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KRUMOVGRAD MINE The Krumovgrad gold project is located at Ada Tepe, approximately 3km south of Krumovgrad in south-eastern Bulgaria. Dundee Precious Metals (DPM) is developing the open-pit gold project.

DPM’s indirect subsidiary Balkan Mineral & Mining AD (BMM) secured the licence for the gold project covering 130km² in June 2000. The licence area was reduced to 100km² in accordance with the Underground Resources Act (1999).

The Bulgarian Council of Ministers (CoM) approved the development of the Krumovgrad gold project in February 2011 and granted a 30-year concession. The final construction permit for the project was granted in August 2016.

Construction of the project began in the fourth quarter of 2016 and first gold was produced in March 2019. The project is expected to have a mine life of eight years.

The mine is expected to produce approximately 3,000oz of gold and an average of 100,000oz of gold a year during the first five years. It is expected to process 775,000t of ore a year to produce 85,700oz of gold and 38,700oz of silver.