DPM Board Announces Planned Executive Transition

TORONTO, ONTARIO -- (Marketwire) -- 11/19/12 -- The board of directors of Dundee Precious Metals Inc. (TSX: DPM)(TSX: DPM.WT.A) ("DPM" or "the Company") has announced that, during 2013, Jonathan Goodman, President and CEO, will assume the role of Executive Chairman of the board of DPM, where he will continue to play a strong leadership role for the organization by developing, and overseeing the execution of, the Company's strategic plan.

At the same time, Rick Howes, the Executive Vice President and Chief Operating Officer, will be appointed President and Chief Executive Officer. Rick joined DPM in 2009 after a highly successful career in key management roles at leading Canadian mining companies, including Cominco, Falconbridge and Inco. Initially, as General Manager of the Company's flagship operation in Chelopech, he led a successful transformation of the mine, establishing record production levels and securing significant cost reductions. He was appointed COO in 2010 and has continued the implementation of systems and best practices throughout the organization to drive sustained performance.

William Wilson, Chairman, stated that this transition is "a clear example of how an organization can manage the present and anticipate the future with solid succession planning. Jonathan's depth and experience with the investor community and financial markets will perfectly complement Rick's leadership as he works to deliver on the current business plan and prepare for future growth."

Jonathan Goodman concluded, "DPM's vision is to develop great assets and great people in a manner consistent with our core values and to the benefit of all stakeholders. I look forward to working with Rick and the leadership team as we continue to build a great company."

FORWARD-LOOKING STATEMENTS

This news release contains "forward-looking statements" that involve a number of risks and uncertainties. Forward-looking statements include, but are not limited to, statements with respect to the future price of gold and silver, 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, copper, zinc and silver; 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 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. 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.

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 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.

Contacts:

Dundee Precious Metals Inc.

Jonathan Goodman

President & Chief Executive Officer

(416) 365-2408
jgoodman@dundeeprecious.com


Dundee Precious Metals Inc.

Lori Beak, Senior Vice President,

Investor & Regulatory Affairs and Corporate Secretary

(416) 365-5165
lbeak@dundeeprecious.com