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Duluth Metals Limited Inc.

Publié le 22 juillet 2008

Receives Ni 43-101 Report On Interim Nokomis Deposit Resource Estimate Before Commencement Of Pre-Fe

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Re:        News Releases - Monday, July 21, 2008
Title:     Duluth Metals Receives Ni 43-101 Report On Interim Nokomis Deposit Resource Estimate Before Commencement Of Pre-Feasibility Study


TORONTO, Ontario, July 21, 2008 - Duluth Metals Limited ("Duluth") (TSX: DM) (TSX:DM.U) today announces the receipt of the independent NI 43-101 compliant report completed by Scott Wilson Roscoe Postle Associates Inc. (Scott Wilson RPA) entitled "Technical Report on the Resource Estimate for the Nokomis Deposit on the Maturi Extension Properties, Minnesota, USA, prepared for Duluth Metals Limited". Richard E. Routledge, M.Sc., P.Geo. of Scott Wilson RPA, Toronto Canada, is the Independent Qualified Person who prepared the report which is available on www.sedar.com or the Company website at www.duluthmetals.com.

"This update on our Resource prepared by Scott Wilson RPA confirms good continuity, grade and the fact that we are delineating zones of higher grade mineralization", stated Henry J. Sandri, President and CEO. "As the Resource is estimated on approximately 50% of our Maturi Extension Properties, we look forward to expanding the Nokomis Deposit and seeking out high grade exploration opportunities."

The Updated Nokomis Resource Estimate defines 449 million tonnes Indicated Resources grading 0.624% copper, 0.199% nickel, 0.600 grams per tonne TPM (copper equivalent grade of 1.46%), plus an additional 284 million tonnes of Inferred Resources grading 0.627% copper, 0.194% nickel, 0.718 grams per tonne TPM (copper equivalent grade of 1.50%). (Note - Copper Equivalent is based on US metal prices of: Copper - $1.75/lb, Nickel - $7.00/lb, Cobalt - $10.00/lb, Gold - $600/oz, Platinum - $1,100/oz, Palladium - $350/oz and Silver - $8.50/oz, and the methodology with metallurgical recoveries, refining costs and other charges being considered for all metals in accordance with the Net Smelter Return Factors contained in the January 22, 2008, NI 43-101 Scoping Study produced by Scott Wilson RPA.)

Duluth Metals Limited  Nokomis Deposit, Maturi Extension Property,
Minnesota

 

 

 

 

 

 

 

 

 

 

 

Indicated Resources

Cut-off

Tonnes

Cu

Ni

Co

Au

Pt

Pd

TPM

CuEq6,8

Grade

(000's)

%

%

%

g/t

g/t

g/t

g/t

%

1.0% CuEq

449,413

0.624

0.199

0.010

0.084

0.159

0.358

0.600

1.46

0.5% Cu

376,306

0.658

0.206

0.011

0.090

0.172

0.390

0.653

1.54

0.6% Cu

247,149

0.714

0.216

0.011

0.103

0.199

0.452

0.753

1.66

0.7% Cu

112,035

0.794

0.233

0.011

0.123

0.240

0.549

0.912

1.86

0.8% Cu

41,078

0.883

0.255

0.011

0.152

0.293

0.679

1.124

2.09

 

 

 

 

 

 

 

 

 

 

 

Inferred Resources

Cut-off

Tonnes

Cu

Ni

Co

Au

Pt

Pd

TPM

CuEq6,8

Grade

(000's)

%

%

%

g/t

g/t

g/t

g/t

%

1.0% CuEq

284,230

0.627

0.194

0.010

0.096

0.191

0.431

0.718

1.50

0.5% Cu

236,102

0.667

0.198

0.010

0.105

0.210

0.475

0.790

1.58

0.6% Cu

155,743

0.725

0.201

0.010

0.120

0.239

0.542

0.902

1.69

0.7% Cu

72,418

0.817

0.214

0.010

0.144

0.280

0.640

1.065

1.88

0.8% Cu

33,292

0.900

0.215

0.010

0.173

0.320

0.739

1.231

2.03

  1. CIM definitions were followed for Mineral Resource estimation and classification.
  2. Mineral Resources are estimated at a zone definition (wireframe) cut-off grade of approximately 1.0% Cu equivalent grade (CuEq).
  3. The approximately 1.0% CuEq cut-off grade includes all material in the wireframed zones.
  4. Bulk density is 3.01 t/m3
  5. Resources were estimated to a maximum depth of approximately 1,350 m.
  6. Copper equivalent (CuEq%) is based on Net Smelter Return Factors as determined for the Preliminary Economic Assessment by Scott Wilson RPA dated January 18, 2008.
  7. Metal Prices used were $1.75/lb copper, $7.00/lb nickel, $10.00/lb Co, $600/oz Au, $1100/oz Pt and $350/oz Pd.
  8. Copper equivalent (CuEq%) = Cu% + 3.03 x Ni% + 0.63 x Co% + 0.30 x Au g/t + 0.76 x Pt g/t + 0.24 x Pd g/t based on expected metal prices and process recovery and refining charges.
  9. TPM is Au g/t + Pt g/t + Pd g/t.
  10. Co, Au, Pt, Pd grades, that are lacking in historic drill holes, have been entered in the resource database based on regression of assay grades from DML drill hole assays.
CONTAINED METALS IN EXPANDED NOKOMIS RESOURCE*:

 

INDICATED RESOURCE

INFERRED RESOURCE

Copper

6.18 Billion lbs.

3.93 Billion lbs.

Nickel

1.97 Billion lbs.

1.21 Billion lbs.

Cobalt

103 Million lbs.

62.8 Million lbs.

Platinum

2.30 Million ozs.

1.75 Million ozs.

Palladium

5.17 Million ozs.

3.94 Million ozs.

Gold

1.21 Million ozs.

0.88 Million ozs.

*Based on resource estimated at 1.0% copper equivalent cut-off

In addition, Duluth Metals will be shortly commencing the Pre-Feasibility Study on the Nokomis Deposit. This contract is soon to be awarded and work should commence in August.

The current project schedule includes ongoing infill drilling within the Nokomis Deposit and step out drilling; ongoing studies, including metallurgical studies for optimization; bulk sampling for large scale metallurgical testing; environmental studies and permitting assessments; mining engineering and planning studies, the upcoming Pre-Feasibility Study and a Full Updated Resource Estimate in early 2009.

David Oliver, P. Geo. is the Qualified Person and Project Manager for Duluth, 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 Maturi Extension Property 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. The Minnesota corporate office is telephone (651)-389-9990.

Web Page: www.duluthmetals.com

View News Release in PDF Format:

Associated File: http://www.duluthmetals.com/i/pdf/2008-07-18_NR.pdf
34 KB in size, approx. 7 seconds to download at 56.6Kbps

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 ..
Message sent on Mon Jul 21, 2008 at 4:52:07 PM Pacific Time
Données et statistiques pour les pays mentionnés : Canada | Tous
Cours de l'or et de l'argent pour les pays mentionnés : Canada | Tous

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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