TORONTO, December 9, 2010 /PRNewswire-FirstCall/ -- Duluth Metals Limited ("Duluth Metals") (TSX: DM) (TSX:DM.U) today announced the appointment of a new CFO as well as the expansion of the Company's highly qualified geological team, which is focused on the exploration of the Company's eight exploration properties, situated adjacent to and nearby the Twin Metals Minnesota LLC (Twin Metals) joint venture between Antofagasta plc and Duluth Metals. An expanded exploration office has been set up in Duluth, Minnesota which is led by Dean M. Peterson, Senior VP Exploration.
"As Duluth Metals is in a growth phase, we are pleased to announce the addition of our new team members as well as an expanded exploration office," stated Christopher C. Dundas, Chairman and CEO of Duluth Metals. "Our focus for the next year will be to explore high priority targets on our pipeline of exploration properties as well as the advancement of the Nokomis Deposit through Twin Metals."
The new CFO is Marvin E. Dee, CPA, a highly experienced Minnesota financial executive well versed in domestic and international finance, treasury and tax, SEC/SOX accounting with a background in an operating multi-plant, multi-national manufacturing TQM environment. Prior to joining Duluth Metals, Mr. Dee was CFO and COO with Spectrum Plastics Group in Minneapolis, Minnesota. Mr. Dee has over 30 years of experience in Minnesota, previously with Hawkins Inc., Nath Companies, Tricord Systems Inc., Nordic Track Inc., Illbruck/USA Inc., as well as Ernst & Young and McGladrey & Pullen. Mr. Dee graduated from St. Cloud State University in Minnesota and is a member of the American Institute of Certified Public Accountants and the Minnesota Society of Certified Public Accountants. Mr. Dee will be headquartered in St. Paul, Minnesota to further support the expanding St. Paul office.
Mr. Dee is replacing the former CFO, John A. Francis, C.A, who is retiring from the Company. The Company recognizes with appreciation Mr. Francis' significant contribution to the growth of Duluth Metals over the last several years. Mr. Francis was CFO of the Company from November, 2006.
Duluth Metals has also added three geologists to the exploration team managing the Company's expanded exploration program. The new Senior Geologist is Phillip C. Larson, Ph.D. Geology, who was previously with Cliffs Natural Resources in Minnesota from 2007. His previous experience also includes the Department of Geology, University of Minnesota, Vesterheim Geoscience in Anchorage, Alaska, National Steel Pellet Company in Keewatin, Minnesota, Phelps Dodge Exploration in Spokane, Washington and, Newmont Exploration at Carlin, Nevada. Mr. Larson has published numerous papers on glacial heavy mineral dispersion patterns. Two other geologists, Gabriel J. Sweet and John V. Gibbons are also joining the geological team in the Duluth office. Mr. Sweet, who joined the Company in June, 2010 is a graduate from Macalester College, Minnesota and is completing his M.Sc. degree at Lakehead University, Thunder Bay. Mr. Gibbons, who will be joining Duluth Metals in February, 2011 is a graduate of Carleton College in Minnesota and is completing his M.Sc. Geology and Geological Engineering degree at the Colorado School of Mines.
In addition, the Company wishes to report that Chris A. Fleming, due to time commitments, is moving off the Twin Metals Technical Committee but it is anticipated he will remain active as a consultant to Twin Metals on the ongoing metallurgical program.
About Duluth Metals
Duluth Metals 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.
"This document may contain 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 operations of Duluth Metals, the environment in which it operates, timing and amount of capital expenditures, results of exploration and mine development, the availability of funding to Duluth Metals and timing of geological reports. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are difficult to predict and may be beyond the control of Duluth Metals. 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 the annual information form under the heading "Risk Factors" and in the other public filings of Duluth Metals. 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.
For further information: Mara Strazdins Director of Corporate Communications +1(416)369-1500 ext 222 [email protected] Christopher Dundas Chairman & CEO +1(416)-369-1500 [email protected]
SOURCE Duluth Metals Limited