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Duluth Metals Announces New AMEC NI 43-101 Technical Report Confirming Significant Increases To Twin Metals' Copper-Nickel-Palladium-Platinum-Gold Resource

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 referenced in greater detail in the Company's Annual Information Form.

Tables of the updated resource tons and grades for various cut-offs are shown below:

    Maturi Deposit, Minnesota
               Indicated Mineral Resources[1,2]
    Cut-off Tons  Cu   Ni   Au    Pt    Pd    TPM
     Grade  (Mt)  %    %    ppm   ppm   ppm   ppm
    0.2% Cu 836  0.51 0.16 0.073 0.139 0.317 0.529
    0.3% Cu 726  0.55 0.17 0.078 0.150 0.342 0.570
    0.4% Cu 607  0.59 0.18 0.083 0.162 0.367 0.612
    0.5% Cu 430  0.64 0.20 0.091 0.180 0.408 0.679
    0.6% Cu 248  0.71 0.22 0.101 0.205 0.464 0.770
               Inferred Mineral Resources[1,2]
    Cut-off Tons  Cu   Ni   Au    Pt    Pd    TPM
     Grade  (Mt)  %    %    ppm   ppm   ppm   ppm
    0.2% Cu 748  0.49 0.17 0.070 0.110 0.306 0.486
    0.3% Cu 651  0.53 0.18 0.075 0.118 0.328 0.521
    0.4% Cu 531  0.57 0.19 0.079 0.124 0.350 0.553
    0.5% Cu 354  0.63 0.21 0.088 0.132 0.389 0.609
    0.6% Cu 190  0.70 0.24 0.098 0.135 0.434 0.667
  1. CIM Definition Standards (2010) were followed for Mineral Resource estimation and classification.
  2. TPM is defined as Au + Pt + Pd.
    Birch Lake Deposit, Minnesota
               Inferred Mineral Resources[1,2]
    Cut-off  Tons    Cu   Ni   Au   Pt   Pd  TPM
     Grade   (Mt)    %    %   ppm  ppm  ppm  ppm
    0.2% Cu   346   0.44 0.14 0.09 0.18 0.39 0.66
    0.3% Cu   242   0.52 0.16 0.11 0.23 0.49 0.83
    0.4% Cu   196   0.57 0.17 0.13 0.26 0.55 0.94
    0.5% Cu   141   0.61 0.18 0.14 0.28 0.60 1.02
    0.6% Cu   65    0.68 0.20 0.16 0.32 0.68 1.16
  1. CIM Definition Standards (2010) were followed for Mineral Resource estimation and classification.
  2. TPM is defined as Au + Pt + Pd.
    Spruce Road Deposit, Minnesota
                  Inferred Mineral Resources[1]
      Cut-off       Tons        Cu        Ni
       Grade        (Mt)         %         %
      0.2% Cu        674       0.38      0.14
      0.3% Cu        480       0.43      0.16
      0.4% Cu        254       0.50      0.18
      0.5% Cu        101       0.57      0.21
      0.6% Cu        24        0.66      0.24
  1. CIM Definition Standards (2010) were followed for Mineral Resource estimation and classification

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 follow by Platsol)
  • G&A costs: $2/t

Underground mineable shapes were constrained by geology, mine modeling software was Vulcan with Ordinary Kriging, maximum block size was 25 x 25 x 15 feet. The Indicated 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 Resource outline. The Inferred 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 cu-ft/t. Assumed metal prices and recoveries are as follows:

                             Recovery     Net
    Metal    Price (US$)  Concentrate Payable
    Copper      $3.00/lb      94.80%     90.6%
    Nickel      $9.38/lb      72.80%     70.6%
    Gold      $1050/troy oz   68.40%     54.2%
    Palladium $805/troy oz    85.20%     72.8%
    Platinum  $1840/troy oz   87.70%     75.0%

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 its analytical facilities in Vancouver. Samples were analyzed for Au, Pt, and Pd using a 30g standard fire assay with an ICP-AES finish and for 33 other elements 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 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 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 14 of the "Technical Report On The Mineral Resource Estimate For The Nokomis Deposit On The Nokomis Property, Minnesota, U.S.A.", with an effective date of October 26, 2009, and dated December 10, 2009. The Technical Report was filed on SEDAR under the Company's profile on December 11, 2009 ( http://www.sedar.com).

Dr. Harry Parker, SME, Registered Member, Technical Director of AMEC, is the Independent Qualified Person who prepared the Interim Resource Estimate and is responsible for the technical content and review of this press release. Dr. Parker is also a licensed Professional Geologist in the State if 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.

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