Dundee Precious' Holdings in Maximus Ventures Ltd.

TORONTO -- In accordance with regulatory requirements, Dundee Precious Metals Inc. (DPM:TSX) ("Dundee Precious") announces that it has acquired 1,600,000 flow-through common shares and 1,600,000 units of Maximus Ventures Ltd. ("Maximus") under a private placement at $0.15

each. Each unit consists of one common share and one-half of a share purchase warrant. Each whole warrant is exercisable into one additional common share of Maximus at $0.20 until September 17, 2006. The above securities represent an approximate 15.7% interest in Maximus assuming the exercise of the warrants.

Dundee Precious now holds an aggregate of 3,200,000 common shares and 800,000 warrants of Maximus. These holdings represent a 13% interest in Maximus, on an undiluted basis, and an approximate 15.7% interest assuming the exercise of all warrants held.

The above noted securities held by Dundee Precious are held for investment purposes. These investments will be reviewed on a continuing basis and such holdings may be increased or decreased in the future.

Dundee Precious Metals Inc. is an operating 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 Ada Tepe, a gold exploration property, both located in Bulgaria. The Company is engaging in mineral exploration activities in the region and holds a significant portfolio of investments in the precious metals and mineral related sector.

Dundee Precious Metals Inc. (TSX:DPM)