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Duluth Metals Limited Inc.

Publié le 11 mars 2008

Expands Strategic Land Position by Over 350 Percent

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Mots clés associés :   Copper | Nickel |

Re:        News Release - Tuesday, March 11, 2008
Title:     Duluth Metals Expands Strategic Land Position By Over 350 Percent

TORONTO, Ontario, March 11, 2008 -- Duluth Metals Limited ("Duluth Metals") (TSX: DM) (TSX:DM.U) today announced a substantial increase in their strategic land position in the highly prospective Duluth Complex with the addition of approximately 9,275 acres of mineral rights in two different locations. These new land additions increase Duluth Metals mineral rights holdings by more than 355%, from 2,612 acres to a total of 11,887 acres. Both land parcels are located in Lake County, Minnesota.

The first land tract, joining two portions of Duluth Metals' Maturi Extension Properties, will allow Duluth Metals to extend their drilling program directly south west of the Nokomis Deposit with the possibility of expanding the current Resource Block. The second tract is situated in a new unexplored area largely within the South Kawishiwi Intrusion ("SKI"), approximately 7.0 kilometers (4.9 miles) to the south of the Maturi Extension Properties.

The first tract (called "Bridge Property") covering an area of approximately 395 acres has been leased from the State and several private interests and is adjacent to Duluth Metals' Maturi Extension Properties, which hosts the copper-nickel-PGE Nokomis Deposit. This new parcel is contiguous to Duluth Metals' original land position and adds significant strategic acreage to the southwest. This will allow Duluth Metals continuous exploration of the southwest extension of the Nokomis Deposit, through the newly leased properties, to its existing Nickel Ridge parcel. Historical drilling adjacent to this new parcel indicates Nokomis style mineralization exists for at least a kilometer to the southwest, with most holes showing an enhanced copper and nickel grades at Nickel Ridge. Duluth Metals' step-out drilling program, dedicated to expanding the Nokomis Resource Block, will attempt to confirm these historical results. The total distance from the present southwest boundary of the currently defined Nokomis Deposit along the trend to the southern boundary of the new tract of land is approximately 2.1 kilometers (1.3 miles).

"Duluth Metals has been working diligently to acquire property assets in the Duluth Complex that are likely to host additional mineralization to add to our inventory and will link to our property blocks. We have been successful on several fronts and have added enormously to our exploration portfolio. We have now made all of the known and potential mineralized areas within the expanded Maturi Extension Properties contiguous", stated Dr. Henry Sandri, President & CEO.

The second tract (called "State Lands Property") consists of 8,880 acres leased from the State of Minnesota. The majority of this land is believed to lie within the area of the SKI. There has been no exploration of the mineralized horizon at this location, but exploration on adjoining lands in the SKI shows evidence of significant copper/nickel/PGE mineralization. During the 2008 field season, Duluth Metals will initiate geological and geophysical investigations to evaluate the mineral potential of this area.

A map showing Duluth Metals current land position, including the Bridge Property and the State Lands Property can be found on our website at www.duluthmetals.com.


Click to Enlarge


"The importance of these acquisitions is that we have greatly increased our land position in the Duluth Complex and they are located adjacent to and near our current land holdings in a very favorable area of the South Kawishiwi Intrusion. The South Kawishiwi Intrusion currently hosts four large copper-nickel-PGM deposits, totaling more than one billion tonnes of Indicated and Inferred Resources, including our large Nokomis Deposit with 347 million tonnes of Indicated and 108 million tonnes of Inferred Resources", said Dr. Sandri. "To date, the Nokomis Deposit together with our step-out drilling since last summer has covered only about fifty percent of our mineral holdings. With the addition of these new lands, we have explored less than 15 percent of our mineral holdings."

David Oliver, P. Geo. and Duluth Project Manager is the Qualified Person, in accordance with NI 43-101 of the Canadian Securities Administrators, and is responsible for the technical content of this press release and quality assurance of the exploration data and analytical results.

About Duluth Metals

Duluth is committed to acquiring, exploring and developing copper, nickel and platinum group metal (PGM) deposits. Duluth's 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's 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'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 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. Minnesota corporate office: telephone 651-389-9990.

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

Duluth Metals Limited Inc.

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Duluth Metals est une société d’exploration minière de nickel et de palladium basée au Canada.

Duluth Metals est en développement de projets de nickel, de palladium, de cobalt, de cuivre, d'or, de platine et de plomb en USA, et détient divers projets d'exploration au Canada.

Son principal projet en développement est BIRCH LAKE en USA et son principal projet en exploration est NOKOMIS au Canada.

Duluth Metals est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 63,1 millions CA$ (50,9 millions US$, 44,8 millions €).

La valeur de son action a atteint son plus haut niveau récent le 31 décembre 2007 à 4,07 CA$, et son plus bas niveau récent le 31 octobre 2014 à 0,06 CA$.

Duluth Metals possède 141 880 000 actions en circulation.

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Dans les médias de Duluth Metals Limited Inc.
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