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TheStreet Open House

Duluth Metals Announces An Updated Mineral Resource Estimate Confirming Large Increases To Twin Metals Contained Metal, Grade And Indicated Tonnage

TORONTO, December 4, 2012 /PRNewswire/ --

Figure 1 - Map of Twin Metals Minnesota Indicated Resources, Inferred Resources, and Exploration Target Areas. (CNW Group/Duluth Metals Limited)

Media

  • Amongst the world's largest Cu-Ni-PGM polymetallic sulphide deposits with contained metals (using a 0.3% Cu cut-off) of 13.7 billion lbs copper, 4.4 billion lbs nickel, and 21.2 million ozs palladium+platinum+gold (TPM) [ 1 ]in the Indicated category and 11.8 billion lbs copper, 4.0 billion lbs nickel, and 12.8 million ozs TPM [ 1 ] in the Inferred category, representing an average 19% increase from the June 2012 interim AMEC Report.
  • Using a base case 0.3% Cu cut-off, AMEC estimated an Indicated Mineral Resource of 1.17 billion tons [ 2 ] and an Inferred Mineral Resource of 1.26 billion tons on the three deposits (Birch Lake, Maturi and Spruce Road) occurring on approximately 11% of the footprint of the prospective portion of the Twin Metals Minnesota (TMM) property block, representing a 60% increase in Indicated Tons and a 9% increase in Inferred Tons from the June 2012 interim report.
  • The S3 Subunit (which is a subset of the base case mineral resource estimate for the Maturi Deposit) using a higher 0.5% Cu cut-off contains 622 million tons in the Indicated category and 198 million tons in the Inferred category. This material may have potential to provide higher-grade mill feed for the early stages of any planned mining operation.
  • Exploration Target areas include additional potential resources of between 1.4 and 2.2 billion tons contiguous to the boundaries of the three deposits. These Exploration Target areas occur on approximately 12% of the footprint of the prospective portion of the TMM property block.
  • The AMEC updated mineral resource estimate highlights a growing Platinum Group Metal (PGM) and gold resource of 21.2 million ozs Indicated and 12.8 million ozs Inferred in the Maturi and Birch Lake deposits. A decline of 3.0 million ozs contained in the Inferred Resource from the June 2012 interim report is offset by a 9.1 million ozs (75%) increase in the Indicated Resource. The TMM project has one of the world's largest palladium and platinum resources outside of South Africa.

Duluth Metals Limited (" Duluth") (TSX: DM) (TSX:DM.U) today announced that Twin Metals Minnesota LLC (TMM) has received a draft NI 43-101 Technical Report on the consolidated mineral resources for the Twin Metals Minnesota Project in Northeastern Minnesota prepared by an AMEC E&C Services Inc. (AMEC) team led by Dr. Harry Parker. This final study utilizes 867 drill holes and 308 wedge offsets to confirm the Twin Metals Minnesota Project to be one of the largest base and precious metal deposits in the world of this type. In addition, the PGM resource estimate confirms the project to be one of the largest palladium and platinum resources outside of South Africa. The final NI 43-101 compliant Technical Report will be delivered by AMEC and filed on SEDAR within 45 days from today's date.

Vern Baker, President of Duluth Metals, commenting on the report stated: "This final AMEC report confirms the impressive nature of the deposits, with very large qualified resources on only 11% of the Twin Metals Minnesota property. All key parameters including grade, tonnage, and contained metal have grown substantially since the June 2012 interim report. The updated resource statement provides greater clarity on continuous zones of higher grade mineralization for TMM's ongoing prefeasibility study. Mine planning will focus on utilizing the higher grade areas for initial mine sequencing, potentially improving the business/ economic model significantly."

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