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Duluth Metals Announces Normal Course Issuer Bid and Securities Repurchase Plan for its Class A Shares

May 24, 2011

TORONTO, May 24, 2011 /PRNewswire-FirstCall/ — Duluth Metals Limited
(“Duluth”) (TSX: DM) (TSX: DM.U) announced today that the Toronto Stock
Exchange (“TSX”) has approved Duluth’s Notice of Intention to Make a Normal
Course Issuer Bid (the “NCIB”) to purchase for cancellation, from time to
time, its common shares (the “Shares”) through the facilities of the TSX and
other available trading platforms. Duluth has TSX approval to purchase for
cancellation up to a maximum of 5% of Duluth’s issued and outstanding Shares.
As of May 19, 2011, the total number of issued and outstanding Shares was
125,336,068 Shares. The price which Duluth will pay for any Shares purchased
by it will be the prevailing market price of the Shares on the TSX or such
other exchange or marketplace, as applicable, at the time of such purchase.

The NCIB will commence on May 25, 2011 and will terminate on May 24, 2012
or such earlier time as the NCIB is completed or terminated at the option of
Duluth.

Management of Duluth believes that, from time to time, the market price
of the Shares may not fully reflect the underlying value of the Shares and
that at such times the purchase of Shares represents attractive investment
value and would be in the best interests of Duluth. Such purchases will
increase the proportionate interest of, and may be advantageous to, all
remaining shareholders.

The actual number of Shares that may be purchased and the timing of any
such purchases will be determined by Duluth, subject to a maximum daily
purchase limitation of 59,271 Shares which equals 25% of the average daily
trading volume of 237,084 Shares calculated in accordance with the TSX rules,
except where purchases are made in accordance with “block purchase”
exemptions under applicable TSX rules.

About Duluth Metals Limited

Duluth Metals Limited is committed to acquiring, exploring and developing
copper, nickel and platinum group metal (PGM) deposits. Duluth Metals’
primary activities are 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.

This document may contain 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 operations of Duluth, the environment in which it operates,
timing and amount of capital expenditures, results of exploration and mine
development, the availability of funding to Duluth and timing of geological
reports. Such statements are based on operations, estimates, forecasts and
projections. They are not guarantees of future performance and involve known
and unknown risks, uncertainties and other factors that are difficult to
predict and may be beyond the control of Duluth. A number of important
factors could cause actual outcomes and results to differ materially from
those expressed in forward-looking statements, including those set forth in
the annual information form under the heading “Risk Factors” and in the other
public filings of Duluth. 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
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.

Duluth has its head office at 80 Richmond Street West, Suite 1500,
Toronto, Ontario. A copy of the early warning report filed by Duluth in
connection with the completion of the Arrangement is available under
Franconia’s profile at http://www.sedar.com. Please contact one of the
individuals listed above in order to obtain a copy of the early warning
report.

    For further information:

    Mara Strazdins                           Vern Baker
    Director of Corporate Communications     President
    Telephone: +1-416-369-1500 ext. 222      Telephone: +1-651-389-9990
    Email: mstrazdins@duluthmetals.com       Email: vbaker@duluthmetals.com

    Webpage: http://www.duluthmetals.com

SOURCE Duluth Metals Limited


Source: newswire



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