DPM Dundee Precious Metals Inc

Dundee Precious Metals Inc. (TSX:DPM)(TSX:DPM.WT.A) (the "Company" or "DPM") has
revised 2013 production guidance for the Tsumeb Smelter in Namibia (the
"Smelter") and the Kapan Mine in Armenia ("Kapan"). Guidance for the Chelopech
Mine ("Chelopech") in Bulgaria remains unchanged. 


Smelter production for August and September has been running at approximately
16,500 tonnes per month ("tpm"). This is lower than expected due to delays
associated with the construction of the second oxygen plant. As a result,
commissioning of the oxygen plant is now expected to be completed in October
2013, after which the Smelter will ramp up to its full operating capacity, and
is expected to average approximately 21,500 tpm for the balance of the year, in
advance of emissions testing. For 2013, DPM now expects Tsumeb's concentrate
throughput will be 172,000 - 178,000 tonnes, down from previous guidance of
185,000 - 200,000 tonnes. While the Smelter's production ramp up has been slower
than expected, the improvements made over the past year have significantly
reduced fugitive emissions at and around the Smelter and are expected to result
in the Namibian government's production curtailment being lifted in the fourth
quarter of 2013 in support of this production schedule. 


At Kapan, the recent increased levels of mine production highlighted the mine's
inability to maintain adequate development inventory based on current
performance. As a result, production has been reduced and is expected to remain
at 30,000 - 35,000 tpm during the second half of 2013, while development
inventory is rebuilt and development performance is improved in advance of
resuming normal operating levels and further potential increases associated with
Kapan's newly defined resource. As a result, 2013 production at Kapan is
expected to decline from 550,000 - 600,000 tonnes to 470,000 - 500,000 tonnes. 
Production is expected to return to normal levels in the second quarter of 2014.



Operations at DPM's flagship Chelopech Mine continue to deliver mine and mill
results in line with expectations. 


"Despite these near term challenges, we continue to make significant operating
improvements at Tsumeb and Kapan," said Rick Howes, President and CEO, "and
remain focused on optimizing the value of all of our operations." 


Overall, these revisions to DPM's consolidated ore and metals production
guidance do not significantly impact the ranges previously issued, with the
exception of zinc and silver. Updated production guidance for each operation is
set out below. Mine and smelter cost per tonne guidance remains unchanged. 




----------------------------------------------------------------------------
               2013 Updated Production Guidance               Prior Guidance
----------------------------------------------------------------------------
               Chelopech      Kapan     Tsumeb       Total         Total    
----------------------------------------------------------------------------
Ore                                                                         
 mined/milled                                                               
 ('000                                                                      
 tonnes)     1,900 - 2,050  470 - 500      -     2,370 - 2,550 2,450 - 2,650
----------------------------------------------------------------------------
Concentrate                                                                 
 Smelted                                                                    
 ('000                                                                      
 tonnes)           -            -      172 - 178   172 - 178     185 - 200  
----------------------------------------------------------------------------
Metals                                                                      
 contained in                                                               
 concentrate                                                                
----------------------------------------------------------------------------
  Gold ('000                                                                
   ounces)     125 - 143     23 - 25       -       148 - 168     150 - 173  
----------------------------------------------------------------------------
  Copper                                                                    
   (million                                                                 
   pounds)    43.0 - 46.0   2.3 - 2.5      -      45.3 - 48.5   45.5 - 49.0 
----------------------------------------------------------------------------
  Zinc                                                                      
   (million                                                                 
   pounds)         -       14.5 - 15.0     -      14.5 - 15.0   16.5 - 18.5 
----------------------------------------------------------------------------
  Silver                                                                    
   ('000                                                                    
   ounces)     210 - 230    420 - 435      -       630 - 665     700 - 750  
----------------------------------------------------------------------------



ABOUT DPM

Dundee Precious Metals Inc. is a 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 Kapan operation, which produces 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 53.1% owned
subsidiary, Avala Resources Ltd., its 45.5% interest in Dunav Resources Ltd. and
its 9.8% interest in Sabina Gold & Silver Corp.


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This news release contains "forward-looking statements". Forward-looking
statements are generally identified by the use of words such as "plans",
"expects", or "does not expect", "is expected", "budget", "guidance", "outlook",
"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 and certain professionals as of the
date such statements are made, and on certain assumptions. Forward-looking
statements contained in this news release and other disclosure documents issued
from time to time are typically, but not always, limited to statements with
respect to future production, operating costs, financial liquidity and capital
funding, growth opportunities, capital expenditures, cost and timing to develop
new deposits, conduct exploration activities and receive permits, the price of
gold, copper, zinc and silver, the estimation and realization of mineral
reserves and resources, foreign currency exchange rates, government regulation,
environmental risks, reclamation costs, and the timing and possible outcome of
pending litigation. By their nature, forward-looking statements are subject to
numerous risks, uncertainties and other factors which may cause actual results,
performance or achievements to be materially different from the future results,
performance or achievements expressed or implied by any forward-looking
statement. This includes, among other things: availability of future growth
opportunities; 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; actual price of gold,
copper, zinc and silver; actual foreign exchange rates; plant, equipment or
processes operating as anticipated; accidents, labour disputes and other risks
inherent to the mining industry; delays in obtaining governmental approvals or
financing or in the completion of development or construction activities, as
well as those risk factors discussed or referred to herein and contained in
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.


Key assumptions underlying the updated production guidance contained in this new
release, which may prove to be incorrect, include, but are not limited to:
Tsumeb completing the commissioning of the second oxygen plant in October 2013,
the Namibian government lifting the current production curtailment in the fourth
quarter of 2013, and Tsumeb running at full operating capacity in November and
December 2013; and in the case of Kapan, the accuracy of current mineral
resource estimates (including, but not limited to, ore tonnage and grade
estimates), executing its mine plan and delivering improved levels of
development, maintaining equipment availability and mill uptime, and development
inventory being rebuilt in the second quarter of 2014.  These assumptions are
subject to a number of risks and uncertainties, including further delays in
commissioning the second oxygen plant or the removal of the existing curtailment
resulting in Tsumeb not operating at full capacity in November and December
2013, and at Kapan variations in ore grades and recovery rates, mine development
performance and the rebuilding of development inventory taking longer than
currently expected. Although the Company has attempted to identify important
factors that could cause actual results, performance or achievements to differ
materially from those expressed or implied by any forward-looking statement,
there may be other factors. There can be no assurance that any forward-looking
statement will prove to be accurate, as actual results and future events could
differ materially from those expressed or implied by such statements. Unless
required by securities laws, the Company undertakes no obligation to update
forward-looking statements if circumstances or management's estimates or
opinions should change. Accordingly, readers are cautioned not to place undue
reliance on forward-looking statements.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Dundee Precious Metals Inc.
Richard Howes
President & Chief Executive Officer
(416) 365-2836


Dundee Precious Metals Inc.
Lori Beak
SVP, Investor & Regulatory Affairs and Corporate Secretary
(416) 365-5165

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