Duluth Metals Limited ("Duluth Metals") (TSX: DM) (TSX: DM.U) is pleased to announce that the Twin Metals Minnesota Project ("Twin Metals") Pre-feasibility is progressing well with a completion date scheduled for mid-year 2014. Over the next few months, the main focus is the completion of the Pre-feasibility Study and delivering by mid-year a comprehensive NI 43-101 compliant Technical Report on this phase of the project development. In addition, a NI 43-101 compliant Technical Report on an updated resource estimate for the project is scheduled to be completed by Spring, 2014. The updated resource estimate will incorporate all drilling since September 2012, including the 35 closely spaced diamond drill holes within the Maturi Deposit designed to provide the Joint Venture team the necessary information to define the drill spacing required to upgrade Indicated to Measured Resource within the resource base (see Duluth Metals press release dated Dec 6, 2013, "Duluth Metals Announces Results from Twin Metals Fence Drilling Program").
"The Twin Metals Project is based on a resource with the scale and extent to provide many options for development. The project continues to have multiple avenues for that development, and the current plans will be directed at what the first development within the project will look like." stated Vern Baker, President of Duluth Metals. "The Twin Metals Project is one of the most capital efficient large mining projects in the world, situated in one of the best jurisdictions in the world, with exceptional infrastructure nearby."
The Twin Metals Minnesota Project covers over 32,000 acres of land/mineral interests and consolidates the largest base and precious metal land position in Minnesota. This extensive land position provides Twin Metals with the platform to plan and develop one of the world's largest copper-nickel-PGM deposits. Using a 0.3% Cu cut-off, the Twin Metals Project has a global mineral resource of 1.17 billion tons of Indicated Resource and 1.26 billion tons of Inferred Resource, located on approximately 11% of the footprint of the prospective portion of the Twin Metals property block (see Duluth Metals press release dated Jan 21, 2013, "Duluth Metals Announces SEDAR filing of AMEC Technical Report on the Twin Metals Project"). Mine planning is focusing on the higher grade S3 Subunit in the Maturi Deposit, which using a 0.6% Cu cut-off, contains 500 million tons of Indicated Resource grading 0.72% Cu, 0.23% Ni and 0.78 ppm TPM[ 1 ], plus 129 million tons of Inferred Resource grading 0.70% Cu, 0.22% Ni and 0.92 ppm TPM. ([ 1 ]TPM = Total Precious Metals (Platinum+Palladium+Gold))
Phillip Larson, P. Geo. is the Qualified Person for Duluth Metals and Senior Geologist for Duluth Metals, in accordance with NI 43-101 of the Canadian Securities Administrators, and is responsible for Duluth Metals technical content of this press release and quality assurance of the exploration data and analytical results.
About Duluth Metals Limited
Duluth Metals Limited is committed to acquiring, exploring and developing copper, nickel and platinum group metal (PGM) deposits. Duluth Metals has a joint venture with a wholly-owned subsidiary of Antofagasta plc (Antofagasta) on the Twin Metals Minnesota Project, located within the rapidly emerging Duluth Complex mining camp in north-eastern Minnesota.
The Duluth Complex hosts one of the world's largest undeveloped repositories of copper, nickel and PGMs, including the world's third largest accumulation of nickel sulphides, and one of the world's largest accumulations of polymetallic copper and platinum group metals. Aside from the joint venture, Duluth Metals retains a 100% position on approximately 40,000 acres of mineral interests on exploration properties adjacent to and nearby the Twin Metals Minnesota LLC joint venture.
About Twin Metals Minnesota LLC
Twin Metals Minnesota, LLC, is a joint venture company, 60 percent owned by Duluth Metals Limited and 40 percent by Antofagasta. Twin Metals was formed in 2010 to pursue the development and operation of a copper, nickel and platinum group metals (strategic metals) underground mining project within the Duluth Complex in northeastern Minnesota. Twin Metals holds mineral and land assets of approximately 32,000 acres of leased and permitted land, including mineral resources prepared in compliance with the requirements of NI 43-101.
Source: Duluth Metals Limited
