DPM Announces Management Change

TORONTO, ONTARIO--(Marketwire - Feb. 4, 2011) - Dundee Precious Metals Inc. (TSX:DPM)(TSX:DPM.WT)(TSX:DPM.WT.A) (the "Company" or "DPM") today announced that Stephanie Anderson is stepping down as Executive Vice President and Chief Financial Officer of the Company ("CFO"), effective February 28, 2011, following the announcement of its 2010 year-end financial results.

Jonathan Goodman, President and Chief Executive Officer of DPM, commented, "I would like to thank Stephanie for her dedication to DPM. Stephanie was hired three years ago to provide financial leadership and direction to the organization and to assist in positioning it for its planned growth program. By all accounts she has fulfilled her mandate admirably. Management and the board of directors appreciate the many contributions Stephanie has made to DPM's success and wish her well in her future endeavours."

The search for the next CFO, during this important period of growth, is underway. Patrick Lim, CA, Director, Finance and Global Controller of the Company, will be appointed Interim CFO until the search for a successor has been concluded. This will not affect the timing of the Company's year-end financial results.

Dundee Precious Metals Inc. is a Canadian based, international mining company engaged in the acquisition, exploration, development, mining and processing of precious metals properties. The Company's operating interests include its 100% ownership of Chelopech Mining EAD, its principal asset being the Chelopech mine, a gold, copper, silver concentrates producer located east of Sofia, Bulgaria, Namibia Custom Smelters (Pty) Ltd., a concentrate processing facility located in Tsumeb, Namibia, and Deno Gold Mining Company CJSC, its principal asset being the Kapan mine, a gold, copper, zinc, silver concentrates producer located in southern Armenia. DPM's interests also include the Krumovgrad development stage gold property located in south eastern Bulgaria, near the town of Krumovgrad, and certain exploration and exploitation properties in Serbia.

FORWARD-LOOKING STATEMENTS

This news release may contain certain information that constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices and other factors described above and in the Company's most recent annual information form under the heading "Risk Factors" which has been filed electronically by means of the Canadian Securities Administrators' website located at www.sedar.com. The Company disclaims any obligation to update or revise any forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.