An anonymous director of Dundee reports

DUNDEE CORPORATION ANNOUNCES EXERCISE OF WARRANTS IN MAGNA MINING INC.

In accordance with regulatory requirements, Dundee Corp. has exercised 4,259,259 warrants of Magna Mining Inc. at an exercise price of 40.5 cents per warrant. Each warrant was exercisable for one common share of the issuer.

Immediately prior to the acquisition of securities described in this news release, Dundee and its affiliates owned 42,725,318 common shares, 4,259,259 warrants and $8-million aggregate principal amount of convertible debentures, representing an approximately 18.20-per-cent interest in the issuer on an undiluted basis and a 20.98-per-cent interest in the issuer on a partially diluted basis. Immediately following the transaction that triggered the requirement to file this news release, Dundee and its affiliates own or control an aggregate of 46,984,577 common shares and $8-million aggregate principal amount of convertible debentures, representing an approximately 18.83-per-cent interest in the issuer on an undiluted basis and a 20.11-per-cent interest in the issuer on a partially diluted basis.

Dundee acquired the securities of the issuer for investment purposes only. Dundee intends to review, on a continuous basis, various factors related to its investment, including (but not limited to) the price and availability of the securities of the issuer, subsequent developments affecting the issuer or its business, and the general market and economic conditions. Based upon these and other factors, Dundee may decide to purchase additional securities of the issuer or may decide in the future to sell all or part of its investment.

This news release is being issued in accordance with National Instrument 62-103 (the Early Warning System and Related Take-Over Bid and Insider Reporting Issues) in connection with the filing of an early warning report. The early warning report respecting the acquisition will be filed on SEDAR+ under the issuer's profile. To obtain a copy of the early warning report filed by Dundee, please contact the following.

Dundee,

Legal department,

80 Richmond St. West, Suite 2000,

Toronto, Ont., M5H 2A4

Telephone: 416-365-5172

About Dundee Corp.

Dundee is a public Canadian independent mining-focused holding company, listed on the Toronto Stock Exchange under the symbol DC.A. The corporation is primarily engaged in acquiring mineral resource assets. The corporation operates with the objective of unlocking value through strategic investments in mining projects globally. Its team conducts due diligence to assess the geological, technical, environmental and financial merits and risks of each project, and looks to deploy capital where it can either seek to generate investment returns or where the corporation can collaborate with operating partners and take strategic partnerships through direct interests in mining operations.