Unaudited results for the fourth quarter ended December 31, 2009 were today announced by Dundee Precious Metals Inc. ("DPM" or the "Company") (TSX: DPM)(TSX: DPM.WT)(TSX:DPM.WT.A). DPM reported fourth quarter net earnings of $3.7 million (basic and diluted net earnings per share of $0.04). This compares with a fourth quarter 2008 net loss of $80.0 million (basic and diluted net loss per share of $1.03).

The Company had net earnings of $5.0 million (basic and diluted net earnings per share of $0.05) for the year 2009. This compares with a net loss of $79.2 million (basic and diluted net loss per share of $1.20) for the year 2008.

Jonathan Goodman, President and CEO stated," A combination of strong metal prices and improved operating performance and efficiencies at Chelopech and Deno Gold contributed to solid earnings for 2009,  which, when adjusted for a $6.4 million non-cash, tax-related valuation allowance, was $11.4 million.

Construction of the mine/mill expansion at Chelopech is underway and on schedule for completion in the second half of 2011. In addition, underground exploration at the mine has identified two new ore zones and 1.43 million tones of Measured and Indicated Resource, more than offsetting the amount of ore mined during 2009."