(All amounts have been expressed in Canadian dollars except where indicated.)

Toronto, November 8, 2007 – Dundee Precious Metals Inc. (DPM, DPM.WT – TSX) (the “Company” or “DPM”) announced that an error has been made in the calculation of the weighted average number of shares outstanding reported for the period ended September 30, 2007, resulting in an incorrect calculation of its basic and fully diluted loss for the three months of ($0.14) per share and earnings for the nine months of $0.43 per share.

The correct loss for the three months ended September 30, 2007, both basic and fully diluted, is ($0.16) per share, based on a basic and fully diluted weighted average number of shares outstanding of 61,421,201. The correct basic earnings for the nine months ended September 30, 2007 is $0.44 per share, based on a weighted average number of shares outstanding of 56,581,290, and $0.43 per share fully diluted, based on a fully diluted weighted average number of shares outstanding of 57,776,470.

Amended consolidated financial statements and management’s discussion and analysis for the period ended September 30, 2007 are being posted on the Company’s website at www.dundeeprecious.com and filed on the Sedar website at www.sedar.com.

Dundee Precious Metals Inc. 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, Dundee Precious owns a 100% interest in the Back River gold exploration project in Nunavut, Canada and an 80% interest in the Kapan Mine in Armenia. The Company also holds a significant and strategic portfolio of investments in the precious metals and mineral related sector.

For additional information:

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

Bruce Burton
Vice President & Chief Financial Officer
Tel: (416) 365-5143
Email: bburton@dundeeprecious.com