As part of its plan to become a dedicated financial service organization, Dundee Bancorp has formed Dundee Resources Ltd., which will acquire all of Dundee Bancorp’s resource initiatives.

These assets include its ownership in Breakwater Resources Ltd., Repadre Capital Corporation, Black Hawk Mining Inc. and Eurogas Corporation, among others, as well as the CMP Funds Management companies, and the ownership and management of Dundee Precious Metals Inc. Jonathan Goodman has been chosen to become the president and CEO of this new Dundee subsidiary, resigning his position with Dynamic Mutual Funds.

Dundee Resources will initially concentrate on efficiently consolidating its ownership of the various positions it has inherited, and will continue with resource merchant banking activities.

Dundee has also appointed Harold Philip Gordon, QC, as chairman of the board of directors of Dundee Bancorp. Ned Goodman will continue as president and CEO of the corporation. Gordon will concentrate his efforts on mergers and acquisitions, international business matters, government relations, and strategic corporate initiatives. His current directorships include Alliance Atlantis Communications Inc., GTC Transcontinental Ltee., Great Northern Paper Inc. and several charitable entities.