CONTAINED METALS IN THE TMM RESOURCE*
METAL INDICATED RESOURCE INFERRED RESOURCE Copper 8.0 Billion lbs. 13.5 Billion lbs. Nickel 2.5 Billion lbs. 4.6 Billion lbs. Platinum 3.2 Million ozs. 3.9 Million ozs.** Palladium 7.2 Million ozs. 9.7 Million ozs.** Gold 1.7 Million ozs. 2.2 Million ozs.*** Note - Based on mineral resources estimated at base case 0.3% copper cut-off grade. ** Note - Contained ounces of platinum, palladium, and gold in the Inferred category do not include the Spruce Road deposit. Christopher Dundas, Chairman and CEO of Duluth Metals commented, "The new study confirms very impressive contained metal on only 11% of the property block including 12.1 million Indicated ounces and 15.8 million Inferred ounces of TPMs. Clearly the growing platinum group metals and gold resource within the Twin Metals Minnesota Project makes it one of the world`s larger palladium and platinum resources outside of South Africa." Commenting on the flexibility of the resource, Vern Baker stated: "The grade-tonnage profile of the deposit is such that evaluating the mineral resource estimate using a 0.5% Cu cut-off provides an Indicated Mineral Resource of 430 M tons at 0.64% Cu, 0.20% Ni, and 0.68 ppm TPM (TPM = Pt + Pd + Au) in the Maturi deposit; an Inferred Mineral Resource of 495 M tons at 0.62% Cu, 0.20% Ni, and 0.73 ppm TPM in the Maturi and Birch Lake deposits, as well as an additional Inferred Mineral Resource of 101 M tons at 0.57% Cu and 0.21% Ni in the Spruce Road deposit. The relative large tonnage available at increased grade cut-off indicates the potential flexibility in scheduling production to maximize the value of the project." The AMEC work included evaluating the potential Exploration Targets near the Maturi resource. Three target areas were estimated: Maturi North, Maturi South and Maturi West. The location of the three Exploration Targets is shown in the map accompanying this press release. The estimated tonnage and grades of the Maturi North Exploration Target range from 450 to 690 M tons grading 0.44 to 0.52 %Cu, 0.16 to 0.18 %Ni, 0.08 to 0.12 ppm Pt, 0.21 to 0.29 ppm Pd and 0.05 to 0.07 ppm Au. The estimated tonnage and grades of the Maturi South Exploration Target range from 350 to 740 M tons grading 0.42 to 0.55 %Cu, 0.13 to 0.17 %Ni, 0.21 to 0.28 ppm Pt, 0.51 to 0.55 ppm Pd and 0.09 to 0.13 ppm Au. The estimated tonnage and grades of the Maturi West Exploration Target range from 600 to 980 M tons grading 0.41 to 0.52 %Cu, 0.15 to 0.18 %Ni, 0.10 to 0.13 ppm Pt, 0.26 to 0.32 ppm Pd and 0.06 to 0.08 ppm Au. The grade and tonnage ranges of the three exploration targets are based on limited drill hole results. The potential quantity and grade of the Exploration Targets is conceptual in nature, and there has been insufficient exploration to define the target as a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.