Musterdepot aufnahme - 200% Chance mit Kupferaktie
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| Eröffnet am: | 04.12.09 09:33 | von: Depotschone. | Anzahl Beiträge: | 42 |
| Neuester Beitrag: | 13.01.13 15:52 | von: Smyrgal | Leser gesamt: | 8.742 |
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Duluth wurde gestern von profitetrader.com ins Musterdepot aufgenommen.
http://www.ariva.de/200_Chance_mit_Kupferaktie_c3146606
Den ganzen Bericht gibt es hier:
http://www.profitetrader.com/community/weblog/...epotkauf-200-chance/
Duluth hat bereits eine wirtschaftliche Machbarkeitsstudie für eine Kupfer-Nickel Mine auf Nokomis erstellt.
Scheint in meinen Augen ein wirklich spannendes Projet zu sein.
Duluth Metals Limited ("Duluth") (TSX: DM) (TSX:DM.U) announced today it has signed a binding heads of agreement with Antofagasta plc ("Antofagasta") (LSE: ANTO.GB) on a joint venture development of the large scale Nokomis Project in northeast Minnesota, USA. The joint venture provides the execution and financing capabilities required to aggressively advance this promising copper-nickel-PGM (platinum, palladium and gold) development project to production.
Under the heads of agreement:
Joint Venture Terms
- Duluth will contribute the Nokomis Project and approximately 5,000
acres in the Duluth Complex for a 60% interest in the joint venture,
with Antofagasta to acquire an initial 40% interest;
- Antofagasta holds the option to acquire an additional 25% of Nokomis
from Duluth at an exercise price calculated on a pro rata share of
1.0x Net Asset Value, which will be determined by the Bankable
Feasibility Study;
Funding and Financing Commitments
- Antofagasta will provide US $130 million in direct funding to the
project for its 40% interest in the joint venture;
- Thereafter, if Antofagasta elects to proceed with the further funding
of the project and to maintain its 25% Option, Antofagasta will
disproportionately fund 65% of the joint venture expenditures and
Duluth will fund 35%;
- Additionally, Antofagasta has agreed to provide Duluth with up to US
$30 million in additional funding to cover Duluth's share of
subsequent project expenditures, which will ultimately be repayable
in cash, Duluth shares or offset against the 25% Option exercise
price;
- Antofagasta will also subscribe to a private placement of Duluth
shares for approximately US $11.6 million;
- The combination of the initial funding commitment, private placement
and incremental funding from Antofagasta ensures that up to US $ 227
million of funding will be available to advance the project with
Antofagasta involvement, before any additional funding would be
required from Duluth;
- Antofagasta has also committed to pursue project financing, on a
common basis with Duluth in respect of the large development capital
cost financing requirements of the project.
"The agreement announced today with Antofagasta is an outstanding partnership for an outstanding deposit," said Christopher Dundas, Chairman of Duluth. "This is a significant step forward for Duluth. This joint venture provides three key benefits that will act as catalysts to the development and construction of Nokomis. First, it delivers near and longer-term project development financing that we expect will be sufficient to bring the project to production. Second, Antofagasta is providing a commitment to arrange project financing for the large capital cost requirements, which are projected to be US $1.3 billion by the latest Scott Wilson RPA 43-101 Preliminary Assessment. Third, it brings outstanding execution capability and mitigates execution risk."
"Nokomis is an excellent deposit and we are very pleased to enter into this agreement with Duluth," said Marcelo Awad, CEO of Antofagasta Minerals SA. "This is a large deposit that has the potential to become one of the world's premier low-cost copper-nickel producers. We are looking forward to working with Duluth to advance this very promising project."
"Antofagasta is one of the world's premier major copper producers with an excellent pedigree and track record of success on this type of project," said Dr. Henry J. Sandri, President and CEO of Duluth Metals. "Antofagasta possesses proven expertise in planning, building and operating large-scale mining complexes and will apply its in-house capability to develop Nokomis. We believe this partnership is the mechanism required to unlock the tremendous value residing in the Nokomis deposit."
Duluth expects development activities at Nokomis to proceed on an accelerated basis, and anticipates pre-feasibility and bankable feasibility studies to be completed within 36 months.
Antofagasta's funding and financing commitments are subject to certain terms and conditions, including the execution of a definitive participation and shareholder agreement. Duluth anticipates these conditions to be satisfied during the second quarter of 2010.
Duluth will complete the private placement of 6 million shares of its common stock, or approximately 7% of outstanding shares, to Antofagasta plc at a price of CDN $2.00 per share, resulting in gross proceeds to the company of CDN $12 million (approximately US $11.6 million).
"The private placement provides immediate liquidity, on very attractive terms to Duluth," said Dundas. "This funding will allow Duluth to accelerate on all fronts."
Located in northeast Minnesota, USA, Nokomis is an underground, copper-nickel sulphide deposit. In size, the total resource is comparable to the Sudbury Basin and Voisey's Bay, among the world's largest copper-nickel-PGM mining complexes.
Currently the NI 43-101 compliant Nokomis deposit contains 550 million tonnes of Indicated Resources grading 0.639% copper, 0.200% nickel, 0.660 grams per tonne PGM (platinum-palladium-gold) for a copper equivalent (CuEq) grade of 1.51%, plus an additional 274 million tonnes of Inferred Resources grading 0.632% copper, 0.207% nickel, 0.685 grams per tonne TPM for a CuEq grade of 1.53% (more information available at www.Duluthmetals.com). Minnesota has more than a century of mining history and the Nokomis development project is located near major international ports and excellent mining infrastructure such as power, well-developed roads, railway networks, supply-equipment centers and a local labor force. When in operation, Nokomis could produce up to 40,000 tonnes of ore per day, based on an initial 22-year mine life. This estimate is based on utilizing only approximately one-third of the currently identified resource, with 40% of the Nokomis property yet to be explored.
Antofagasta plc is listed on the London Stock Exchange and is a constituent of the FTSE-100 index with interests in mining, transport and water distribution. Antofagasta Minerals, the mining division, is one of the world's largest copper producers. Its activities are mainly concentrated in Chile where it owns and operates three copper mines with a total production of more than 478 thousand tonnes of copper per annum. Its principal mining assets include the Los Pelambres, El Tesoro and Michilla mines and the Esperanza and Antucoya projects in Chile and the Reko Diq joint venture in Pakistan. Antofagasta's Esperanza Project is expected to add around 200 thousand tonnes of copper and 230 thousand ounces of gold to production from 2011 onward. It also has exploration programmes in Chile (mainly in the Sierra Gorda and district), Latin America, Europe and Africa.
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.
Duluth's financial advisor is UBS Securities Canada Inc. and legal advisor is Fraser Milner Casgrain LLP.
Investor Call
A conference call with senior management of Duluth for the investment community has been scheduled for January 14, 2010 at 11:00 a.m. EST. Christopher Dundas, Chairman and Dr. Henry J. Sandri, President and CEO will be available to answer questions during the call.
To participate in the call, please dial five minutes prior to the call: US/Canada Dial-in No.: (888)231-8191 Int'l/Local Dial-In No.: (647)427-7450 Webcast URL: http://www.newswire.ca/en/webcast/...nt.cgi?eventID(equalsign)2930620
An archived recording of the webcast will also be available on the Duluth Metals website at http://www.duluthmetals.com.
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 Property located within the rapidly emerging Duluth Complex mining camp in northeast 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: Mara Strazdins, Director of Corporate Communications, +1-416-369-1500, mstrazdins@Duluthmetals.com; Dr. Henry J. Sandri, President and CEO, +1-651-389-9990, hsandri@Duluthmetals.com; Web Page: http://www.Duluthmetals.com
Optionen
| Boardmail an "DasMünz" |
Wertpapier: Duluth Metals Limited |
Quelle zur News
http://www.stockwatch.com/newsit/...680103&symbol=DM®ion=C
Antofagasta plc is listed on the London Stock Exchange and is a constituent of the FTSE-100 index with interests in mining, transport and water distribution. Antofagasta Minerals, the mining division, is one of the world's largest copper producers. Its activities are mainly concentrated in Chile where it owns and operates three copper mines with a total production of more than 478 thousand tonnes of copper per annum. Its principal mining assets include the Los Pelambres, El Tesoro and Michilla mines and the Esperanza and Antucoya projects in Chile and the Reko Diq joint venture in Pakistan. Antofagasta's Esperanza Project is expected to add around 200 thousand tonnes of copper and 230 thousand ounces of gold to production from 2011 onward. It also has exploration programmes in Chile (mainly in the Sierra Gorda and district), Latin America, Europe and Africa.
* Antofagasta to take 40 percent stake in Nokomis project
Stocks | Mergers & Acquisitions
* Antofagasta to spend $130 million in exchange for stake
* Also buys 7 percent stake in Nokomis owner, Duluth Metals
(Adds detail, quotes)
LONDON, Jan 14 (Reuters) - Chilean copper miner Antofagasta (ANTO.L) is to acquire a 40 percent interest in a mine project in the northern United States, expanding its footprint to North America as it seeks to boost growth.
London-listed Antofagasta said on Thursday it would provide $130 million of funding over three years for the Nokomis project in Minnesota, owned by Canadian-listed Duluth Metals (DM.TO), in exchange for the initial stake.
It also has an option to increase the stake to 65 percent.
"This transaction is in line with our stated strategy of seeking and acquiring interests in high quality mining assets in order to further enhance our long-term growth prospects," said Marcelo Awad, chief executive of the Antofagasta's mining unit.
"Nokomis has significant potential as one of the world's largest undeveloped base and precious metal resources."
Antofagasta will also buy 6 million new shares in Duluth in a private placement at C$2.00 per share, giving it a 7 percent stake in the company. Duluth shares closed on Wednesday at C$2.14.
Nokomis -- which contains copper, nickel and platinum group metals -- has an indicated resource of 550 million tonnes and a combined copper equivalent grade of about 1.5 percent. (Reporting by Eric Onstad; Editing by Dan Lalor)
Thursday, January 14, 2010 11:09 AM
Duluth Metals attracts global mining heavyweight
Andrew Willis
Junior Canadian resource companies continue to attract the attention of the world’s largest players, with previously obscure Duluth Metals nailing a $227-million (U.S.) joint venture with one of the world’s largest copper miners, London-based Antofagasta plc.
Duluth (DM-T3.020.8841.12%) is developing a copper and nickel project in northeast Minnesota, and in a press release, the company forecast that “in size, the total resource is comparable to the Sudbury Basin and Voisey's Bay.”
Antofagasta, a company with a $16-billion market capitalization and massive mines in Chile, has faith in Duluth’s claim. The senior partner will pay $130-million to buy into the Minnesota property, known as Nokomis, and fund a large portion of the development costs. The commitments add up to $227-million. Duluth kept full control of a number of other properties it owns.
UBS Securities advised Duluth on the transaction, along with law firm Fraser Milner Casgrain.
There’s a long-established trend here of domestic juniors finding and financing a property, then inviting the senior players to the party. But Antofagasta is a new player in Canadian capital markets, as are some of the state-owned Chinese companies snapping up stakes in energy and mineral plays.
This deal changes the way Duluth is perceived, as analyst Steve Parsons at Wellington West Capital Markets said in a note on Thursday that Antofagasta’s arrival “greatly reduces financing/execution risk.” Prior to the transaction, the base metals analyst had a $3 one-year target price on Duluth stock.
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Antofagasta To Invest $141.6 Million To Develop Minnesota Mine LONDON -(Dow Jones)- Chilean copper miner Antofagasta PLC (ANTO.LN) Thursday said it has agreed to pay about $141.6 million for stakes in a U.S. copper-nickel-platinum project and a partner company as it looks to expand operations into North America. London-listed Antofagasta said it plans to acquire a 7% stake in Duluth Metals Ltd. (DM.T) for C$12 million ($11.6 million) and a 40% stake in Duluth's Nokomis deposit in Minnesota for $130 million under an agreement struck between the companies. Antofagasta could boost its stake in Nokomis to 65% after a feasibility study is completed. Antofagasta also plans to provide Duluth with $30 million in financing to cover the smaller miner's share of project expenses. Antofagasta Chief Executive Marcelo Awad said the project "has significant potential as one of the world's largest undeveloped base and precious metal resources." Antofagasta produces copper at three mines in Chile. At 1341 GMT, Antofagasta shares were up 21 pence, or 2.1%, at 1021 pence in a broadly stronger sector. The FTSE 350 mining index was up 1.6%. Company Web site: http://www.antofagasta.co.uk
Anscheinend gehts weiter hoch... neuer Kommentar von Jeff (Globe and Mail!)
Jeff Gray From Friday's Globe and Mail Published on Friday, Jan. 15, 2010 12:00AM EST Last updated on Friday, Jan. 15, 2010 2:58AM EST .Tiny
Duluth Metals Ltd. has won up to $227-million from one of the world's largest copper miners for a joint venture to exploit what it says are its massive reserves of copper, nickel and platinum-group metals in Minnesota. The deal will see London-based Antofagasta PLC, which mines copper mines mostly in Chile, help finance a $1.3-billion mine on what the Canadian firm calls its Nokomis property, about 150 kilometres north of Duluth, Minn., in the Superior National Forest. The announcement sent Duluth Metals soaring more than 50 per cent on the Toronto Stock Exchange yesterday. "From the point of view of validation of what we've got, and validation of the company, this is huge," Duluth chairman Christopher Dundas said in an interview, adding that a major partner was needed to make a project of this scale a reality. While Mr. Dundas admits the reserves are of lower-grade material, he compares them to those in the Sudbury basin and Voisey's Bay and says the deposits are second only to the massive Norilsk deposits in Russia. But hurdles remain, including possible protests from environmentalists and the winning of environmental approvals from the state of Minnesota. DM (TSX) rose $1.13 to $3.27.
http://www.theglobeandmail.com/report-on-business/.../article1431901/
http://www.stockwatch.com/default.aspx und das Symbol DM eingeben bei Kanada!
http://www.ariva.de/forum/Explorer-timeline-411148
20 Duluth Metals Ltd Prod. H1/12
http://www.ariva.de/duluth_metals_ltd-aktie
WKN: A0LEK6
ISIN: CA26443R1001
97,044,036 outstanding, 111,951,202 fully diluted
Kanada, USA
Kupfer 22 Mrdlbs = 70Mrd$, Nickel2.43Mrdlbs, Cobalt 121,26Miolbs, Platin 3,11Miooz, Gold 1,63Miooz, Silber 37,42Miooz, insgesamt 10Mrd$ Gewinn. 22-years mine life
http://www.duluthmetals.com/s/Home.asp
http://www.duluthmetals.com/i/pdf/FactSheet.pdf
http://www.duluthmetals.com/i/pdf/2010-01-14_CCP.pdf
http://www.minenportal.de/...igte-und-274-Mio.-abgeleitete-Tonnen-aus
15:01:43 T 2.19 0.15 100§53 Morgan Stanley 1 Anonymous K
15:01:43 T 2.19 0.15 200§53 Morgan Stanley 83 Mackie K
15:00:36 T 2.19 0.15 200§53 Morgan Stanley 83 Mackie K
14:59:03 T 2.19 0.15 500§53 Morgan Stanley 83 Mackie K
14:53:59 T 2.18 0.14 200§80 National Bank 7 TD Sec K
14:53:59 T 2.18 0.14 400§53 Morgan Stanley 7 TD Sec K
14:53:59 T 2.18 0.14 400§53 Morgan Stanley 7 TD Sec K
14:53:59 T 2.18 0.14 400§53 Morgan Stanley 7 TD Sec K
14:52:34 T 2.18 0.14 100§80 National Bank 91 Jones KW
http://www.stockwatch.com/Quote/Detail.aspx?symbol=DM®ion=C
http://www.stockwatch.com/Quote/Detail.aspx?symbol=DM®ion=C
Über 4$ sehe ich bald die Aktien...
Tip: CNL.t ( Continental Gold) anschauen und mitmachen :-)
Tip: Kauf lieber in Kanada....
http://www.comdirect.de/inf/aktien/detail/...tml?ID_NOTATION=17637223
Duluth Metals Announces Ongoing Drill Results on Twin Metals Nokomis Joint Venture
--------------------------------------------------
TORONTO, Ontario, September 23, 2010 -- Duluth Metals Limited ("Duluth Metals") (TSX: DM) (TSX:DM.U) today announced assay results for eight holes drilled for Twin Metals Minnesota LLC, on the Nokomis joint venture project. Seven holes were drilled in or near the Central Area higher grade zone of the Nokomis Deposit. Highlights include MEX-179 which returned 90 feet of 0.693% copper, 0.192% nickel, 2.8 g/t silver and 1.123 grams per tonne (g/t) Total Precious Metals (TPM = Platinum+Palladium+Gold) (Cu Equivalent* of 1.71%), including a 60 foot section of 0.814% copper, 0.235% nickel, 3.2 g/t silver and 1.376 g/t TPM (Cu Equivalent* of 2.06%), as well as a 30 foot section of 1.019% copper, 0.298% nickel, 3.9 g/t silver and 1.805 g/t TPM (Cu Equivalent* of 2.62%).
Some of the other higher grade intersections are as follows: MEX-180 intersected 50 feet of 0.929% copper, 0.263% nickel, 2.5 g/t silver and 1.856 g/t TPM (Cu Equivalent* of 2.45%) including a 40 foot section of 0.979% copper,0.277% nickel, 2.7 g/t silver and 1.981 g/t TPM (Cu Equivalent* of 2.58%); MEX-174 intersected 60 feet of 0.657% copper, 0.213% nickel, 2.3 g/t silver and 1.199 g/t TPM (Cu Equivalent* of 1.77%) including a 40 foot section of 0.804% copper, 0.265% nickel, 2.9 g/t silver and 1.485 g/t TPM (Cu Equivalent* of 2.18%) and, including a 15 foot section of 1.091% copper, 0.369% nickel, 3.4 g/t silver and 2.107 g/t TPM (Cu Equivalent* of 3.03%); and MEX-178 intersected 20.0 feet of 0.971% copper, 0.235% nickel, 3.3 g/t silver and 2.708 g/t TPM (Cu Equivalent* of 2.59%) within a 65.0 foot section of 0.707% copper, 0.175% nickel, 2.4 g/t silver and 1.420 g/t TPM (Cu Equivalent* of 1.78%), all within a 165.0 foot section of 0.619% copper, 0.135% nickel, 2.7 g/t silver and 0.929 g/t TPM (Cu Equivalent* of 1.39%).
Vern Baker, President of Duluth Metals, stated: "Diamond drilling was focused mainly in the Central Area of the Nokomis Deposit. Drill results continue to show the potential for significant areas of higher grade within the deposit. This information will be incorporated into the upcoming prefeasibility work being done by Twin Metals Minnesota on the Nokomis Project. These results also provide confidence that Twin Metals Minnesota will be able to evaluate higher grade areas for incorporation into a mine plan that could improve the project's economics."
A map illustrating the location of the eight drill holes reported in this press release can be found on the Company website under this press release at www.duluthmetals.com.
Click to enlarge
A more detailed summary of the assay results for MEX-174, 175, 176, 177, 178, 179, 180 and 181 can be found in the table below. True width is estimated at about 90% of core length.
HOLE ZONE FROM (feet) TO (feet) LENGTH (feet) COPPER (%) NICKEL (%) TPM* (g/t) CuEQ (%)
MEX-174 Total Mineralized Interval 3563 3828 265 0.491 0.128 0.646 1.13
@0.3% Cu cut-off 3563 3623 60 0.657 0.213 1.199 1.77
@0.5% Cu cut-off 3568 3608 40 0.804 0.265 1.485 2.18
including 3573 3588 15 1.091 0.369 2.107 3.03
@0.3% Cu cut-off 3648 3828 180 0.483 0.109 0.529 1.02
@0.5% Cu cut-off 3738 3758 20 0.767 0.160 0.721 1.53
@0.5% Cu cut-off 3788 3818 30 0.737 0.126 0.833 1.44
MEX-175 @0.3% Cu cut-off 3843 3883 40 0.477 0.134 0.857 1.21
@0.5% Cu cut-off 3853 3868 15 0.682 0.164 1.383 1.70
@0.3% Cu cut-off 3903 3943 40 0.426 0.107 0.489 0.94
MEX-176 @0.3% Cu cut-off 3343 3488 145 0.638 0.164 0.840 1.47
@0.5% Cu cut-off 3343 3448 105 0.695 0.185 0.962 1.64
MEX-177 Total Mineralized Interval 3828 3918 90 0.412 0.065 0.415 0.77
@0.5% Cu cut-off 4043 4053 10 1.223 0.151 2.272 2.60
MEX-178 Total Mineralized Interval 3573 3738 165 0.619 0.135 0.929 1.39
@0.3% Cu cut-off 3573 3638 65 0.707 0.175 1.420 1.78
@0.5% Cu cut-off 3598 3638 40 0.803 0.196 1.883 2.10
including 3613 3633 20 0.971 0.235 2.708 2.59
@0.5% Cu cut-off 3658 3713 55 0.768 0.147 0.823 1.54
including 3683 3693 10 1.143 0.204 1.559 2.40
MEX-179 @0.3% Cu cut-off 3838 3928 90 0.693 0.192 1.123 1.71
@0.5% Cu cut-off 3838 3898 60 0.814 0.235 1.376 2.06
including 3838 3868 30 1.019 0.298 1.805 2.62
@0.3% Cu cut-off 3958 3978 20 0.569 0.062 0.343 0.89
MEX-180 @0.3% Cu cut-off 4019 4104 85 0.701 0.196 1.323 1.81
@0.5% Cu cut-off 4024 4074 50 0.929 0.263 1.856 2.45
including 4034 4074 40 0.979 0.277 1.981 2.58
@0.5% Cu cut-off 4204 4229 25 0.576 0.074 0.461 0.98
MEX-181 Total Mineralized Interval 4128 4228 100 0.360 0.064 0.418 0.72
@0.5% Cu cut-off 4153 4163 10 0.827 0.122 0.961 1.58
Complete gold, platinum, palladium and silver assays for MEX-174, 175, 176, 177, 178, 179, 180 and 181 are as follows:
HOLE ZONE FROM (feet) TO (feet) LENGTH (feet) GOLD (g/t) PLATINUM (g/t) PALLADIUM (g/t) SILVER (g/t)
MEX-174 Total Mineralized Interval 3563 3828 265 0.086 0.169 0.391 1.7
@0.3% Cu cut-off 3563 3623 60 0.152 0.310 0.738 2.3
@0.5% Cu cut-off 3568 3608 40 0.187 0.389 0.910 2.9
including 3573 3588 15 0.241 0.558 1.308 3.4
@0.3% Cu cut-off 3648 3828 180 0.073 0.141 0.316 1.7
@0.5% Cu cut-off 3738 3758 20 0.102 0.187 0.432 2.9
@0.5% Cu cut-off 3788 3818 30 0.127 0.212 0.495 2.9
MEX-175 @0.3% Cu cut-off 3843 3883 40 0.097 0.215 0.546 1.5
@0.5% Cu cut-off 3853 3868 15 0.163 0.340 0.880 2.1
@0.3% Cu cut-off 3903 3943 40 0.060 0.124 0.305 1.4
MEX-176 @0.3% Cu cut-off 3343 3488 145 0.106 0.239 0.496 2.3
@0.5% Cu cut-off 3343 3448 105 0.119 0.276 0.567 2.5
MEX-177 Total Mineralized Interval 3828 3918 90 0.066 0.104 0.244 1.8
@0.5% Cu cut-off 4043 4053 10 0.282 0.670 1.321 8.4
MEX-178 Total Mineralized Interval 3573 3738 165 0.084 0.244 0.601 2.7
@0.3% Cu cut-off 3573 3638 65 0.092 0.359 0.969 2.4
@0.5% Cu cut-off 3598 3638 40 0.102 0.466 1.314 2.7
including 3613 3633 20 0.125 0.475 2.108 3.3
@0.5% Cu cut-off 3658 3713 55 0.104 0.229 0.490 3.5
including 3683 3693 10 0.187 0.484 0.889 5.3
MEX-179 @0.3% Cu cut-off 3838 3928 90 0.169 0.289 0.666 2.8
@0.5% Cu cut-off 3838 3898 60 0.206 0.351 0.819 3.2
including 3838 3868 30 0.282 0.459 1.064 3.9
@0.3% Cu cut-off 3958 3978 20 0.057 0.083 0.204 2.3
MEX-180 @0.3% Cu cut-off 4019 4104 85 0.191 0.346 0.787 1.8
@0.5% Cu cut-off 4024 4074 50 0.278 0.483 1.095 2.5
including 4034 4074 40 0.309 0.511 1.160 2.7
@0.5% Cu cut-off 4204 4229 25 0.074 0.111 0.276 3.5
MEX-181 Total Mineralized Interval 4128 4228 100 0.064 0.108 0.246 1.8
@0.5% Cu cut-off 4153 4163 10 0.133 0.267 0.562 6.2
For the 2010 Drill Program, half core samples are being prepared at ALS Chemex Ltd. laboratories in Thunder Bay and then shipped to its analytical facilities in Vancouver. Samples are being analyzed for Au, Pt, and Pd using a standard fire assay with an ICP finish and for 27 other elements using a four acid (near total) digestion and a combination of ICPMS and ICPAES. ICP over limits were re-analyzed using sodium peroxide fusion, acid dissolution followed by ICPAES. The remaining half core samples are being stored in Minnesota.
*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.
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 Metals is committed to acquiring, exploring and developing copper, nickel and platinum group metal (PGM) deposits. The Company has a joint venture with Antofagasta plc on their principal asset called the Nokomis Project, 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. Aside from the joint venture, the Company retains a 100% position on approximately 31,000 acres of mineral interests on exploration properties adjacent to and nearby the joint venture Nokomis Deposit.
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 northeastern Minnesota. The current NI 43-101 compliant Resource Estimate dated December 2009 for the Nokomis Deposit consists of 550 million tonnes of Indicated Resources grading 0.639% copper, 0.200% nickel, 0.660 grams per tonne TPM (TPM = Pt + Pd + Au) for a copper equivalent (CuEq) grade of 1.51%, plus an additional 274 million tonnes of Inferred Resources grading 0.632% copper, 0.207% nickel, 0.685 grams per tonne TPM for a CuEq grade of 1.53%.
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