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Duluth Metals Announces SEDAR Filing Of AMEC Technical Report On The Twin Metals Project

[ 1 ] Values for the Pt, Pd and Au components of TPM are shown on page 5. [ 2 ] All tonnages are reported as short tons.

Details in the report are as follows:

The study 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 726 million tons of Indicated Mineral Resources grading 0.55% copper, 0.17% nickel, 0.570 parts per million TPM (TPM = Pt + Pd + Au),  plus    an additional 651 million tons of Inferred Mineral Resources grading 0.53% copper, 0.18% nickel, 0.521 parts per million TPM.
  • Using a base case 0.3% Cu cut-off, the Birch Lake Deposit** contains 242 million tons of Inferred Mineral Resources grading 0.52% copper, 0.16% nickel, 0.83 parts per million TPM (TPM = Pt + Pd + Au).
  • 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 resource estimates include 100% of the identified material in each deposit, and include mineral resources acquired as a part of Twin Metals Minnesota's (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.

Contained metals in the new resources are as follows:

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