Dundee Precious Metals Inc. provided an update on fourth quarter and year end mine and smelter production. The Chelopech mine achieved gold and copper production in the quarter as a result of mining higher grade zones, which was part of the 2014 planned mining sequence. Gold production in copper concentrate hit this high due to elevated feed grades and increased processed tonnage.

Annual gold production at Chelopech was slightly below November 2014 guidance as a result of lower than expected gold recoveries. At the Tsumeb smelter, concentrate smelted was in line with guidance and copper blister production hit a high during the quarter due to improved performance and efficiency of the existing converters. This performance reflects the introduction of a higher copper grade feed mix, and is consistent with the throughput levels expected until the new converters are commissioned and in-process inventories normalized, which is anticipated to be achieved in late 2015, as previously announced.

The construction of the smelter's acid plant remains on track to be completed in the first quarter of 2015 followed by commissioning and acid production in the second and third quarters, respectively. At the Kapan mine, fourth quarter gold production exceeded expectation as lower tonnage was offset by higher grades. Mill production was as expected for the quarter.

Annual ore milled was below guidance due to the rebuilding of development inventory, and the implementation and training associated with the introduction of new mining practices and equipment after the fatality in May 2014. All metals produced for the year were in line with the latest guidance provided. Kapan metals production is expected to return to normal levels in the second half of 2015.

The Krumovgrad approval process continues to advance following the approval of the Terms of Reference for the main detailed development plan by the Municipal Council and the subsequent receipt of positive coordination letters from the relevant authorities, including the Ministry of Culture. The Company is targeting the third quarter of 2015 for the receipt of the construction permit, and expects to commence commercial production in the first quarter of 2018.