TORONTO, Oct. 27 /PRNewswire-FirstCall/ - Duluth Metals Limited ("Duluth Metals") (TSX: DM) (TSX:DM.U) today announced that Twin Metals Minnesota LLC ("Twin Metals") has appointed a Board of Directors, CEO and a highly qualified Technical Committee in its initial organizational appointments. The new Directors and Technical Committee appointments are equally distributed between Duluth Metals and Antofagasta plc ("Antofagasta") with the Chairman position rotating every 12 months. On October 5-6, 2010, the Board held its second meeting and the Technical Committee held its inaugural meeting in Ely, Minnesota.
"Twin Metals has assembled a high calibre management and technical team to advance the Nokomis Project through the various development stages." stated Christopher Dundas, Chairman and CEO of Duluth Metals. "Twin Metals have started the pre-feasibility stage of the Nokomis Project which will focus on mine planning, engineering studies, trade-off analyses, metallurgical and environmental studies, project optimization, continued drilling and an updated resource estimate incorporating the drill results over the last year."
The new CEO of Twin Metals is Juan Andres Morel, Mining Eng., MBA, and previous General Manager at Antofagasta's El Tesoro Mine in Chile. Prior to joining Antofagasta, he worked at CODELCO Chile, Meridian Gold Inc., and Amax Gold Inc. He has over 20 years of management experience in both underground and open pit mining operations including El Teniente, Andina and El Penon.
The Board of Directors has six members with Christopher Dundas, James Jackson and Tom Pugsley appointed from Duluth Metals, and Francisco Walther, William Hayes, and Gary Loving appointed from Antofagasta. The Chairman of Twin Metals for the first year will be Christopher Dundas, currently Chairman and CEO of Duluth Metals.
The Technical Committee has six members appointed equally from Duluth Metals and Antofagasta. Members on the Technical Committee appointed by Duluth Metals include:
- Vern Baker, Mining Eng., MBA, current President of Duluth Metals and a highly experienced mining executive with a focus on underground operations having previously been the General Manager at the Goldstrike mine in Nevada (Barrick Gold Corporation), the Homestake mine in South Dakota (Homestake Gold), the Hemlo mine in Ontario ( JV operation of Teck and Barrick), the Stillwater mine in Montana (Stillwater) and most recently, VP Operations for FNX Mining in Sudbury;
- Andrew Hara, Mining Eng., currently an Advisory Board Member for Duluth Metals and mining consultant with over 30 years of international mining experience previously with Noranda Inc., Falconbridge Ltd - Kidd Creek Mines, Denison-Potacan Potash Company, CANMET, and K.G.H.M (Polish Copper Mines);
- Chris Flemming, Ph.D. Chemistry, currently senior metallurgical consultant with SGS Minerals and previously held senior management positions with SGS Lakefield Research and Mineral Services from 1990 onwards.
Members on the Technical Committee appointed by Antofagasta include:
- Francisco Walther, Mining Eng., M.Sc. Mineral Economics, with 25 years of experience in underground and open pit mining operations and engineering, currently with Antofagasta Minerals S.A. Group and previously with CODELCO Chile and NCL Mining Engineering and Consulting;
- G. Holger Bannach, Chemical Eng., with over 30 years of experience, currently Process Engineering Manager with Antofagasta Minerals and previously with CODELCO Chile, Compania del Cobre Chuquicamata, Chile Copper Ltd and Chile Exploration Company (The Anaconda Company);
- Guillermo Muller Masser, Mining Geologist with over 25 years of geology and mine reserve experience, currently Manager of Resources Evaluation in the Vice-Presidency of Mining Resources of Antofagasta Minerals (AMSA) and previous with CODELCO where his last post was Director of Geology.
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.
SOURCE Duluth Metals Limited