Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,424.85 162.29 1.00%
S&P 500 1,862.31 19.33 1.05%
NASDAQ 4,086.22 52.06 1.29%
Ticker Volume Price Price Delta
STOXX 50 3,139.26 47.74 1.54%
FTSE 100 6,584.17 42.56 0.65%
DAX 9,317.82 144.11 1.57%
Ticker Volume Price Price Delta
NIKKEI 14,435.60 17.92 0.12%
TOPIX 1,168.57 2.02 0.17%
HANG SENG 22,767.35 71.34 0.31%

Duluth Metals Announces SEDAR Filing of AMEC Technical Report on the Twin Metals Project



  Duluth Metals Announces SEDAR Filing of AMEC Technical Report on the Twin
                                Metals Project

  PR Newswire

  TORONTO, January 21, 2013

TORONTO, January 21, 2013 /PRNewswire/ --

Duluth Metals Limited ("Duluth" or "Duluth Metals") (TSX: DM) (TSX:DM.U) today
announces that the independent NI 43-101 Technical Report completed by AMEC
E&C Services Inc. (AMEC) by a team led by Dr. Harry Parker entitled "Maturi,
Birch Lake, and Spruce Road Cu-Ni-PGE Projects, Ely, Minnesota, USA, NI 43-101
Technical Report" with an effective date of 15 September 2012 has now been
filed on SEDAR ( http://www.sedar.com ). This final study utilizes 867 drill
holes and 308 wedge offsets to confirm the Twin Metals Minnesota LLC ("TMM" or
"Twin Metals") project to be one of the largest base and precious metal
deposits of this type in the world. The report also highlights the
significance of the higher grade S3 subunit for potential early mine
sequencing.  In addition, the PGM resource estimate confirms the project to be
one of the largest palladium and platinum resources outside of South Africa.
This filing follows the press release of December 4, 2012 which referenced the
summary highlights of the new resource estimate:

  * Amongst the world's largest Cu-Ni-PGM polymetallic sulphide deposits with
    contained metals (using a 0.3% Cu cut-off) of 13.6 billion lbs copper, 4.4
    billion lbs nickel, and 21.4 million ozs palladium+platinum+gold (TPM) ^[
    ^1 ^] in the Indicated category and 11.9 billion lbs copper, 4.1 billion
    lbs nickel, and 12.8 million ozs TPM ^[ ^1 ^] in the Inferred category,
    representing an average 19% increase from the June 2012 interim AMEC
    Report.
  * Using a base case 0.3% Cu cut-off, AMEC estimated an Indicated Mineral
    Resource of 1.16 billion tons ^[ ^2 ^] and an Inferred Mineral Resource of
    1.26 billion tons on the three deposits (Birch Lake, Maturi and Spruce
    Road) occurring on approximately 11% of the footprint of the prospective
    portion of the TMM property block, representing a 60% increase in
    Indicated Tons and an 8% decrease in Inferred Tons from the June 2012
    interim report.
  * The S3 Subunit (which is a subset of the base case mineral resource
    estimate for the Maturi Deposit) using a higher 0.5% Cu cut-off contains
    622 million tons in the Indicated category and 198 million tons in the
    Inferred category. This material may have potential to provide
    higher-grade mill feed for the early stages of any planned mining
    operation.
  * Exploration Target areas include additional potential resources of between
    1.4 and 2.2 billion tons contiguous to the boundaries of the three
    deposits. These Exploration Target areas occur on approximately 12% of the
    footprint of the prospective portion of the TMM property block.
  * The AMEC updated mineral resource estimate highlights a growing Platinum
    Group Metal (PGM) and gold resource of 21.4 million ozs Indicated and 12.8
    million ozs Inferred in the Maturi and Birch Lake deposits. A decline of
    3.0 million ozs contained in the Inferred Resource from the June 2012
    interim report is offset by a 9.1 million ozs (75%) increase in the
    Indicated Resource. The TMM project has one of the world's largest
    palladium and platinum resources outside of South Africa.

Figure 1 below shows copper values expressed in percent ranging from less than
0.2% Cu (blue) to greater than 0.8% Cu (red) in the S2+S3 subunits of the
Maturi Deposit from an oblique south view. Drill holes are projected as the
light blue strings and the green outline is the limit of the block model. The
grey surface represents the base of the Basal Mineralized Zone.

_________________________________ ^[ ^1 ^] Values for the Pt, Pd and Au
components of TPM are shown in Table 3 and Table 4. ^[ ^2 ^] All tonnages are
reported as short tons.

Vern Baker, President of Duluth Metals, commenting on the report stated: "The
AMEC Technical Report confirms the TMM resource to be one of the largest
deposits of its kind in the world. While the resource is very large, the S3
Subunit within the Maturi Deposit hosts a higher-grade area that is a subset
of the base case mineral resource estimate. Mine planning will focus on
utilizing this higher grade areas for initial mine sequencing, potentially
improving the business/ economic model significantly."

The Technical Report includes three deposits for which mineral resources have
been estimated.  These deposits are in close proximity to one another within
the Twin Metals Minnesota Project, and are referred to as the Maturi, Birch
Lake and Spruce Road Deposits:

  * Using a base case 0.3% Cu cut-off , the Maturi Deposit** contains 1065
    million tons of Indicated Mineral Resources grading 0.59% copper, 0.19%
    nickel, 0.60 parts per million TPM (TPM = Pt + Pd + Au), plus an
    additional 542 million tons of Inferred Mineral Resources grading 0.51%
    copper, 0.17% nickel, 0.53 parts per million TPM.   (Maturi Deposit
    tonnages do not include 139 million tons of mineralized material excluded
    from the underground resource in a safety pillar)
  * Using a base case 0.3% Cu cut-off , the Birch Lake Deposit** contains 99.7
    million tons of Indicated Mineral Resources grading 0.52% copper, 0.16%
    nickel, 0.86 parts per million TPM, plus an additional 239.2 million tons
    of Inferred Mineral Resources grading 0.46% copper, 0.15% nickel, 0.64
    parts per million TPM
  * Using a base case 0.3% Cu cut-off , the Spruce Road Deposit** contains 480
    million tons of Inferred Mineral Resources grading 0.43% copper, 0.16%
    nickel.*

* Note     - The   Spruce Road   resource was estimated using Inco legacy
assay data. Platinum, palladium, and gold were not assayed by Inco, and the
core is not available for re-assay.

** Note     - These mineral resource estimates include 100% of the estimated
resource in each deposit, and include mineral resources acquired as a part of
TMM's acquisition of Franconia Minerals Corporation in 2011. Franconia's
principal assets are a 70% interest in the Birch Lake, 'old' Maturi and  
Spruce Road   deposits in northeastern   Minnesota   through the   Birch Lake
  Joint Venture. Franconia announced in November, 2010 its intention to
increase its ownership at the   Birch Lake   Joint Venture to 82%; see  
Franconia 's company profile at   http://www.SEDAR.com  for Technical Reports.
TMM's ownership of the resource will be factored by these percentages where
applicable.

The S3 Subunit Provides Potential Earlier Economic Mining Opportunities

The current Maturi Deposit resource estimate is based on a refined geological
model. One geological subunit within the Maturi Deposit, known as the S3,
hosts a higher-grade area that is a subset of the base case mineral resource
estimate that may have potential as an early start-up area. AMEC estimated
that the S3 Subunit in the Maturi Deposit, using a 0.5% Cu cut-off, contains
622 million tons grading 0.69% Cu, 0.22% Ni and 0.76 ppm TPM of Indicated
Mineral Resources and 198 million tons grading 0.65% Cu, 0.21% Ni and 0.82 ppm
TPM in the Inferred category . This material is a higher grade sub-set of the
global resources estimated for Maturi. Within the Maturi Deposit, the bulk of
mineralization is hosted by two subunits of the Basal Mineralized Zone (BMZ).
The S2 and S3 subunits are stratiform, with the S3 subunit overlying the S2
subunit. Both subunits are laterally extensive, and are present over the vast
majority of the deposit footprint. Within the Indicated Mineral Resource areal
footprint, the S3 subunit ranges in vertical thickness from 0 to 355 feet,
averaging 108 feet thick (0 to 276 feet, average 91 feet true thickness) and
within the Indicated Mineral Resource areal footprint, the S2 subunit ranges
in vertical thickness from 0 to 423 feet, averaging 72 feet thick (0 to 329
feet, averaging 59 feet true thickness). Table 1 shows tabulation range of
sensitivity cases at different copper cut-off grades for the S3 Subunit of the
Maturi Deposit. The base case subset estimate at a 0.3% Cu cut-off grade for
the unit is shown in bold, and the 0.5% Cu cut-off grade sensitivity case
subset is indicated in italics.

Figure 2 below shows the TPM (platinum+palladium+gold) values expressed in ppm
ranging from less from less 0.3 ppm TPM (blue) to greater than 1.2 ppm TPM
(red)  in the S3 subunit within the Maturi Deposit looking from an oblique
view from the south.   Drill holes are projected as the light blue strings and
the green outline is the limit of the block model. The grey surface represents
the base of the Basal Mineralized Zone.

Table 1 - MATURI DEPOSIT S3 SUBUNIT SENSITIVITY CASE INDICATED AND INFERRED
MINERAL RESOURCES


                 Maturi Deposit- S3 Subunit
            Indicated Mineral Resource
    Cu%     Million Cu   Ni   Pt   Pd   Au   TPM
    cut-off Tons    %    %    ppm  ppm  ppm  ppm
    0.2     643     0.68 0.22 0.20 0.45 0.11 0.75
    0.3     643     0.68 0.22 0.20 0.45 0.11 0.75
    0.4     641     0.68 0.22 0.20 0.45 0.11 0.75
    0.5     622     0.69 0.22 0.20 0.45 0.11 0.76
    0.6     500     0.72 0.23 0.21 0.47 0.11 0.78
    0.7     265     0.78 0.25 0.22 0.51 0.12 0.85
            Inferred Mineral Resource
    Cu%     Million Cu   Ni   Pt   Pd   Au   TPM
    cut-off Tons    %    %    ppm  ppm  ppm  ppm
    0.2     234     0.62 0.20 0.21 0.46 0.10 0.77
    0.3     232     0.62 0.20 0.21 0.47 0.10 0.78
    0.4     225     0.63 0.20 0.21 0.47 0.10 0.78
    0.5     198     0.65 0.21 0.22 0.50 0.11 0.82
    0.6     129     0.70 0.22 0.25 0.55 0.12 0.92
    0.7     53      0.78 0.24 0.28 0.64 0.14 1.06

Contained metals in the new resources are shown in Table 2 below.  The updated
AMEC resource statement highlights a growing platinum group metals (PGM) and
gold resource of 21.4 million ozs. Indicated TPM and 12.8 million ozs.
Inferred TPM, which is one of the world's largest palladium and platinum
resources outside of South Africa.

Table 2 - CONTAINED METALS IN THE TMM RESOURCE*

    METAL     INDICATED RESOURCE INFERRED RESOURCE
    Copper    13.6 Billion lbs.  11.9 Billion lbs.
    Nickel    4.4 Billion lbs.   4.1 Billion lbs.

    Platinum  5.6 Million ozs.   3.5 Million ozs.**
    Palladium 12.7 Million ozs.  7.6 Million ozs.**
    Gold      3.1 Million ozs.   1.7 Million ozs.**


* Note     - Based on mineral resources estimated at base case 0.3% copper
cut-off grade . ** Note     - Contained ounces of platinum, palladium, and
gold in the Inferred category do not include the   Spruce Road   deposit .

Updated Mineral Resources

Twin Metals Minnesota LLC (sometimes herein referred to as "TMM" or "Twin
Metals") is the joint venture company between Duluth Metals Limited (60%
ownership interest) and Antofagasta plc (40% ownership interest). In 2011,
Twin Metals Minnesota LLC acquired Franconia Minerals Corporation. Franconia`s
principal assets are a 70% interest in the Birch Lake, "old Maturi" (not
including former Nokomis property) and Spruce Road deposits through the Birch
Lake Joint Venture, with Beaver Bay Resources owning the remaining 30%.
Franconia announced in November, 2010 its intention to increase its ownership
at the Birch Lake Joint Venture to 82% upon commencement of production. All of
the forgoing Indicated and Inferred Mineral Resources, and Exploration Target
tonnages are expressed as a 100% ownership position.

The Mineral Resource estimate for the Maturi deposit incorporates assay data
from 444 drill holes and 154 wedge off-set holes totalling 1,328,000 feet
drilled on the Maturi deposit between 2006 and 2012, in addition to
information from 99 legacy holes also in the geologic data base. The Birch
Lake deposit resource estimate incorporates assay data from 97 drill holes and
146 wedge off-set holes totalling 297,000 feet drilled between 2000 and 2012,
and information from an additional 17 legacy drill holes and 8 wedge off-set
holes. The Spruce Road deposit resource estimate incorporates assay data from
210 legacy holes. The effective date of the mineral resource estimate is 15
September 2012.

Figure 3 below is a map showing the Indicated and Inferred boundaries and the
Exploration Target Areas which can be found as part of this press release on
the Company website at http://www.duluthmetals.com .

The December 2012 Resource Estimates for the Maturi, Birch Lake and Spruce
Road deposits are based on a 0.3% copper cut-off grade to define the resource
model. Based on AMEC`s review of metal prices, process recoveries, refining
costs and underground mine operating costs likely to apply at the Twin Metals
site, the 0.3% copper cut-off grade (highlighted) is considered the base case
for the statement of Indicated and Inferred Mineral Resources at this time.
The estimates at the cut-off grades higher and lower than the base case are
provided to show sensitivity of the estimates to cut-off grade.

Detailed Resource Tabulations

Tables of the updated resource tons and grades for various cut-offs are shown
below for each deposit. The base case (0.3% Cu cut-off) is highlighted. The
remaining cases are included to show the sensitivity of the estimates to
changes in cut-off grades:

Table 3 - MATURI DEPOSIT INDICATED AND INFERRED MINERAL RESOURCES (effective
date 15 September 2012)


                       Maturi Deposit[3]
            Indicated Mineral Resource[4]
    Cu %    Million Cu   Ni   Pt   Pd   Au   TPM[5]
    cut-off Tons    %    %    ppm  ppm  ppm  ppm
    0.2     1137    0.57 0.18 0.15 0.34 0.08 0.58
    0.3     1065    0.59 0.19 0.16 0.36 0.09 0.60
    0.4     936     0.63 0.20 0.17 0.38 0.09 0.64
    0.5     739     0.67 0.21 0.19 0.42 0.10 0.70
    0.6     538     0.72 0.23 0.20 0.45 0.11 0.76
            Inferred Mineral Resource
    Cu %    Million Cu   Ni   Pt   Pd   Au   TPM
    cut-off Tons    %    %    ppm  ppm  ppm  ppm
    0.2     782     0.43 0.14 0.12 0.27 0.06 0.44
    0.3     542     0.51 0.17 0.14 0.32 0.07 0.53
    0.4     383     0.57 0.19 0.16 0.38 0.08 0.62
    0.5     256     0.63 0.20 0.20 0.44 0.10 0.74
    0.6     141     0.70 0.22 0.24 0.53 0.12 0.88


Table 4 - BIRCH LAKE DEPOSIT INDICATED AND INFERRED MINERAL RESOURCES
(effective date 15 September 2012)


                     Birch Lake Deposit
            Indicated Mineral Resource
    Cu %    Million Cu   Ni   Pt   Pd   Au   TPM
    cut-off Tons    %    %    ppm  ppm  ppm  ppm
    0.2     111.9   0.49 0.15 0.22 0.48 0.11 0.80
    0.3     99.7    0.52 0.16 0.23 0.51 0.11 0.86
    0.4     85.4    0.55 0.17 0.25 0.54 0.12 0.91
    0.5     54.9    0.60 0.18 0.27 0.59 0.13 0.99
    0.6     22.8    0.67 0.21 0.29 0.63 0.14 1.06
            Inferred Mineral Resource
    Cu %    Million Cu   Ni   Pt   Pd   Au   TPM
    cut-off Tons    %    %    ppm  ppm  ppm  ppm
    0.2     313.1   0.41 0.13 0.16 0.32 0.08 0.55
    0.3     239.2   0.46 0.15 0.18 0.37 0.09 0.64
    0.4     158.4   0.51 0.16 0.20 0.42 0.10 0.72
    0.5     76.8    0.58 0.18 0.23 0.48 0.11 0.82
    0.6     23.5    0.66 0.20 0.27 0.57 0.13 0.97


Table 5 - SPRUCE ROAD DEPOSIT INFERRED MINERAL RESOURCE (effective date 15
September 2012)


            Spruce Road Deposit
            Inferred Mineral Resource
    Cu %    Million   Cu        Ni
    cut-off Tons      %         %
    0.2     674       0.38      0.14
    0.3     480       0.43      0.16
    0.4     254       0.50      0.18
    0.5     101       0.57      0.21
    0.6     24        0.66      0.24


_________________________________ ^[ ^3 ^] Maturi Deposit tonnages do not
include 139 million tons of mineralized material excluded from the underground
resource in a safety pillar. ^[ ^4 ^] CIM Definition Standards (2010) were
followed for Mineral Resource estimation and classification. ^[ ^5 ^] TPM is
defined as Au + Pt + Pd.

Exploration Target Area Tonnage and Grade Ranges

Similar to the June 2012 interim report, AMEC has again highlighted additional
potential resources outside of the three mineral resources which occur on an
additional 12% of the footprint of the Twin Metals Minnesota property. In
addition to the TMM global resource, Exploration Targets have been outlined
for four areas surrounding and adjacent to the Maturi and Birch Lake deposits.
The grade and tonnage ranges of the four exploration targets are based on
limited drill hole results. For the Maturi North and South targets, and the
Birch Lake target, the target grade ranges and tonnage ranges were based on
estimated blocks within the model above a 0.3% Cu cut-off grade that were not
classified as either Indicated or Inferred, and applying a ±20% variance to
the tonnages and grades to the estimates.  The Maturi West exploration target
was based on statistical analysis of limited drilling grades and thickness of
intercepts at a 0.30% Cu cut-off.

The potential quantity and grade of the Exploration Targets are conceptual in
nature, and there has been insufficient exploration to define the target as a
mineral resource, and it is uncertain if further exploration will result in
the target being delineated as a mineral resource.

Maturi

The area inside the Maturi model perimeter surrounding the boundary of the
Mineral Resource estimate was divided into two exploration targets, Maturi
North and Maturi South. An additional exploration target, Maturi West, lies
outside and to the west of the current model area. The tonnage and grades of
the Maturi North exploration target could range from 290 to 435 million tons
grading 0.41 to 0.61% Cu, 0.14 to 0.21 %Ni, 0.10 to 0.14 ppm Pt, 0.24 to 0.34
ppm Pd, and 0.07 to 0.07 ppm Au. The tonnage and grades of the Maturi South
exploration target could range from 330 to 500 million tons grading 0.42 to
0.62 %Cu, 0.13 to 0.19 %Ni, 0.14 to 0.21 ppm Pt, 0.31 to 0.45 ppm Pd, and 0.07
to 0.10 ppm Au. The tonnage and grades of the Maturi West exploration target
could range from 600 to 980 million tons grading 0.41 to 0.52 %Cu, 0.15 to
0.18 %Ni, 0.10 to 0.14 ppm Pt, 0.27 to 0.31 ppm Pd, and 0.07 to 0.07 ppm Au.
The ranges of PGE values stated for Maturi West are based on regression
formulas.

Birch Lake

The Birch Lake exploration target includes the area inside the Birch Lake
model perimeter surrounding the Indicated and Inferred Mineral Resources. The
tonnage and grades of the Birch Lake exploration target could range from 222
to 334 million tons grading 0.33 to 0.50 %Cu, 0.11 to 0.16 %Ni, and 0.39 to
0.58 ppm TPM (comprising 0.11 to 0.16 ppm Pt, 0.22 to 0.33 ppm Pd, and 0.05 to
0.8 ppm Au).

About the Resource Estimates

The figures for resources presented herein, including the anticipated tonnages
and grades that may be achieved or the indicated level of recovery that may be
realized, are estimates, and no assurances can be given that they will be
realized during production. Such estimates are, in large part, based on
interpretations of geological data obtained from drill holes and other
sampling techniques. Actual mineralization or favourable host rock units may
be different from those predicted. It may also take many years from the
initial phase of drilling before production is possible, and during that time
the economic feasibility of exploiting a deposit may change.

The Company's business of mineral exploration has a high level of inherent
risk. Although the Company is optimistic about the potential of many of its
projects, there is no guarantee that any mineral deposits will be economically
feasible and that these deposits will be put into production. The Company's
exploration and development activities may also be affected by a number of
risks, including environmental, metallurgical, financing, permitting,
approval, legislative and other government risks which are normal to the
industry and are referenced in greater detail in the Company's Annual
Information Form.

For the purposes of assessing reasonable prospects of economic recovery and
appropriate cut-off grade, the following assumptions were used:

  * Average mining costs: $16/t (all underground mining; long hole open
    stoping with backfill)
  * Average process costs: $12/t (flotation concentrate followed
    hydrometallurgical processing using Teck Resouorces Limited ("Teck") CESL™
    process ^[ ^6 ^] )
  * G&A costs: $2/t

Underground potentially mineable shapes were constrained by geology, and the
mine modeling software used was Vulcan™. The Maturi resource was estimated
using Ordinary Kriging with a maximum block size of 25 x 25 x 15 feet.
Indicated Mineral Resources generally extend 250 feet from well-drilled areas
showing continuity in NSR values and geological geometry. Areas defined by
only legacy drilling are not included within the Indicated Mineral Resource
outline. The Inferred Mineral Resource boundary typically extends 500 feet
from well-drilled areas showing continuity in NSR values and geological
geometry. A variable tonnage factor was used, but the average tonnage factor
was 10.5 ft ^3 /t. The metal prices used in the NSR calculation were mutually
agreed upon by TMM, Antofagasta and AMEC on December 7, 2011 and have not
changed for this estimate. Assumed metal prices and metallurgical recoveries
are presented in Tables 6a and 6b.

Table 6a - NSR calculation parameters, Maturi Deposit

                             Recovery   Recovery Recovery
    Metal      Price (US$)  Concentrate   CESL    Global  Payable
    Copper      $3.00/lb       94.3%     96.3%    90.8%   100.0%
    Nickel      $9.38/lb       72.0%     95.6%    68.8%    80.0%
    Platinum  $1840/troy oz    93.0%     59.4%    55.2%    80.0%
    Palladium $805/troy oz     90.0%     70.7%    63.6%    80.0%
    Gold      $1050/troy oz    85.0%     74.5%    63.3%    80.0%

Table 6b - NSR calculation parameters, Birch Lake Deposit

                              Recovery   Recovery Recovery
    Metal      Price (US$)   Concentrate   CESL    Global  Payable
    Copper       $3.00/lb       94.3%     96.3%    90.8%   100.0%
    Nickel       $9.38/lb       60.0%     95.6%    57.4%    80.0%
    Platinum  $1,840/troy oz    93.0%     59.4%    55.2%    80.0%
    Palladium  $805/troy oz     90.0%     70.7%    63.6%    80.0%
    Gold      $1,050/troy oz    85.0%     74.5%    63.3%    80.0%

_________________________________ ^[ ^6 ^] Teck has developed a
hydrometallurgical process named CESL(tm), that effectively recovers copper,
nickel and PGM's from bulk copper-nickel-PGM concentrates, which Duluth and
Twin Metals are considering as a concentrate processing alternative.
Concentrate from the Maturi group of deposits has been successfully procesed
at bench and pilot scale at Teck's hydrometallurgical facility in Richmond, BC
with average recovery of metal from concentrate into saleable product form as
reported in Table 7a and Table 7b.

For the non-legacy assay data utilized in these resource estimates, half core
samples were prepared at ALS Minerals laboratories in Thunder Bay and then
shipped to the ALS analytical facilities in Vancouver. Samples were analyzed
for Au, Pt, and Pd using a 30g standard fire assay with an ICP-AES finish. An
additional 33 elements were analyzed for using a four acid (near total)
digestion and a combination of ICP-MS and ICP-AES. ICP over-limits for copper
and nickel are re-analyzed using dissolution by four acid (near total)
digestion followed by ICP-AES or AAS. The remaining half core samples are
being stored in Minnesota. A system of blanks, standards and quarter-core
duplicates were added to the sample stream by Twin Metals Minnesota LLC to
verify accuracy and precision of assay results, supplementing and verifying a
variety of internal QA/QC tests performed by ALS Minerals.

All data verification and quality assurance/quality control procedures of Twin
Metals Minnesota LLC were applied specifically to the results contained in
this press release, and the data herein has been verified by Phillip Larson,
P. Geo., Senior Geologist with Duluth Metals and a Qualified Person under NI
43-101, in accordance with the procedures of the Company. The data
verification procedures and quality assurance/control procedures adopted by
the Company and applied to the work being reported in this press release can
be found in Section 11 of the "NI 43-101 Technical Report on the Maturi, Birch
Lake, and Spruce Road Copper-Nickel-PGE Projects, Ely, Minnesota, USA", with
an effective date of June 15, 2012, and dated July 27, 2012. The Technical
Report was filed on SEDAR under the Company's profile on July 27, 2012 (
http://www.sedar.com ).

Dr. Harry Parker, SME, Registered Member, Technical Director of AMEC, is the
Independent Qualified Person who prepared the Resource Estimate and is
responsible for the mineral resource estimates summarized in this press
release. Dr. Parker is a licensed Professional Geologist in the State of
Minnesota. 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 reviewed and approved the technical
content of this press release.

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 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 plc. 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.

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").

Image with caption: "Figure 1 (CNW Group/Duluth Metals Limited)". Image
available at:
http://photos.newswire.ca/images/download/20130121_C6967_PHOTO_EN_22686.jpg

Image with caption: "Figure 2 (CNW Group/Duluth Metals Limited)". Image
available at:
http://photos.newswire.ca/images/download/20130121_C6967_PHOTO_EN_22687.jpg

Image with caption: "Figure 3 (CNW Group/Duluth Metals Limited)". Image
available at:
http://photos.newswire.ca/images/download/20130121_C6967_PHOTO_EN_22688.jpg

For further information:Mara Strazdins Vice President Investor Relations and
Corporate Communications Telephone: +1(416)369-1500 ext. 222 Email: 
mstrazdins@duluthmetals.com  Vern Baker President Telephone: +1(651)389-9990
Email:  vbaker@duluthmetals.com Webpage:   http://www.duluthmetals.com
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement