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DPM Kapan Media Release

1/10/2008


Toronto, January 10, 2008 – The following announcement was issued by Deno Gold Mining
Company CJSC, a 95% owned subsidiary of Dundee Precious Metals Inc. (TSX-DPM;
DPM.WT), in connection with an accident at its underground mine in Armenia.

“Deno Gold Mining Company CJSC (the “Company”), a subsidiary of Dundee Precious Metals
Inc., regrets to announce that on the night of January 9, 2008 a tragic accident occurred in the
northern area of the Shahumyan underground mine in Kapan, Armenia. Two miners have been
affected by the accident; one was recovered dead at the scene and the other miner was injured
and has been transported to the medical centre of Kapan where he is conscious and receiving
medical attention.

The affected area of the mine has been isolated and the Company’s health and safety team,
together with the Armenian National Centre of Technical Security, is fully investigating the
incident.

The Company would like to take this opportunity to express its deepest condolences to the
family and friends of the deceased and to all employees of the mine who have lost a valued
colleague.”

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
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