05:16 PM EDT, 05/01/2024 (MT Newswires) -- Dundee Precious Metals ( DPMLF ) on Wednesday release a preliminary economic assessment (PEA) for its Coka Rakita project in Serbia.

The company said the PEA supports an C$381 million underground mining operation with an 850,000 tonne per annum processing facility and an initial 10-year mine life.

Based on the positive results of the PEA, the company is proceeding with a pre-feasibility study (PFS) and project permitting activities.

"The PEA confirms our view that Coka Rakita is a very robust project with the potential to add strong economic returns and very high-margin gold production growth to our portfolio," chief executive David Rae said in a statement. "The results of the PEA are a testament not only to the quality of Coka Rakita, but also our exploration and technical teams who have accelerated the project from the initial discovery we announced in 2023 to a PEA in under 16 months."