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Duluth Metals Provides Twin Metals Minnesota Project Pre-feasibility Update

January 7, 2014
        --  Pre-feasibility completion scheduled for mid-year, 2014.
        --  A new comprehensive NI 43-101 compliant Technical Report on the
            Pre-Feasibility Study is scheduled for completion by mid-year,
            2014.
        --  In addition, a NI 43-101 compliant Technical Report on an
            updated Resource for the project will be completed by Spring,
            2014.

TORONTO, Jan. 7, 2014 /PRNewswire/ – 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 copper-nickel-platinum-palladium-gold project is being
developed by joint venture partners Antofagasta plc and Duluth Metals.
Over the last year, Twin Metals has concentrated on optimizing the
project in every dimension, including:

        --  Mine planning, including a detailed mining plan utilizing large
            scale underground mining methods
        --  Metallurgy, including detailed analysis of selective flotation
            and downstream processing
        --  Various milling capacity options
        --  Surface facility definition and planning
        --  Environmental studies and planning
        --  Marketing studies for various products

“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.

This press release contains forward-looking statements (including
“forward-looking information” within the meaning of applicable Canadian
securities legislation and “forward-looking statements” within the
meaning of the US Private Securities Litigation Reform Act of 1995)
relating to, among other things, the results of drilling operations of
Duluth Metals and exploration and mine development. Generally,
forward-looking statements can be identified by the use of words such
as “plans”, “expects” or “does not expect”, “is expected”, “budget”,
“scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or
“does not anticipate”, or “believes”, or variations of such words and
phrases or statements that certain actions, events or results “may”,
“could”, “would”, “might” or “will be taken”, “occur” or “be
achieved”. Duluth Metals has relied on a number of assumptions and
estimates in making such forward-looking statements, including, without
limitation, the prices of copper, nickel and platinum group metals
(PGMs) and the costs associated with continuing exploration and mining
development. Such assumptions and estimates are made in light of the
trends and conditions that are considered to be relevant and reasonable
based on information available and the circumstances existing at this
time. A number of risk factors may cause actual results, level of
activity, performance or outcomes of such exploration and/or mine
development to be materially different from those expressed or implied
by such forward-looking statements including, without limitation,
whether such discoveries will result in commercially viable quantities
of such mineralized materials, the possibility of changes to project
parameters as plans continue to be refined, the ability to execute
planned exploration and future drilling programs, possible variations
of copper, nickel and PGM grade or recovery rates, the need for
additional funding to continue exploration efforts, changes in general
economic, market and business conditions, and those other risks set
forth in Duluth Metals’ most recent annual information form under the
heading “Risk Factors” and in its other public filings. Statements
related to “reserves” and “resources” are deemed forward-looking
statements as they involve the implied assessment, based on
realistically assumed and justifiable technical and economic
conditions, that an inventory of mineralization will become
economically extractable. Forward-looking statements are not
guarantees of future performance and such information is inherently
subject to known and unknown risks, uncertainties and other factors
that are difficult to predict and may be beyond the control of Duluth
Metals. Although Duluth Metals has attempted to identify important
risks and factors that could cause actual actions, events or results to
differ materially from those described in forward-looking statements,
there may be other factors and risks that cause actions, events or
results not to be as anticipated, estimated or intended. Consequently,
undue reliance should not be placed on such forward-looking statements.
In addition, all forward-looking statements in this press release are
given as of the date hereof. Duluth Metals disclaims any intention or
obligation to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, save and
except as may be required by applicable securities laws. The
forward-looking statements contained herein are expressly qualified by
this disclaimer.

__________________________

(1) TPM = platinum + palladium + gold

SOURCE Duluth Metals Limited


Source: PR Newswire



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