 2012

Underground Resource Q2 2013

Strategy

Define the potential open

pit and underground

resource for the

Shahumyan deposit

Complete open pit and

underground studies

based on the new

resources

Explore regional license

to define additional

Mineral Resources

Continue operational

improvements & cost

reductions

Deno Gold Mine

• Operating & Financial Highlights

2008* 2009* 2010 2011 2012E 450 - 510

2008* 2009* 2010 2011 2012E 2008* 2009* 2010 2011 2012E

2008* 2009* 2010 2011 2012E

* Deno Gold operations were on care and maintenance as of November 2008; operations restarted April 2009. 296 527 290 519 12 29 15 27 1.9 2.9 1.5 3.0 19.1 9.1 8.8 19.6

Gold Production

(000s ounces)

Copper Production

(pounds in millions)

Zinc Production

(pounds in millions)

EBITDA (US$MM)

Silver Production

(000s ounces)

Cash Cost

(per tonne ore produced)

2008 2009 2010 2011 $109 $72 _$66 $63 2008* H1 2012 $4.4

Deno Gold Mine

• Underground & Open Pit Potential

Complete drill hole plan outlining Shahumyan East (yellow) and significant intercepts. Intervals are shown with the hole number followed by the interval in meters and gold equivalence in gram per tonnes.

Determine expansion potential

of underground mine and open

pit

Determine expansion potential

of underground – newly

defined Shahumyan East

mineralized zone

285,000 m of historic Soviet

drilling plus 110,000 m of DPM

drilling completed

Define 43-101 compliant

resource estimate

Study to determine optimum

pit size and production rate

Deno Gold

• Regional Exploration Opportunities

Shahumyan

Polymetallic

Kapan Exploration License

(Black/White Outline)

Conductive

anomaly

Central Deposit

+25Mt HG Cu

Regional target generation

continued

Highlighted several strong

conductive units for follow-up

investigation

Identified several strong

conductors in poorly explored

areas

Several conductors are spatially

related to alteration and known

copper occurrences

Krumovgrad Gold Project

• Low Cost, High Return Project

Location

Bulgaria; 100% DPM ownership

Proposed Mine Type

Open Pit; low-sulphidation epithermal Au deposit

Gold Recoveries & Grade

85%; 3.4 g/t

Annual ore production

850,000 tpy

Annual gold production

74,000 ounces

Annual silver production

35,000 ounces

Mine Life

9 years

Capital Cost to complete

US$127M*

Total cash cost per oz AuEq

$404*

Waste

Small integrated tailings and mine waste facility

Recovery process

Conventional crushing, grinding & flotation

Advance project to a

2014 production date –

subject to appeals

Achieve 74,000

ounces of annual gold

production

Seek opportunities to

further increase

recoveries

Evaluate other

exploration

opportunities within

existing licenses

Strategy

Achievements

Status

30 year mining concession

Definitive Feasibility Study & NI 43-101

Final EIA approval granted Nov. 2011

Appeal decision pending

Detailed engineering schedule

Q2 2012 – Q4 2013

Estimated construction timeline

2013 - 2014

Estimated production timeline

2014/2015

Forecast Significant Growth Over Next Three Years

• Growing Pipeline of Development Opportunities

0

50

100

150

200

250

300

350

20

08

A

2

0

0

9

A

2

0

1

0

A

2

0

1

1

A

2

0

1

2

E

2

0

1

3

E

2

0

1

4

E

2

0

1

5

E

2

0

1

6

E

20

17

E

Go

ld

P

rod

u

ctio

n

(00

0

oz

)

Pyrite Stream

Krumovgrad

Deno

Chelopech

Partially Owned Exploration Investments

• Source of Additional Value & Growth

SECURITIES

HOLDINGS % HELD VALUE @ SEPT 6, 2012

Sabina Gold & Silver Corp. (TSX: SBB)

18.5M

10.7%

$63M

Special Warrants

10M

34M

Warrants (strike C$1.07)

5M

12M

Total SBB

$109M

Avala Resources Ltd. (TSX-V: AVZ)

110M

51.4%

$72M

Special Rights

50M

33M

Total AVZ*

$105M

Dunav Resources Ltd. (TSX-V: DNV)

56M

47.3%

14M

Warrants (strike C$0.42)

27.5M

0

Total DNV*

$14M

Total shares and other securities

~$228M

Serbian Exploration Investments (Controlled & Consolidated)

• Support Longer Term Growth

Avala Resources (TSX-V: AVZ)

Dunav Resources (TSX-V: DNV)

Gold discovery in emerging

sediment-hosted gold belt in Serbia

̴ $16M in treasury @ June 30, 2012

Initial Resource Estimate (80m x 80m

drill spacing w subset of 40m x 40m &

NI 43101 compliant)

•

Bigar Hill – 38 MT @ 1.3 g/t Au for 1.5

M oz (0.4 g/t Au cut-off)

•

Korkan – Expected Q3 2012

•

Kraku Pestar – Expected Q3/Q4 2012

Preliminary economic assessment –

Underway

Copper-gold and molybdenum projects

in Serbia

̴ $9M in treasury @ June 30, 2012

Resource Definition Drilling complete

(NI 43101 compliant)

•

Kiseljak copper-gold porphyry – Initial

Resource Estimate expected Q3/Q4

2012

•

Preliminary Economic Assessment -

Underway

Exploration „footprint‟ Drilling –

Underway

•

Copper-gold porphyry

DPM Value Proposition

2017

Market Capitalization (FD)

$1.3B

Debt

$83M

Corporate Cash

_($181M)

Strategic Investments

($228M)

Enterprise Value

$974M

2017 @ $1,600 Au; $3.50 Cu

Chelopech

$230M

Deno (excluding open pit)

$22

Krumovgrad

$65

NCS

$75

G & A

($35)

Average EBITDA

$357

EV/EBITDA

2.7x

Estimated Capital expenditure to 2017

$720M

Estimated Cash Flow to 2017

$1.35B

(1) At June 30, 2012; AVZ and DNV are assumed at $0; Fully Diluted; includes cash on dilution

Compelling Investment Opportunity

Solid operating assets with overall cost profile

Significant cash flow and capital available to fund growth

Strong balance sheet

Proven Management and Board

Attractive Value Proposition

Underground at Chelopech

Namibia Custom Smelter

Entrance to Deno Gold Mine

Krumovgrad

Portfolio of Assets

Operating assets

Development assets

Exploration assets

Analyst Coverage

BMO

John Hayes

Cormark Securities

Mike Kozak

Dundee Securities

Ron Stewart

RBC Capital Markets

Stephen Walker

Scotia Capital

Leily Omoumi

Stifel, Nicolaus & Co.

Josh Wolfson

Union Securities

Philip Ker

Q2 and First 6 Months 2012 Summary

Q2 2012

Q2 2011

H1 2012

H1 2011

Net Earnings attributable to common shareholders

$9.6 million

$9.1 million

$17.8 million

$23.1 million

Basic EPS

$0.08

$0.07

$0.14

$0.19

Gross profit (loss)

Chelopech

$36.4 million

$16.5 million

$88.9 million

$33.5 million

Deno

($2.3 million)

$6.6 million

($0.7 million)

$12.7 million

NCS

($6.0 million)

($4.3 million)

($11.9 million)

($5.4 million)

Total Gross profit

$28.1 million

$18.8 million

$76.3 million

$40.8 million

Chelopech Production

Gold (ounces)

29,250

19,908

64,832

32,481

Copper (lbs)

9,682,137

8,222,891

21,302,602

13,261,674

Silver (ounces)

52,462

34,713

111,512

57,834

Cash cost/T ore processed (incl. royalties)

$48.68

$53.90

$47.73

$55.47

Cash cost/T ore processed (excl. royalties)

$43.56

$49.06

$42.75

$49.97

Deno Gold Production

Gold (ounces)

4,803

7,999

11,131

15,011

Copper (lbs)

505,706

721,391

1,119,103

1,464,368

Zinc (lbs)

3,387,510

5,002,410

7,830,694

9,763,232

Silver (ounces)

96,596

147,705

225,072

282,250

Cash cost/T ore processed (incl. royalties)

$77.11

$70.83

$76.35

$74.65

2012 Guidance

Metals Contained in Concentrate Produced

Chelopech

Deno Gold

Total

Gold (ounces)

110,000 – 120,000

22,000 – 25,000

132,000 – 145,000

Copper (million pounds)

40.0 – 43.0

2.3 – 2.6

42.3 – 45.6

Zinc (million pounds)

-

16.0 – 18.0

16.0 – 18.0

Silver (ounces)

190,000 – 205,000

450,000 – 510,000

640,000 – 715,000

Total capital expenditures

$150 - $175 million

Mine/mill expansion at Chelopech

~35%

NCS environmental and plant optimization

~40%

Krumovgrad development work

~15%

Deno Gold

~10%

Mine output at Chelopech (tonnes of ore)

1.7 – 1.85 million

Mine out put at Deno (tonnes of ore)

500,000 – 550,000

Concentrate smelted at NCS (tonnes)

145,000 – 155,000

Copper Hedge Position

Copper derivative contracts to provide price protection on a portion of 2012, 2013

and 2014 projected payable copper production.

Approximately 50% of the Company‟s expected copper production for the year

2012 has been hedged.

Year of projected payable copper

production

Volume Hedged (lbs) *

Average fixed price ($/lb)

2012

11,362,611

$4.23

2013

6,693,226

$3.94

Senior Management

P.Eng., MBA and CFA with over 25 yrs in the resource sector as a geologist, senior analyst, portfolio manager and senior executive. Joined

BGR in 1990, DPM 2003.

P.Eng. with over 30 yrs in the mining sector, previously with Vale-Inco. Joined DPM in 2009.

M.Sc. with >20 yrs in the minerals sector. Recognized internationally as a water management and cyanide use expert. Joined DPM in 2006.

C.A. & C.F.A with >25 yrs in strategic planning, M&A, financial planning & reporting, taxation, treasury & risk mgmt. Joined DPM in 2011.

Ph.D. Mining of Minerals with over 17 yrs experience with Chelopech Mining EAD. Joined DPM in 2003.

Ph.D. with >30 yrs in many aspects of the mineral processing industry, in both project engineering and operations. Joined DPM in 2003.

Ph.D. mineral processing with extensive experience in research and development. Joined Chelopech Mining EAD in 2004.

Chemical engineer with over 25 yrs in the mining sector, specifically as a metallurgist in the smelting industry. Joined DPM in 2010.

Corporate and commercial financier with over 20 yrs investment banking experience. Joined DPM in 2003.

Investment banker with over 10 yrs experience in the mining sector. Joined DPM in 2011.

Jonathan Goodman, President & CEO

Hume Kyle, EVP & CFO

Rick Howes, EVO & COO

Adrian Goldstone, EVP, Sustainable Business Development

Jeremy Cooper, VP, Commercial Affairs

Nikolay Hristov, VP & GM, Chelopech Mine

Michael Dorfman, SVP, Corporate Development

Iliya Garkov, VP & GM Deno Gold

Hans Nolte, VP & GM Namibia Custom Smelter

Simon Meik, VP Processing

Chelopech Mine

Updated Mineral Reserves and Resources

Chelopech Mineral Reserves – January 1, 2012

Category

Tonnes

(M)

Gold

Copper

Silver

Grade

(g/t)

Ounces

(M)

Grade

(%)

Pounds

(M)

Grade

(g/t)

Ounces

(M)

Proven

14.29

3.54

1.63

1.30

408.93

9.39

4.32

Probable

8.33

3.86

1.04

0.89

163.67

5.93

1.59

Total

22.62

3.66

2.66

1.15

572.60

8.12

5.91

Chelopech Mineral Resources – October 31, 2011

Category

Tonnes

(M)

Gold

Copper

Silver

Grade

(g/t)

Ounces

(M)

Grade

(%)

Pounds

(M)

Grade

(g/t)

Ounces

(M)

Measured

16.38

4.10

2.16

1.49

538.00

11.06

5.82

Indicated

13.49

4.09

1.77

1.09

324.36

7.79

3.38

M&I

29.87

4.09

3.93

1.31

862.84

9.58

9.20

Inferred

9.59

2.53

0.78

0.82

173.31

10.09

3.11

1. Rounding of tonnage and grade figures has resulted in some columns showing relatively minor discrepancies in sum totals.

2. All Mineral Resource Estimates have been determined and reported in accordance with NI 43-101 and the classification adopted by the CIM.

3. Chelopech Mineral Reserves are based on a cut-off of $10 profit/tonne using NSR analysis as of January 1, 2012. This information has been prepared by Gordon Fellows and reviewed by Julian Barnes, both of whom are QPs, as defined in NI 43-101 and not independent of the Company.

4. Chelopech Mineral Resource cut-off grade @3.0 g/t Gold Equivalent is based on the following formula: (Au g/t + 2.25xCu%). The Mineral Resource has been depleted as of October 31, 2011. This information has been prepared by Craig Barker and reviewed by Julian Barnes, both of whom are QPs, as defined in NI 43-101 and not independent of the Company.

5. All Mineral Reserves and Resources are based on long term metals prices of $1,250 Au, $3/lb Cu, $25/oz Ag and $1/lb Zn. 6. Measured and Indicated Mineral Resources are inclusive of Proven and Probable Reserves.

Chelopech – Cash Cost Reconciliation

US$

Year 2011

Actual

Year 2010

Actual

Year 2009

Actual

Year 2008

Actual

Cost of Sales:

_88,838

_{$ 72,707 $74,499}

_{$ 67,245}

Less amortization

_(15,499)

_(14,425)

_(14,242)

_(11,966)

Plus other charges, including freight

_65,125

_41,234

_38,317

_26,006

Less by-product credits

_(147,812)

_(87,320)

_(64,198)

_(59,376)

Cash cost of sales after by-product credits

_(9,348)

_{$ 12,196 $ 34,376}

_{$ 21,909}

Gold oz (payable metal)

_83,796

_58,065

_93,081

_70,878

Cash cost of sales/oz gold,

(net of by-product credits)

$ (112)

_{$ 210}

_{$ 369}

_{$ 309}

3

_{Based on US$2.34/lb copper}

Based on US$3.16/lb copper

Based on US$3.42/lb copper

Chelopech – Cash cost/tonne Ore Processed Reconciliation

US$ thousands, unless otherwise indicated

For the periods indicated

Year 2011

Actual

Year 2010

Actual

Year 2009

Actual

Year 2008

Actual

Ore processed

(mt)

1,353,733

1,000,781

980,928

900,563

Cost of sales

$ 88,838

$ 72,707

75,647

67,423

Add (deduct):

Depreciation, amortization & other non-cash costs

(15,499)

(14,425)

(15,390)

(11,966)

Change in concentrate inventory

862

(2,018)

(419)

(178)

Total cash cost of production

$ 74,201

$ 56,264

59,838

55,279

Cash cost per tonne of ore processed, including royalties

$ 54.81

$ 56.22

$ 61.00

$ 61.38

Cash cost per tonne of ore processed, excluding royalties

$ 49.99

$ 51.54

$ 55.23

$ 57.87

Chelopech Exploration Results – Q2 2012

Significant Intercept Results (cut-off grade 3 g/t AuEq)

Hole_ID

From (m)

To (m)

Interval (m)

Cu (%)

Au (g/t)

181_225_24

52.5

54.0

1.5

2.35

3.05

181_225_26

150.2

160.0

9.8

0.69

2.78

EXT148_225_28

55.5

79.5

24.0

0.45

3.06

139.5

162.0

22.5

1.72

4.35

EXT149_225_36

90.0

106.5

16.5

0.63

2.31

168.0

175.5

7.5

0.17

9.05

EXT149_225_37

85.5

99.0

13.5

1.31

2.88

G19E_380_40

79.5

86.2

6.7

2.11

8.01

211.3

220.5

9.2

9.83

19.81

G151_195_26

13.5

96.0

82.5

1.94

6.17

102.0

138.0

36.0

0.76

2.79

1. Significant intercepts are located within the Chelopech Mine concession and proximal to the mine workings. 2. Minimum down hole width reported is 1.5 m with a maximum dilution of 4.5 m.

3. True widths are approximately 90% of the intersection width except for G151_195_26 which was drilled along strike.

4. Drill holes with prefix G indicate grade control drilling which is performed using BQ diamond drill core. All other holes are drilled with NQ diamond core. 5. Coordinates are in mine-grid.

6. No factors of material effect have hindered the accuracy and reliability of the data presented above. 7. No upper cuts applied

Deno Gold Mineral Resource Estimate

Cut off

(AuEq - g/t)

Tonnage

(Mt)

Gold Equiv.

(g/t)

Copper

(%)

Gold

(g/t)

Silver

(g/t)

Zinc

(%)

0.50

335.8

1.19

0.11

0.48

8.39

0.41

0.75

226.5

1.47

0.13

0.61

10.32

0.49

1.00

147.1

1.80

0.15

0.79

12.62

0.57

1.25

98.3

2.14

0.17

0.99

14.99

0.65

1.50

69.8

2.45

0.18

1.19

17.00

0.72

1.75

49.2

2.80

0.19

1.43

19.14

0.78

2.00

36.3

3.13

0.19

1.68

20.87

0.83

Shahumyan Deposit – September 2008

Inferred Mineral Resource – Ordinary Kriging Estimate

10mE x 10mN x 10mRL Block Size – 5m Capped Input Composite Data

Deno Exploration Results – Q2 2012

Significant Intercept Results (SHDD holes, cut-off grade 0.5 g/t AuEq) and underground significant intercepts (NXC and E holes,

cut-off grade 1.0 g/t AuEq) received during Q2 2012

Hole_ID

From (m)

To (m)

Interval (m) & AuEq

Cu (%)

Au (g/t)

Zn (%)

Ag (g/t)

SHDDR0338 189 197 8m @ 3.10 0.19 1.45 1.58 23.45 SHDDR0343 116 146 30m @ 3.87 0.50 1.49 1.77 29.27 SHDDR0345 301 313 12m @ 2.05 0.07 0.43 2.30 12.19 SHDDR0351 0 8 8m @ 9.32 0.90 5.88 0.41 86.59 SHDDR0352 264 279 15m @ 3.60 0.97 0.86 1.08 27.37 SHDDR0357 42 51 9m @ 2.30 0.14 1.04 0.75 31.07 SHDDR0367 337 361 24m @ 3.57 0.50 1.62 1.22 23.13 NXC02748_15 223.4 225.7 2.3m @ 10.9 0.99 3.36 8.33 67.3 NXC02748_18 231.1 237 5.9m @ 3.93 0.30 1.51 2.28 33.68 NXC02748_18 159 161 2m @ 13.74 0.10 9.74 0.99 164.80 E703S002 194 196 2m @ 6.38 0.22 3.38 1.38 93.9 E703S005 152 156 4m @ 3.69 0.07 1.40 2.40 43.07 E703S005 244.1 247 2.9m @ 9.56 0.59 3.75 6.28 69.55 E703S007 167 171 4m @ 3.47 0.04 2.05 0.95 41.5

1. In situ gold equivalent (AuEq) grade based on the following long-term metal prices $1,250/oz Au, $25/oz Ag, $3.00/lb Cu, $1.00/lb Zn. 2. Holes with prefix SHDDR are surface HQ open pit drilling while NXC and E holes are underground BQ drilling.

3. Significant intercepts for surface holes are located in the Central and Southern zone while underground drilling is located in the Central zone of Shahumyan Deposit. 4. True widths are approximately 90% of the intersection width.

5. Minimum width reported is 2m and a maximum internal dilution of 4m. 6. All survey coordinates are transformed to AUSPOS.

7. No factors of material effect have hindered the accuracy and reliability of the data presented above. 8. No upper cuts have been applied.

Deno Gold – Cash Cost Reconciliation

US$ thousands, unless otherwise indicated

For the periods indicated

Year 2011

Actual

Year 2010

Actual

Year 2009

Actual

Year 2008

Actual

Ore processed

(mt)

581,852

428,865

218,235

269,033

Cost of sales

$ 47,863

$ 33,637

$ 21,197

$ 36,319

Add (deduct):

Depreciation, amortization & other non-cash

costs

(9,140)

(7,056)

(4,047)

(3,668)

Care and maintenance costs

-

-

(3,074)

(1,732)

Change in concentrate inventory

416

3,572

1,696

(1,485)

Total cash cost of production

$ 39,139

$ 30,153

$ 15,772

$ 29,434

Cash cost per tonne of ore processed

(royalties not applicable in 2009)

$ 67.27

$ 70.31

$ 72.27

$ 109.40

Cash cost per tonne of ore processed,

Krumovgrad Gold Project

Updated Mineral Reserves & Resources

Krumovgrad Mineral Reserves – December 31, 2011

Category

Tonnes

(M)

Gold

Silver

Grade

(g/t)

Ounces

(M)

Grade

(g/t)

Ounces

(M)

Proven

2.94

4.70

0.44

2.54

0.24

Probable

4.30

2.44

0.34

1.52

0.21

Total

7.24

3.36

0.78

1.92

0.45

Krumovgrad Mineral Resources – December 31, 2011

Category

Tonnes

(M)

Gold

Silver

Grade

(g/t)

Ounces

(M)

Grade

(g/t)

Ounces

(M)

Measured

3.30

4.90

0.52

3.00

0.28

Indicated

4.69

2.50

0.38

2.00

0.24

M&I

7.99

3.50

0.90

2.00

0.51

Inferred

0.40

1.20

0.02

1.00

0.01

1. Rounding of tonnage and grade figures has resulted in some columns showing relatively minor discrepancies in sum totals.

2. All Mineral Resource Estimates have been determined and reported in accordance with NI 43-101 and the classification adopted by the CIM.

3. Krumovgrad Mineral Reserves and Resources are based on the Krumovgrad 2012 Technical Report using a variable economic cut-off grade and 0.5 g/t Au respectively.

4. All Mineral Reserves and Resources are based on long term metals prices of $1,250 Au, $3/lb Cu, $25/oz Ag and $1/lb Zn. 5. Measured and Indicated Mineral Resources are inclusive of Proven and Probable Reserves.

Avala Resources Ltd. TSX-V: AVZ

51.4% Held

Hole From (m) To (m) Int. (m) Au (g/t)

KORC036 213 251 38 1.03 KORC053 96 109 13 1.89 KORC057 44 112 68 3.15 KORC069 208 245 37 2.59 KORC070 228 259 31 1.56 KORC078 2 11 9 3.36 KORC078 58 75 17 1.25

Cut off grade (Au g/t) Million Tonnes Au (g/t) Million Ouces (Au)

0.2 63.9 0.9 1.8 0.4 38.0 1.3 1.5 0.6 26.4 1.6 1.4 0.8 20.4 1.9 1.3 1.0 16.5 2.1 1.1 1.2 13.0 2.4 1.0 1.4 10.8 2.6 0.9 1.6 9.2 2.8 0.8 1.8 7.5 3.0 0.7

Cross section through the Bigar Hill target area showing summary stratigraphy and gold mineralized drill intersections to date .

Bigar Hill Inferred

Resource Estimate

Combined mineralized

zones

In situ Resources

5m x 5m x 5m selective

mining unit

Dunav Resources Ltd. TSX-V: DNV

47.3% Held

•

Holds Tulare copper and gold project, Surdulica molybdenum project

and other early stage projects in Serbia

•

Tulare Cu-Au Porphyry

–

Cu-Au porphyry mineralization at surface to over 800 m by 300

m

–

Located within Lece Volcanic complex – 2

_{largest magmatic}

complex in Serbia after Timok

–

Discovery of Yellow Creek Copper-Gold Porphyry – Drilling

returned the following strong to moderate Cu-Au intercepts

(0.19% CuEq COG) (Press released April 10, 2012)

–

Drilling to test depth potential of Cu-Au mineralization at Kiseljak, approx.

350 m below current drilling returned the following strong to moderate

intercepts and remains open at depth (0.19% CuEq COG) (Press released

April 10, 2012)

Tulare

Hole From (m) To (m) Int. (m) Au (g/t) Cu (%) AuEq (g/t) CuEq (%)

YCDD008 20 400.0 380 0.48 0.37 1.22 0.61 YCDD008 406 416.0 10 0.21 0.24 0.70 0.35 YCDD008 426 667.0 241 0.36 0.37 1.10 0.55 YCDD008 673 691.5 18.5 0.29 0.24 0.77 0.38

Hole From (m) To (m) Int. (m) Au (g/t) Cu (%) AuEq (g/t) CuEq (%)

KIDD040 11 312 301 0.73 0.56 1.85 0.93 KIDD040 318 620 302 0.38 0.39 1.17 0.58 KIDD040 626 657 31 0.26 0.32 0.91 0.45 KIDD040 693 829 136 0.22 0.31 0.85 0.42

North-South cross section (looking east) through Kiseljak target area highlighting recently drilled deep hole (KIDD040) together with all drill hole intersections (0.19% CuEq cut-off. Cu-Au mineralization remains open at depth. Grid spacing is 200 m.

0.19% CuEq cut-off significant intervals

Dundee Precious Metals

Dundee Place

1 Adelaide St. East

Suite 500

Toronto, ON, M5C 2V9

T: 410 365-5191

www.dundeeprecious.com

Investor Relations

T: 416 365 2549

[email protected]

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