DC.PR.B Dundee Corporation

In accordance with regulatory requirements, Dundee Corporation
(TSX:DC.A)(TSX:DC.PR.A)(TSX:DC.PR.B) ("Dundee" or the "Company") announced today
that it has acquired, pursuant to a short form prospectus offering, 11,667,000
units ("Units") of Formation Metals Inc. ("Formation Metals") at a price of
$1.50 per Unit. Each Unit is comprised of one common share in the capital of
Formation Metals (a "Common Share") and one half of one Common Share purchase
warrant. Each whole Common Share purchase warrant (a "Warrant") entitles the
holder to purchase one Common Share for 36 months at a price of $2.00. These
holdings represent an approximate 12.92% interest in Formation Metals on an
undiluted basis or an approximate 18.21% interest assuming the conversion of all
Warrants.


The position in Formation Metals was acquired for investment purposes and may be
increased or decreased in the future as considered appropriate in light of
investment criteria, market conditions and other factors and in accordance with
the provisions of applicable securities legislation.

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