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Re: News Release - Wednesday, May 21, 2008
Duluth Metals Announces Early Warrant Exercise
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TORONTO, Ontario, May 21, 2008 - Duluth Metals Limited ("Duluth
Metals") (TSX: DM) (TSX:DM.U) Duluth Metals is pleased to announce in
response to a request by the Company that institutional participants in
the April/May 2007 private placement have exercised since the beginning
of November 2007, a total of 8,926,879 warrants producing approximately
Cdn$14,729,000 of funding.

"We are extremely appreciative of our institutional shareholders
providing additional funding to support our aggressive exploration
program. The new funding was achieved by way of an early exercise of
warrants that do not expire until May 2010. Drawbridge Global Macro,
Goldman Sachs, and Trafigura, amongst others, have all participated in
the early exercise two years ahead of expiry", said Henry J. Sandri,
President and CEO. "Drawbridge Global Macro now holds 10,000,000
common shares which represents an approximate 12.64% share position in
Duluth Metals after their most recent exercise and gives them an equal
percentage to our other largest shareholder, Wallbridge Mining Company
Limited."

Duluth Metals currently has five drills turning on the property. Two of
the rigs are continuing with large diameter PQ core drilling with the
objective of providing bulk sample material for further metallurgical
test work.

In addition, an Interim Mineral Resource Estimate is being prepared by
independent consultants. This estimate is expected at the end of May.

About Duluth Metals

Duluth Metals is committed to acquiring, exploring and developing
copper, nickel and platinum group metal (PGM) deposits. Duluth Metals'
principal property is the Nokomis Deposit located within the rapidly
emerging Duluth Complex mining camp in northeastern Minnesota. The
Duluth Complex hosts one of the world's largest undeveloped
repositories of copper, nickel and PGMs, including the world's third
largest accumulation of nickel sulphides, and one of the world's
largest accumulations of polymetallic copper and platinum group metals.


This document may contain forward-looking statements (including
"forward-looking statements" within the meaning of the US Private
Securities Litigation Reform Act of 1995) relating to Duluth Metals'
operations or to the environment in which it operates. Such statements
are based on operations, estimates, forecasts and projections. They are
not guarantees of future performance and involve risks and
uncertainties that are difficult to predict and may be beyond Duluth
Metals' control. A number of important factors could cause actual
outcomes and results to differ materially from those expressed in
forward-looking statements, including those set forth in other public
filings. In addition, such statements relate to the date on which they
are made. Consequently, undue reliance should not be placed on such
forward-looking statements. Duluth Metals disclaims any intention or
obligation to update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise, save and
except as may be required by applicable securities laws.

For further information: please contact Mara Strazdins, Director of
Corporate Communications, at mstrazdins@duluthmetals.com or at (416)
369-1500 or Henry Sandri, President and CEO, at
hsandri@duluthmetals.com. U.S. corporate office: telephone
651-389-9990.

Web Page: www.duluthmetals.com

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Copyright (c) 2008 DULUTH METALS LIMITED (DM) All rights reserved.
For more information visit our website at http://www.duluthmetals.com/
or send mailto:info@duluthmetals.com
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