This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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

Twin Metals Minnesota LLC is the joint venture company between Duluth Metals Limited (60% ownership interest) and Antofagasta plc (40% ownership interest).  In 2011, Twin Metals Minnesota LLC acquired Franconia Minerals Corporation.  Franconia`s principal assets are a 70% interest in the Birch Lake, "old Maturi" (not including former Nokomis property) and Spruce Road deposits through the Birch Lake Joint Venture, with Beaver Bay Resources owning the remaining 30%.  Franconia announced in November, 2010 its intention to increase its ownership at the Birch Lake Joint Venture to 82% upon commencement of production. All of the forgoing Indicated and Inferred Mineral Resources are expressed as a 100% ownership position.  Exploration Target tonnages reflect TMM's current 70% interest in a portion of these properties, which will increase to 82% upon production.

The Mineral Resource Estimate discussed in the Technical Report incorporates assay data from 266 holes totalling 871,000 feet drilled on the Maturi deposit between 2006 and 2011, in addition to information from 99 legacy holes also in the geologic data base. The Birch Lake deposit resource estimate incorporates assay data from 65 holes totalling 155,000 feet drilled between 2000 and 2010, and information from an additional 14 legacy holes. The Spruce Road deposit resource estimate incorporates assay data from 210 legacy holes. The effective date of the mineral resource estimate is April 23, 2012.

The new Mineral Resource estimate represents an increase in tonnage and metal over what was used in Duluth Metal's Preliminary Economic Assessment (PEA) of January 8, 2009. The current Prefeasibility Study that is underway will review the scale, timing, and development of the Twin Metals Minnesota Project such that the information is appropriate to this latest estimate; additional modifications to some assumptions in the current Prefeasibility Study are likely when the results of the planned Fall 2012 update to the Mineral Resource estimates are available. The January 8, 2009 PEA report should be considered no longer relevant to the Twin Metals Minnesota Project.

A map showing the boundaries of the areas for which Indicated and Inferred Mineral Resources have been estimated and the Exploration Target Areas can be found as part of this press release, and is posted on the Company website at http://www.duluthmetals.com.

The Mineral Resource estimates in the Technical Report for the Maturi, Birch Lake and Spruce deposits are based on a 0.3% copper cut-off grade to define the resource model.  Based on AMEC`s review of metal prices, process recoveries, refining costs and underground mine operating costs likely to apply at the Twin Metals site, the 0.3% copper cut-off grade (highlighted) is considered the base case for the statement of Indicated and Inferred Mineral Resources at this time.

4 of 8

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs