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Duluth Metals Highlights Twin Metal’s Nickel Position with 4.7 Billion Measured and Indicated Pounds and 4.2 Billion Inferred Pounds

May 1, 2014
        --  Duluth Metals has 60% ownership interest in Twin Metals
            Minnesota LLC which is currently close to completing a detailed
            pre-feasibility study on a very large copper-nickel-PGM project
            in NE Minnesota
        --  Duluth Metals is well positioned to benefit from the current
            recovery in world nickel prices
        --  Nickel currently contributes 30 percent to the base case NSR
            valuation of the Maturi Measured + Indicated Resource*
        --  Realization of projected escalating spot nickel prices over the
            next two years may significantly increase the overall TMM
            nickel value and potential revenue ratio
        --  January 2014 AMEC resource update highlights a contained nickel
            resource of 4.7 billion pounds Measured + Indicated and 4.2
            billion pounds Inferred*
        --  Duluth Metals has previously announced high grade nickel
            intersections in the southern portion of the Maturi Deposit **

TORONTO, May 1, 2014 /PRNewswire/ – Duluth Metals Limited (“Duluth Metals”, “Company”) (TSX: DM) (TSX:DM.U) is pleased to announce that the Company is well positioned to take
advantage of the rapidly recovering nickel market through their 60%
ownership in Twin Metals Minnesota LLC (“Twin Metals”), which is
currently in advanced pre-feasibility phase on a major polymetallic
copper-nickel-platinum-palladium-gold project in NE Minnesota. Duluth
Metals recently announced an updated resource estimate on the Twin
Metals Project where the January 2014 AMEC study highlights a contained
nickel resource of 4.7 billion pounds Measured + Indicated and 4.2
billion pounds Inferred (see Duluth Metals April 11, 2014 press release
entitled “Duluth Metals Announces SEDAR filing of updated AMEC Resource Study on
Twin Metals”
for details on tons and grade.)

“The strengths of the deposit are not only its size, consistency, and
polymetallic nature but also its safe and secure jurisdiction being in
the US. With potentially decades of nickel, copper and PGM production,
we consider this resource to be strategic to the national interest of
America as there was no reported primary nickel production in the
United States in 2013″, commented Christopher Dundas, Chairman & CEO of
Duluth Metals. “The importance of the nickel resource may
significantly increase with the growing discussion about the nickel
market potentially moving into a deficit next year. We are also seeing
political issues that may further influence the price of nickel to move
upwards such as the Indonesian government ban on raw material
(nickel/ore) exports and the potential disruption of supplies from
Russia, one of the world’s largest nickel producers, as a result of the
tensions in Europe”

* (see Duluth Metals April 11, 2014 press release entitled “Duluth Metals
Announces SEDAR filing of updated AMEC Resource Study on Twin Metals”
for details on tons and grade.)


** (see Duluth Metals September 4, 2013 press release entitled “Duluth
Metals Announces High Grade Nickel Intercepts Indicative of New Contact
Zones in the Maturi Deposit.)

Duluth Metals focus is in the Duluth Complex, host to one of the world’s
largest undeveloped repositories of copper, nickel and PGMs. The
recently released 2013 United States Geological Survey Mineral
Commodity Summaries highlights the scale of the Twin Metals mineral
resource relative to global nickel reserves as shown in Figure 1: http://files.newswire.ca/610/DulMay12014Fig1.jpg

(________________________________ )

(1) United States Geological Survey global nickel reserve estimates
referred to herein are not calculated in accordance with the Canadian
Securities Administrators’ National Instrument 43-101 “Standards of
Disclosure for Mineral Projects” (“NI 43-101″) and the Canadian
Institute of Mining and Metallurgy (“CIM”) definition standards on
Mineral Resources and Mineral Reserves, adopted by the CIM Council, as
amended. Twin Metals Minnesota Measured and Indicated Resources and
Inferred Resources have been calculated in accordance with NI 43-101
and CIM definition standards on Mineral Resources and Mineral Reserves,
adopted by the CIM Council, as amended. Twin Metals Measured+Indicated
Resources and Inferred Resources do not qualify as reserves under the
definitions used by the United States Geological Survey.

The USGS Mineral Commodity Summary notes that only 40% of world nickel
resources are contained in sulfide deposits, the remainder in laterite
deposits. The Duluth Complex hosts nickel sulfide mineralization,
including the Twin Metals Project Measured+Indicated and Inferred
Resources. The United States had only one nickel project in
construction phase in 2013. Figure 2 shows the scale of contained
nickel in 13% of the footprint of the prospective portion of the Twin
Metals property based on its Measured+Indicated and Inferred Resources
relative to United States nickel reserves as reported by the USGS: http://files.newswire.ca/610/DulMay12014Fig2.jpg

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
Metal’s 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 Antofagasta plc on the Twin
Metals 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 Twin Metals Minnesota
joint venture, Duluth Metals retains a 100% position on over 40,000
acres of mineral interests on exploration properties adjacent to and
nearby the Twin Metals Minnesota LLC joint venture.

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.

Cautionary Note to United States Investors Concerning Estimates of
Indicated and Inferred Mineral Resources

This press release uses the terms “Indicated Mineral Resources” and
“Inferred Mineral Resources” in accordance with the Canadian Institute
of Mining, Metallurgy and Petroleum (CIM) Definition Standards. While
such terms are recognized under Canadian securities legislation, the
United States Securities and Exchange Commission does not recognize
these terms. The term “Inferred Mineral Resource” refers to a mineral
resource for which quantity and grade or quality can be estimated on
the basis of geological evidence and limited sampling and reasonably
assumed, but not verified, geological and grade continuity. These
estimates are based on limited information and it cannot be assumed
that all or any part of an “Inferred Mineral Resource” will be upgraded
to a higher classification resource, such as “Indicated” or “Measured”,
as a result of continued exploration. Accordingly, an estimate relating
to an “Inferred Mineral Resource” is insufficient to allow meaningful
application of technical and economic parameters or to enable an
evaluation of economic viability. Under Canadian securities
legislation, estimates of an “Inferred Mineral Resource” may not form
the basis of feasibility or other economic studies. Investors are
cautioned not to assume that all or any part of an “Inferred Mineral
Resource” is economically or legally mineable. Investors are also
cautioned not to assume that all or any part of “Indicated” will ever
be converted into “Mineral Reserves” (being the economically mineable
part of an “Indicated” or “Measured Mineral Resource”).

SOURCE Duluth Metals Limited


Source: PR Newswire



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