Duluth Metals announces that it will not proceed with DEL IPO

        Duluth Metals announces that it will not proceed with DEL IPO

PR Newswire

TORONTO, March 21, 2013

TORONTO, March 21, 2013 /PRNewswire/ - Duluth Metals Limited ("Duluth Metals")
(TSX: DM) (TSX:DM.U) today announced that its Board of Directors has decided
not to proceed with an IPO financing for its wholly-owned subsidiary Duluth
Exploration Limited ("DEL") in view of current market and IPO conditions. As
a result the DEL Special Warrants distributed in August 2011 to the
shareholders of Duluth Metals as a dividend in kind will expire on July 31,
2013 and DEL will continue to be a wholly-owned subsidiary of Duluth Metals.
In addition, effective today the Board has cancelled all Management and
Director options related to DEL which otherwise would have vested upon the
liquidity event.

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  or nearby  the Twin  Metals 
Minnesota LLC joint venture.

SOURCE Duluth Metals Limited

Contact:

Mara Strazdins
Vice President Investor Relations and Corporate Communications
Telephone: (416) 369-1500 ext. 222
Email:mstrazdins@duluthmetals.com

Vern Baker
President
Telephone: (651) 389-9990
Email:vbaker@duluthmetals.com

Webpage:www.duluthmetals.com
 
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