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Duluth Metals Announces CDN $30 Million Convertible Debenture Financing



   Duluth Metals Announces CDN $30 Million Convertible Debenture Financing

  PR Newswire

  TORONTO, April 1, 2013

TORONTO, April 1, 2013 /PRNewswire/ --

Duluth Metals Limited ("Duluth Metals") ("Company") (TSX: DM) (TSX:DM.U) today
announced that the Company has entered into a binding term sheet with CEF
Holdings Limited ("CEF") to issue and sell to CEF CDN $30 Million in aggregate
principal amount of unsecured convertible debentures of Duluth Metals. The
debentures will carry a 7.5% coupon over a 5 year term with a conversion price
based on a 30% premium to the 20 day volume-weighted average price (VWAP) of
Duluth Metals shares at the close of trading on March 28, 2013.  Accordingly,
the 20 day VWAP is $1.74 and the conversion price is $2.26.  The financing
will be used to fund certain development expenses of the Twin Metals Minnesota
Project ("TMM"), the Company's expenses on its 100% owned exploration
properties and for general corporate purposes. TMM is a large mining
development project in Northern Minnesota and is a joint venture between the
Company and Antofagasta plc.  Antofagasta plc and Wallbridge Mining Company
Limited each have pre-emptive participation rights to participate in this
financing by purchasing additional debentures to the CDN $30 Million funding. 
The financing is subject to the satisfaction of customary conditions,
including listing approval by the Toronto Stock Exchange of the underlying
convertible common shares.

About CEF Holdings Limited

CEF Holdings Limited is owned 50% by Cheung Kong (Holdings) Limited and 50% by
the Canadian Imperial Bank of Commerce ("CIBC"). Cheung Kong (Holdings)
Limited is the publicly-listed flagship company of the Cheung Kong Group of
companies, the Hong Kong based multi-national conglomerate with a combined
market cap of the Group in excess of $100 billion as of February 28, 2013.
CIBC is a leading North American financial institution with operations around
the world. CEF is an investor in significant resource assets on a global
basis.

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

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

(DM. DM.U.)
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