Dundee Precious Metals Provides Update on Drilling Activities at Loma Larga
24 Februar 2022 - 2:30PM
Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or
“the Company”) today announced a pause in drilling activities at
its Loma Larga project (“the Project”) in Ecuador, as a result of
the filing of a constitutional protective action (the “Action”)
against the Ministry of Environment, Water and Ecological
Transition (“MAATE”) by certain non-government organisations and
local agencies. The Court has ordered the suspension of the
environmental permit required for current exploration and technical
drilling pending the hearing of the Action, which is expected to
take place in early March.
Prior to the recent commencement of drilling
activities, DPM had received all required permits, including those
required from the MAATE, had duly informed the relevant authorities
as required by Ecuadorian legislation, and had engaged proactively
with local and national stakeholders regarding its planned drilling
program in order to advance the project. In planning and executing
the program, DPM has implemented measures that meet or exceed best
industry practices as well as Ecuadorian legislative requirements
for safety and environmental protection. This included the hiring
and training of approximately 70 local employees and several local
contractors to perform the work.
“DPM is committed to working collaboratively and
transparently with stakeholders to advance the Loma Larga project
in-line with the highest applicable standards for environmental
protection and stakeholder engagement,” said David Rae, President
and Chief Executive Officer of Dundee Precious Metals. “As a
foreign investor in Ecuador, we hope to contribute significantly to
creating substantial economic and social opportunities for local
communities through the responsible development of Loma Larga.”
The Action against the MAATE also seeks the
annulment of DPM’s mining concessions for Loma Larga. DPM believes
the Action against the MAATE is without merit and that its
concessions are legally valid and protected under Ecuadorian law.
DPM is working closely with the MAATE as well other government
ministries and local stakeholders that support the Project.
About Dundee Precious Metals Inc.
Dundee Precious Metals Inc. is a Canadian-based
international gold mining company with operations and projects
located in Bulgaria, Namibia, Ecuador and Serbia. The Company’s
purpose is to unlock resources and generate value to thrive and
grow together. This overall purpose is supported by a foundation of
core values, which guides how the Company conducts its business and
informs a set of complementary strategic pillars and objectives
related to ESG, innovation, optimizing our existing portfolio, and
growth. The Company’s resources are allocated in-line with its
strategy to ensure that DPM delivers value for all of its
stakeholders.
For further information please contact:
David RaePresident and Chief
Executive OfficerTel: (416) 365-5092drae@dundeeprecious.com
Jennifer CameronDirector,
Investor RelationsTel: (416)
219-6177jcameron@dundeeprecious.com
Cautionary Note Regarding
Forward-Looking Statements
This news release contains “forward looking
statements” or “forward looking information” (collectively,
“Forward Looking Statements”) in connection with the timing of
legal proceedings and the merit of the Action. Forward Looking
Statements are statements that are not historical facts. Forward
Looking Statements are based on certain key assumptions and the
opinions and estimates of management and its advisers, 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, uncertainties
inherent to legal challenges and court proceedings; the lack of
certainty with respect to foreign legal systems, which may not be
immune from the influence of political pressure, NGO activism,
corruption or other factors that are inconsistent with the rule of
law; risks inherent to conducting business in a foreign
jurisdiction, where political instability is greater than in Canada
and those risk factors discussed or referred to in any other
documents (including without limitation the Company’s most recent
Annual Information Form) filed by the Company from time to time
with the securities regulatory authorities in all provinces and
territories of Canada and available on SEDAR at www.sedar.com. The
reader has been cautioned that the foregoing list is not exhaustive
of all factors which may have been used. 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. The Company’s Forward Looking Statements reflect
current expectations regarding future events and speak only as of
the date hereof. 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.
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