Toronto, December 18, 2007 – In accordance with regulatory requirements, Dundee Precious Metals Inc. (TSX-DPM; DPM.WT) (“Dundee Precious” or “DPM”) announces that, further to a lock-up agreement entered into with Wega Mining Inc. (“Wega”), DPM tendered 30,111,494 common shares (the “Shares”) of Goldbelt Resources Ltd. (“Goldbelt”) pursuant to a take-over bid by Wega for all of the shares of Goldbelt at C$1.55 per share. The Shares represented an approximate 36% interest in Goldbelt. Following this transaction, which was completed on December 13, 2007, Dundee Precious has no further shareholding in Goldbelt.

Dundee Precious is a Canadian based, international mining company engaged in the acquisition, exploration, development and mining of precious metals. It currently owns the Chelopech Mine, a producing gold/copper mine, and the Krumovgrad Gold Project, a mining development project, both located in Bulgaria, and is engaged in mineral exploration activities in Serbia. In addition, the Company owns the Back River gold exploration project in Nunavut, Canada and an 80% interest in the Kapan Mine in Armenia. DPM also holds a significant and strategic portfolio of investments in the precious metals and mineral related sector.

For further information please contact:

DUNDEE PRECIOUS METALS INC.

Jonathan Goodman
President & Chief Executive Officer
Tel: (416) 365-2408
Email: jgoodman@dundeeprecious.com

Gabriela M. Sanchez
Vice President Investor Relations
Tel: (416) 365-2549
Email: gsanchez@dundeeprecious.com