Duluth Metals Provides Twin Metals Minnesota Project Pre-feasibility Update

 Duluth Metals Provides Twin Metals Minnesota Project Pre-feasibility Update

  PR Newswire

  TORONTO, January 7, 2014

TORONTO, January 7, 2014 /PRNewswire/ --



  *Pre-feasibility completion scheduled for mid-year, 2014.
  *A new comprehensive NI 43-101 compliant Technical Report on the
    Pre-Feasibility Study is scheduled for completion by mid-year, 2014.
  *In addition, a NI 43-101 compliant Technical Report on an updated Resource
    for the project will be completed by Spring, 2014.

Duluth Metals Limited ("Duluth Metals") (TSX: DM) (TSX: DM.U) is pleased to
announce that the Twin Metals Minnesota Project ("Twin Metals")
Pre-feasibility is progressing well with a completion date scheduled for
mid-year 2014. Over the next few months, the main focus is the completion of
the Pre-feasibility Study and delivering by mid-year a comprehensive NI 43-101
compliant Technical Report on this phase of the project development. In
addition, a NI 43-101 compliant Technical Report on an updated resource
estimate for the project is scheduled to be completed by Spring, 2014. The
updated resource estimate will incorporate all drilling since September 2012,
including the 35 closely spaced diamond drill holes within the Maturi Deposit
designed to provide the Joint Venture team the necessary information to define
the drill spacing required to upgrade Indicated to Measured Resource within
the resource base (see Duluth Metals press release dated Dec 6, 2013, "Duluth
Metals Announces Results from Twin Metals Fence Drilling Program").

The Twin Metals copper-nickel-platinum-palladium-gold project is being
developed by joint venture partners Antofagasta plc and Duluth Metals. Over
the last year, Twin Metals has concentrated on optimizing the project in every
dimension, including:

  *Mine planning, including a detailed mining plan utilizing large scale
    underground mining methods
  *Metallurgy, including detailed analysis of selective flotation and
    downstream processing
  *Various milling capacity options
  *Surface facility definition and planning
  *Environmental studies and planning
  *Marketing studies for various products

"The Twin Metals Project is based on a resource with the scale and extent to
provide many options for development. The project continues to have multiple
avenues for that development, and the current plans will be directed at what
the first development within the project will look like." stated Vern Baker,
President of Duluth Metals. "The Twin Metals Project is one of the most
capital efficient large mining projects in the world, situated in one of the
best jurisdictions in the world, with exceptional infrastructure nearby."

The Twin Metals Minnesota Project covers over 32,000 acres of land/mineral
interests and consolidates the largest base and precious metal land position
in Minnesota. This extensive land position provides Twin Metals with the
platform to plan and develop one of the world's largest copper-nickel-PGM
deposits. Using a 0.3% Cu cut-off, the Twin Metals Project has a global
mineral resource of 1.17 billion tons of Indicated Resource and 1.26 billion
tons of Inferred Resource, located on approximately 11% of the footprint of
the prospective portion of the Twin Metals property block (see Duluth Metals
press release dated Jan 21, 2013, "Duluth Metals Announces SEDAR filing of
AMEC Technical Report on the Twin Metals Project"). Mine planning is focusing
on the higher grade S3 Subunit in the Maturi Deposit, which using a 0.6% Cu
cut-off, contains 500 million tons of Indicated Resource grading 0.72% Cu,
0.23% Ni and 0.78 ppm TPM ^[ ^1 ^] , plus 129 million tons of Inferred
Resource grading 0.70% Cu, 0.22% Ni and 0.92 ppm TPM. ( ^[ ^1 ^] TPM = Total
Precious Metals (Platinum+Palladium+Gold))

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 Metals 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 a wholly-owned subsidiary of Antofagasta plc (Antofagasta)
on the Twin Metals Minnesota 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. 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.

__________________________ ^[ ^1 ^] TPM = platinum + palladium + gold



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
 
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