Franconia Minerals Shareholders Approve Arrangement With Duluth Metals
Published : March 03, 2011

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Keywords :   Copper | Market | Nickel | Palladium | Platinum | Storage |

TORONTO, ONTARIO--(Marketwire - March 3, 2011) - Duluth Metals Limited ("Duluth") (News - Market indicators)(TSX:DM.U) and Franconia Minerals Corporation ("Franconia") (TSX:FRA) are pleased to announce that Franconia shareholders have approved the previously announced plan of arrangement involving Duluth and Franconia (the "Arrangement").

At the special meeting of Franconia shareholders held earlier today, the Arrangement was approved by 88% of the votes cast by shareholders of Franconia represented in person or by proxy at the special meeting.

The completion of the Arrangement remains subject to the approval of the Court of Queen's Bench of Alberta. The hearing is to be held in Calgary, Alberta on March 4, 2011 at 2:00 p.m. If approved and all other conditions to the Arrangement are satisfied, Duluth will acquire all of the outstanding common shares of Franconia and Franconia will become a wholly-owned subsidiary of Duluth. Franconia's assets are expected to be rolled into Twin Metals Minnesota LLC, a Duluth (60%) and Antofagasta plc (40%) joint venture.

The common shares of Franconia are expected to be delisted from the Toronto Stock Exchange (the "TSX") at the close of trading on or about two business days after the closing of the Arrangement. The common shares of Duluth issued under the Arrangement are expected to be listed for trading on the TSX at the opening of trading on or about the third business day after the closing of the Arrangement.

Closing of the Arrangement is expected to occur on March 7, 2011.

Further information regarding the Arrangement may be found in the information circular and proxy statement of Franconia dated February 3, 2011 in connection with the special meeting of Franconia shareholders which is available under Franconia's profile at www.sedar.com.

About Duluth Metals Limited

Duluth Metals Limited is committed to acquiring, exploring and developing copper, nickel and platinum group metal (PGM) deposits. Duluth Metals has a joint venture with Antofagasta plc on the Nokomis Project, located within the rapidly emerging Duluth Complex mining camp in north-eastern 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. Aside from the joint venture, Duluth Metals retains a 100% position on approximately 31,000 acres of mineral interests on exploration properties adjacent to and nearby the Nokomis joint venture.

About Twin Metals Minnesota LLC

Twin Metals Minnesota LLC is a new joint venture company, which is 60% owned by Duluth Metals and 40% by Antofagasta plc. The joint venture's principal asset is called the Nokomis Project, located within the Duluth Complex mining camp in north-eastern Minnesota.

About Franconia Minerals Corporation

Franconia Minerals Corporation is currently focused on the development of the Duluth Complex copper-nickel-platinum-palladium project - consisting of the Birch Lake, Maturi and Spruce Road deposits - in this highly prospective region of north-eastern Minnesota. Underground mining at Birch Lake will minimize the surface impact of the operation. Also, storage of mine wastes underground would further minimize the surface impact. Additional resources at the Birch Lake project include Inferred Resources at the Maturi deposit (see news release of September 6, 2006) and at the Spruce Road deposit (see news release of Franconia dated December 3, 2007). Independent reports prepared to NI 43-101 standards by Scott Wilson RPA are available at www.SEDAR.com and www.franconiaminerals.com.

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 and Franconia's operations or to the environment in which they operate. 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 and Franconia's 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 and Franconia disclaim 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 more information, please contact

Duluth:
Mara Strazdins
Director of Corporate Communications
(416) 369-1500 ext. 222
mstrazdins@duluthmetals.com
or
Vern Baker
President
(651) 389-9990
vbaker@duluthmetals.com
www.duluthmetals.com
or
Franconia:
Greg Taylor
(905) 337-7673
gtaylor@franconiaminerals.com
www.franconiaminerals.com
or
Kingsdale Shareholder Services Inc.,
Franconia's proxy solicitation agent and information agent
and depositary, by (i) telephone (toll-free in North America
at 1-866-481-2532, or if outside North America,
(416) 867-2272; or
(ii) email at contactus@kingsdaleshareholder.com

Duluth Metals Limited Inc.

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Duluth Metals is a nickel and palladium exploration company based in Canada.

Duluth Metals develops nickel, palladium, cobalt, copper, gold, lead and platinum in USA, and holds various exploration projects in Canada.

Its main asset in development is BIRCH LAKE in USA and its main exploration property is NOKOMIS in Canada.

Duluth Metals is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 63.1 millions as of today (US$ 50.9 millions, € 44.8 millions).

Its stock quote reached its highest recent level on December 31, 2007 at CA$ 4.07, and its lowest recent point on October 31, 2014 at CA$ 0.06.

Duluth Metals has 141 880 000 shares outstanding.

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In the News and Medias of Duluth Metals Limited Inc.
7/5/2008Duluth Complex: A World-Class Value Play
Annual reports of Duluth Metals Limited Inc.
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Financings of Duluth Metals Limited Inc.
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3/18/2014Completes First Tranche of Private Placement
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5/27/2011ANNOUNCES NORMAL COURSE ISSUER BID AND SECURITIES REPURCHASE...
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4/16/2013(Minnesota Project)Highlights 110 feet of 0.94% Copper, 0.31% Nickel and 1.17 g...
2/12/2013Announces that Twin Metals Minnesota has Appointed Kelly J. ...
2/5/2013Identifies Two New Mineralized Areas on Exploration Lands
1/21/2013Announces SEDAR filing of AMEC Technical Report on the Twin ...
11/9/2012(Minnesota Project)Highlights 136 feet of 0.945% Copper, 0.256% Nickel and 0.63...
10/11/2012(Minnesota Project)Highlights 155 feet of 1.371% Copper, 0.281% Nickel and 0.86...
10/10/2012Announces Second Drill Rig Mobilized On The East Shore Prope...
9/24/2012Announces Commencement Of Drilling At Nickel Lake Macrodike
9/21/2012Confirms Receipt Of Prospecting Permits From Bureau Of Land ...
9/17/2012Set To Drill Significant Exploration Properties Outside Of J...
5/30/2012(Minnesota Project)Highlights 209 feet of 2.01% Copper Equivalent at west Matur...
9/21/2011Announces Twin Metals Minnesota Contract with Bechtel for Pr...
7/7/2011(Nokomis)Announces 120 feet of 2.19g/t Total Precious Metals 350 Metr...
5/5/2011Announces $8 Million Drilling and Work Program for Explorati...
4/28/2011Announces Aggressive 2011 Program for Twin Metals Project af...
3/29/2011(Nokomis)Announces Higher Grade Intercepts With New Twin Metals Drill...
7/21/2010(Nokomis)Signs Definitive Participation Agreement With Antofagasta Pl...
6/23/2010(Nokomis)Returns 2.2% Copper Equivalent Over 75 Feet
5/17/2010(Nokomis)Hits 2.6% Copper Equivalent Over 125 Feet at Nokomis
4/22/2010(Nokomis)Expands Higher Grade Area
3/22/2010(Nokomis)Higher Grade Assays In First Hole From Winter Drilling Progr...
3/4/2010(Nokomis)Ramps up Winter Exploration
1/28/2010(Nokomis)Set To Explore Significant Properties Outside Of Nokomis Joi...
12/11/2009Receives NI 43-101 Report and Updated Resource Estimate for ...
10/26/2009(Nokomis)Expands Nokomis Resource to 550 Million Indicated Tonnes and...
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12/4/2008(Nokomis)continues to receive wide significant mineralized intersecti...
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7/22/2008(Nokomis)Receives Ni 43-101 Report On Interim Nokomis Deposit Resourc...
4/2/2008(Nokomis)Cuts New High Grade Zone Below Nokomis Deposit
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2/14/2008(Nokomis)Continued Drilling Expands Nokomis Deposit
Corporate news of Duluth Metals Limited Inc.
12/16/2014commences mailout of management information circular for arr...
12/3/2014Granted Interim Order For Arrangement
11/10/2014completes initial tranche of private placement with Antofaga...
10/3/2014(Minnesota Project)Files NI 43-101 Pre-feasibility Study Technical Report on th...
6/2/2014Annual General Meeting to be Held at 10:00 AM EDT June 9th a...
2/26/2014Announces Increased Tonnage, Metal Content and an Upgraded M...
9/4/2013Announces High Grade Nickel Intercepts Indicative of New Con...
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1/17/2012Announces 40 feet of 2.67 g/t Total Precious Metals on Lates...
8/31/2011Completes Transfer of Franconia Minerals Assets into Twin ...
8/18/2011Information Bulletin Re Dividend of Special Warrants to its ...
8/2/2011Commences Drilling Program on Platinum Targets on the Land ...
7/28/2011Announces Dividend of Special Warrants of Duluth Exploration...
6/9/2011Announces 34.5 feet at 2.82% CuEq from Twin Metals New Drill...
6/7/2011Annual and Special Meeting to be Held June 15th at One King ...
3/3/2011Franconia Minerals Shareholders Approve Arrangement with Dul...
8/9/2010Last Week's Events
6/8/2010Annual And Special Meeting To Be Held At The Toronto Board O...
11/18/2009Nominated for Mining Journal's Exploration Award
10/30/2009Confirms 12 Million Indicated Ounces And 6 Million Inferred ...
8/18/2009Hole Hits Mineralization 900 Meters Southwest Of Defined Bou...
6/16/2009expands exploration land holdings in the Duluth Complex
9/10/2008Progress Report On The Nokomis Deposit
8/14/2008Continues Infill Drilling On The Nokomis Deposit
5/21/2008Announces Early Warrant Exercise
3/25/2008 Presents At John Tumazos Very Independent Research, Llc Met...
3/4/2008 Hits Higher Grade Mineralization In Eastern Area
2/19/2008options key infrastructure land parcel
9/5/2007new drill results confirm increased mineralization to Nokomi...
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