- World renowned engineering company retained for Twin Metals Project Prefeasibility Study
- Project moves to next phase of development
- Mining parameters will be determined for proposed large base and precious metal underground mining project in northern Minnesota
TORONTO, Sept. 21, 2011 /PRNewswire/ - Duluth Metals Limited ("Duluth Metals") (TSX: DM) (TSX: DM.U) is pleased to announce that Twin Metals Minnesota LLC has retained Bechtel Mining & Metals ("Bechtel"), a member of the world's leading engineering, construction and project management group, as the lead consultant for the Prefeasibility Study on the proposed Twin Metals underground copper, nickel and platinum group (palladium, platinum and gold) Project located in northern Minnesota. The Twin Metals Project, a joint venture between Duluth Metals and Antofagasta plc ("Antofagasta"), includes approximately 25,000 acres of land/mineral interests in the Duluth Complex, and four NI 43-101 compliant Mineral Resources: the Spruce Road, Nokomis, Maturi, and Birch Lake Deposits.
"We are pleased to have one of the most respected engineering, procurement, and construction companies in the world retained to lead the Twin Metals Prefeasibility Study," stated Christopher Dundas, Chairman and CEO of Duluth Metals. "The size and scope of this project demands a firm like Bechtel that has tremendous EPCM experience in very large scale projects. Furthermore, our partner Antofagasta has a strong historical relationship working with Bechtel in Chile for over a decade. "
Bechtel is a privately owned engineering, construction and project management group headquartered in San Francisco, with offices throughout the world and 53,000 employees. One of the largest firms in the world, their diverse portfolio encompasses energy, transportation, communications, mining, oil and gas and government services. They currently have projects in dozens of locations worldwide, from Alaska to Australia. Engineering News-Record has named Bechtel the top U.S. construction contractor for 13 straight years.
For the Twin Metals Project, Bechtel will designate a project team from their world wide staff with key personnel re-locating to St. Paul, Minnesota. Antofagasta has a 40% interest in Twin Metals which it will maintain through providing US$130 million of funding through a three year period as of July 2010.
About Duluth Metals Limited
Duluth Metals Limited 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 Twin Metals 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 37,000 acres of mineral interests on exploration properties adjacent to and nearby the Twin Metals Minnesota LLC joint venture.
The Bechtel group of companies is a global engineering, project management, and construction organization. Its five global business units include operations that specialize in civil infrastructure; power generation; communications and transmission; mining and metals; oil, gas and chemicals; and government services. Since its founding in 1898, Bechtel has worked on more than 22,000 projects in 140 countries on all seven continents. Today, its 53,000 employees team with customers, partners and suppliers on diverse projects in nearly 50 countries. For more information about Bechtel visit www.bechtel.com.
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 DuluthMetals. 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