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Duluth Metals Files NI 43-101 Pre-feasibility Study Technical Report on the Twin Metals Minnesota Project
Published : October 03, 2014
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Mots clés associés :   Copper | Nickel | Palladium | Report |

Duluth Metals Files NI 43-101 Pre-feasibility Study Technical Report on the Twin Metals Minnesota Project

TORONTO, Oct. 3, 2014 /CNW/ - Duluth Metals Limited ("Duluth" or "Duluth Metals") (TSX: DM) (TSX:DM.U) today announced that it has filed on www.SEDAR.com the independent National Instrument 43-101 Technical Report ("PFS Technical Report") on the Twin Metals Minnesota Project ("TMM Project") prepared for Duluth Metals by a multi-company team led by AMEC E&C Services Inc. ("AMEC"). Work will continue to advance the project situated in northeastern Minnesota. The joint venture partners, Duluth Metals and Antofagasta plc are working together to evaluate the opportunities and various value engineering possibilities with the project. In addition, Barclay's Global Mining Team is fully engaged in the strategic review first announced in a press release dated July 7, 2014.

"The completion of the PFS Technical Report by AMEC is a significant milestone for the TMM Project and Duluth Metals," stated Kelly Osborne, President and CEO of Duluth Metals. "The Technical Report filed with SEDAR validates the economic feasibility of the Project supported by a highly defined resource with 21st century engineering design and test work. As the Project enters into the next phase, many of the opportunities highlighted in the Technical Report will be evaluated."

The PFS Technical Report demonstrates that the proposed underground copper, nickel, platinum, palladium and gold mining project is supported by strong technical fundamentals and offers a potential competitive advantage through extensive infrastructure such as accessible roads, rail lines, ports, power and water supplies and local labor force. Results from the PFS Technical Report were referred to in the Duluth's press release dated August 20, 2014. The full report, as well as an executive summary, can also be found on Duluth's website at www.duluthmetals.com.

Phillip Larson, P. Geo. is the Qualified Person for Duluth Metals, in accordance with National Instrument 43-101 of the Canadian Securities Administrators, and reviewed and has approved the technical content of this press release.

About Duluth Metals Limited

Duluth Metals is committed to acquiring, exploring and developing copper, nickel and PGM deposits.  Duluth Metals has a joint venture with Antofagasta on the TMM 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 TMM Project, Duluth Metals retains a 100% position on approximately 30,000 acres of mineral interests on exploration properties adjacent to and nearby the TMM Project.

About Twin Metals Minnesota LLC

TMM is a limited liability company, 60 percent owned by Duluth and 40 percent owned by Antofagasta.  TMM was formed in 2010 to pursue the development and operation of a copper, nickel and PGM (strategic metals) underground mining project within the Duluth Complex in northeastern Minnesota. TMM holds mineral and land assets of approximately 40,000 acres of leased, leased applications and permitted land.

This press release contains forward-looking statements (including "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements"within the meaning of the US Private Securities Litigation Reform Act of 1995) relating to, among other things, the results of drilling operations of Duluth Metals and exploration and mine development.  Generally, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".  Duluth Metals has relied on a number of assumptions and estimates in making such forward-looking statements, including, without limitation, the prices of copper, nickel and platinum group metals (PGMs) and the costs associated with continuing exploration and mining development.  Such assumptions and estimates are made in light of the trends and conditions that are considered to be relevant and reasonable based on information available and the circumstances existing at this time.  A number of risk factors may cause actual results, level of activity, performance or outcomes of project development and exploration programs to be materially different from those expressed or implied by such forward-looking statements including, without limitation, the following: the economic and feasibility parameters of the pre-feasibility study; assumptions with respect to exchange rates, future metal prices, and concentrate sales contracts; the estimation of Mineral Reserves and Mineral Resources and the realization of Mineral Reserve estimates; possible variations in Mineral Reserves, grade or recovery rates; changes in the geotechnical and hydrogeological parameters used in development of mine plans; changes in project parameters as mine and process plans continue to be refined; the timing and amount of estimated future production; the basis for and estimation of capital and operating cost estimates, and any future requirements for additional capital; the net present value (NPV) and internal rate of return (IRR) and payback period of capital; cash costs and all-in sustaining costs; changes to tax rates; assumed permitting time lines for development; the timing of the environmental assessment process; modifications to assumptions in the permitting process and allocation of reclamation expenses so as to comply with any future permit conditions that may be imposed by the appropriate regulator; risks and uncertainties with respect to obtaining necessary surface rights and permits or delays in obtaining same; risks associated with maintaining and renewing permits and complying with permitting requirements; environmental risks; obtaining the social licence to operate; delays in obtaining regulatory approval; changes to government regulations of mining operations; accidents, labor disputes and other risks of the mining industry; title disputes or claims; political risks; the need for additional funding to continue development, permitting and exploration efforts; and general business, market and economic conditions, and those other risks set forth in Duluth Metals' most recent annual information form under the heading "Risk Factors" and in its other public filings. Statements related to "reserves" and "resources" are deemed forward-looking statements as they involve the implied assessment, based on realistically assumed and justifiable technical and economic conditions, that an inventory of mineralization will become economically extractable.  Forward-looking statements are not guarantees of future performance and such information is inherently subject to known and unknown risks, uncertainties and other factors that are difficult to predict and may be beyond the control of Duluth Metals.  Although Duluth Metals has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended.  Consequently, undue reliance should not be placed on such forward-looking statements. In addition, all forward-looking statements in this press release are given as of the date hereof.  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.  The forward-looking statements contained herein are expressly qualified by this disclaimer.

Cautionary Note to United States Investors Concerning Estimates of Indicated and Inferred Mineral Resources

This press release uses the terms "Indicated Mineral Resources" and "Inferred Mineral Resources" in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards.  While such terms are recognized under Canadian securities legislation, the United States Securities and Exchange Commission does not recognize these terms.  The term "Inferred Mineral Resource" refers to a mineral resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity.  These estimates are based on limited information and it cannot be assumed that all or any part of an "Inferred Mineral Resource" will be upgraded to a higher classification resource, such as "Indicated" or "Measured", as a result of continued exploration. Accordingly, an estimate relating to an "Inferred Mineral Resource" is insufficient to allow meaningful application of technical and economic parameters or to enable an evaluation of economic viability.  Under Canadian securities legislation, estimates of an "Inferred Mineral Resource" may not form the basis of feasibility or other economic studies. Investors are cautioned not to assume that all or any part of an "Inferred Mineral Resource" is economically or legally mineable. Investors are also cautioned not to assume that all or any part of "Indicated" will ever be converted into "Mineral Reserves" (being the economically mineable part of an "Indicated" or "Measured Mineral Resource").

SOURCE Duluth Metals Limited

For further information: Mara Strazdins, Vice President Investor Relations and Corporate Communications, Telephone: (416) 369-1500 ext. 222, Email: mstrazdins@duluthmetals.com; Kelly Osborne, President & CEO, Telephone: (651) 389-9990, Email: kosborne@duluthmetals.com; Webpage: www.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.
05/07/2008Duluth Complex: A World-Class Value Play
Rapports annuels de Duluth Metals Limited Inc.
Annual Report 2007
Financements de Duluth Metals Limited Inc.
21/10/2014Extends Private Placement Closing Date
18/03/2014Completes First Tranche of Private Placement
10/03/2014Announces Private Placement Offering
01/04/2013Announces CDN $30 Million Convertible Debenture Financing
27/05/2011ANNOUNCES NORMAL COURSE ISSUER BID AND SECURITIES REPURCHASE...
27/08/2008Announces Extension Of Exercise Period For Class A Warrants ...
Nominations de Duluth Metals Limited Inc.
17/05/2011Appoints Lieutenant General John Sattler (USMC Ret.) and Mr....
16/09/2008Appoints Dean M. Peterson, Ph.D. as Senior Vice-President, E...
07/08/2008Appoints Thomas F. Pugsley To Board
Projets de Duluth Metals Limited Inc.
07/01/2014(Minnesota Project)Provides Twin Metals Minnesota Project Pre-feasibility Updat...
18/07/2013(Minnesota Project)Provides Metallurgical Update on Twin Metals Minnesota Proje...
22/05/2013(Minnesota Project)Highlights 70 feet of 0.83% Copper, 0.28% Nickel and 0.876 g...
16/04/2013(Minnesota Project)Highlights 110 feet of 0.94% Copper, 0.31% Nickel and 1.17 g...
12/02/2013Announces that Twin Metals Minnesota has Appointed Kelly J. ...
05/02/2013Identifies Two New Mineralized Areas on Exploration Lands
21/01/2013Announces SEDAR filing of AMEC Technical Report on the Twin ...
09/11/2012(Minnesota Project)Highlights 136 feet of 0.945% Copper, 0.256% Nickel and 0.63...
11/10/2012(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...
24/09/2012Announces Commencement Of Drilling At Nickel Lake Macrodike
21/09/2012Confirms Receipt Of Prospecting Permits From Bureau Of Land ...
17/09/2012Set To Drill Significant Exploration Properties Outside Of J...
30/05/2012(Minnesota Project)Highlights 209 feet of 2.01% Copper Equivalent at west Matur...
21/09/2011Announces Twin Metals Minnesota Contract with Bechtel for Pr...
07/07/2011(Nokomis)Announces 120 feet of 2.19g/t Total Precious Metals 350 Metr...
05/05/2011Announces $8 Million Drilling and Work Program for Explorati...
28/04/2011Announces Aggressive 2011 Program for Twin Metals Project af...
29/03/2011(Nokomis)Announces Higher Grade Intercepts With New Twin Metals Drill...
21/07/2010(Nokomis)Signs Definitive Participation Agreement With Antofagasta Pl...
23/06/2010(Nokomis)Returns 2.2% Copper Equivalent Over 75 Feet
17/05/2010(Nokomis)Hits 2.6% Copper Equivalent Over 125 Feet at Nokomis
22/04/2010(Nokomis)Expands Higher Grade Area
22/03/2010(Nokomis)Higher Grade Assays In First Hole From Winter Drilling Progr...
04/03/2010(Nokomis)Ramps up Winter Exploration
28/01/2010(Nokomis)Set To Explore Significant Properties Outside Of Nokomis Joi...
11/12/2009Receives NI 43-101 Report and Updated Resource Estimate for ...
26/10/2009(Nokomis)Expands Nokomis Resource to 550 Million Indicated Tonnes and...
12/01/2009(Nokomis)43-101 Preliminary Assessment Report Confirming Positive Eco...
04/12/2008(Nokomis)continues to receive wide significant mineralized intersecti...
25/11/2008New Ni 43-101 Preliminary Economic Assessment Confirms Highe...
22/07/2008(Nokomis)Receives Ni 43-101 Report On Interim Nokomis Deposit Resourc...
02/04/2008(Nokomis)Cuts New High Grade Zone Below Nokomis Deposit
11/03/2008Expands Strategic Land Position by Over 350 Percent
14/02/2008(Nokomis)Continued Drilling Expands Nokomis Deposit
Communiqués de Presse de Duluth Metals Limited Inc.
16/12/2014commences mailout of management information circular for arr...
03/12/2014Granted Interim Order For Arrangement
10/11/2014completes initial tranche of private placement with Antofaga...
03/10/2014(Minnesota Project)Files NI 43-101 Pre-feasibility Study Technical Report on th...
02/06/2014Annual General Meeting to be Held at 10:00 AM EDT June 9th a...
26/02/2014Announces Increased Tonnage, Metal Content and an Upgraded M...
04/09/2013Announces High Grade Nickel Intercepts Indicative of New Con...
06/08/2013Announces Discovery Immediately Southeast of Teck's Mesaba P...
18/06/2013Announces 2013 Annual Shareholders' Meeting Voting Results
07/06/2013Annual General Meeting to be Held at 10:00 AM EDT June 13th ...
10/04/2013Announces Closing of CDN $30 Million Convertible Debenture F...
16/10/2012Announces Mobilization of a Third Drill Rig on Exploration ...
01/10/2012announces closing of US$10 million loan financing with A...
13/06/2012Announces New AMEC NI 43-101 Technical Report Confirming Sig...
14/05/2012(Minnesota Project)Highlights 116.5 feet of 1.32 g/t Total Precious Metals and ...
23/04/2012Announces 30 feet of 2.11 g/t Total Precious Metals and 94 f...
21/03/2012Announces Twin Metals Frame-of-Reference for Bechtel Led Pre...
17/01/2012Announces 40 feet of 2.67 g/t Total Precious Metals on Lates...
31/08/2011Completes Transfer of Franconia Minerals Assets into Twin ...
18/08/2011Information Bulletin Re Dividend of Special Warrants to its ...
02/08/2011Commences Drilling Program on Platinum Targets on the Land ...
28/07/2011Announces Dividend of Special Warrants of Duluth Exploration...
09/06/2011Announces 34.5 feet at 2.82% CuEq from Twin Metals New Drill...
07/06/2011Annual and Special Meeting to be Held June 15th at One King ...
03/03/2011Franconia Minerals Shareholders Approve Arrangement with Dul...
09/08/2010Last Week's Events
08/06/2010Annual And Special Meeting To Be Held At The Toronto Board O...
18/11/2009Nominated for Mining Journal's Exploration Award
30/10/2009Confirms 12 Million Indicated Ounces And 6 Million Inferred ...
18/08/2009Hole Hits Mineralization 900 Meters Southwest Of Defined Bou...
16/06/2009expands exploration land holdings in the Duluth Complex
10/09/2008Progress Report On The Nokomis Deposit
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21/05/2008Announces Early Warrant Exercise
25/03/2008 Presents At John Tumazos Very Independent Research, Llc Met...
04/03/2008 Hits Higher Grade Mineralization In Eastern Area
19/02/2008options key infrastructure land parcel
05/09/2007new drill results confirm increased mineralization to Nokomi...
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