Duluth Metals Highlights 155 feet of 1.371% Copper, 0.281% Nickel and 0.863 grams Total Precious Metals at west Maturi in the Twin Metals Minnesota Project

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Oct 11, 2012, 06:00 ET

Drill results of additional 30 holes in the Maturi Deposit of Twin Metals Minnesota
Drilling of the Maturi Deposit consistently returned good grades and intersections across four areas within the deposit
Approximately 170 additional drill holes, including the 30 holes (MEX-349 to MEX 378) featured in this press release, will be factored into the final pre-feasibility AMEC resource study due in Fall 2012
The final pre-feasibility AMEC resource estimate report will confirm the economic opportunities represented by this resource

TORONTO, Oct. 11, 2012 /PRNewswire/ - Duluth Metals Limited ("Duluth Metals") (TSX: DM) (TSX: DM.U) is pleased to announce assay results for 30 additional holes from Maturi as drilling continues on the Twin Metals Minnesota Project in northeastern Minnesota. Drilling results continue to indicate continuous and relatively thick mineralization with certain higher grade zones. These recently completed holes will be incorporated into the final resource estimate to be issued by AMEC in Fall 2012.

All of the 30 holes have significant length intercepts that meet a 0.5% Cu cut-off criteria. These holes, distributed across the Maturi Resource, continue to indicate the ability to define a higher grade sub-set of the resource for early utilization. The holes are grouped into four distinct areas within the resource as shown in Figure 1 further in this press release, and are referred to as:

Area 1 - shallow west Maturi
Area 2 - deeper west Maturi
Area 3 - central Maturi
Area 4 - northeast Maturi

"This set of 30 holes highlights the continuity of this resource as well as the significant thickness of the well mineralized material", stated Vern Baker, President of Duluth Metals. "The ability to include data from a large number of additional holes and to incorporate a more detailed geological interpretation will provide a much stronger resource estimate for the Twin Metals Minnesota project this fall. The final pre-feasibility AMEC resource estimate will allow mine planning to focus on early utilization of the most economic mineralization. This resource estimate will also upgrade large areas of the resource from the Inferred to the Indicated category."

Drilling highlights in the western section of the Maturi Deposit include:

In Area 1 (shallow west Maturi):

Mex-371 returned a 155 foot intersection of 1.371% copper, 0.281% nickel, 5.1 g/t silver and 0.863 grams TPM (TPM = Platinum+Palladium+Gold) at a 0.5% Cu cut-off.
Mex-374 returned a 240 foot intersection of 0.790% copper, 0.273% nickel, 3.1 g/t silver and 0.544 grams TPM at a 0.5% Cu cut-off.

In Area 2 (deeper west Maturi):

Mex-373 returned a 105 foot intersection of 0.868% copper, 0.262% nickel, 3.3 g/t silver and 0.743 grams TPM at a 0.5% Cu cut-off.
Mex-357 returned a 144 foot intersection of 0.799% copper, 0.292% nickel, 2.8 g/t silver and 0..704 grams TPM at a 0.5% Cu cut-off.

In Area 3 (central Maturi):

Mex-351 returned a 62 foot intersection of 0.823% copper, 0.278% nickel, 2.7 g/t silver and 1.028 grams TPM (TPM = Platinum+Palladium+Gold) at a 0.5% Cu cut-off.
Mex-362 returned a 85 foot intersection of 0.805% copper, 0.264% nickel, 2.8 g/t silver and 0.905 grams TPM at a 0.5% Cu cut-off.
Mex-367 returned a 147 foot intersection of 0.758% copper, 0.231% nickel, 3.0 g/t silver and 0.813 grams TPM at a 0.5% Cu cut-off.

In Area 4 (northeast Maturi):

Mex-355 returned a 158 foot intersection of 0.905% copper, 0.306% nickel, 3.1 g/t silver and 0.782 grams TPM (TPM = Platinum+Palladium+Gold) at a 0.5% Cu cut-off.
Mex-376 returned a 90 foot intersection of 0.870% copper, 0.255% nickel, 2.9 g/t silver and 0.771 grams TPM at a 0.5% Cu cut-off.

Figure 1 is a map illustrating the location of 30 drill holes reported in this press release which can be found on the Company website under this press release at www.duluthmetals.com.

A more detailed summary of the assay results for MEX-349 to 378 as grouped by areas can be found in the table below. True thickness is estimated at about 90% of core length:

Area 1 (shallow west Maturi):
HOLE	Zone	From	To	Length	Cu	Ni	TPM*
		(ft)	(ft)	(ft)	(%)	(%)	(g/t)
MEX-0349	@0.3% Cu cut-off	447	698	251	0.551	0.168	0.402
	@0.5% Cu cut-off	478	638	160	0.658	0.199	0.505
MEX-0352	@0.3% Cu cut-off	1748	1938	190	0.663	0.260	0.514
	@0.5% Cu cut-off	1748	1893	145	0.713	0.241	0.598
MEX-0356	@0.5% Cu cut-off	1162	1358	196	0.721	0.230	0.430
MEX-0359	@0.5% Cu cut-off	1282.5	1512.8	230.3	0.773	0.238	0.521
MEX-0361	@0.5% Cu cut-off	744	968	224	0.662	0.198	0.443
MEX-0364	@0.5% Cu cut-off	592	713	121	0.690	0.204	0.576
	@0.5% Cu cut-off	743	773	30	0.557	0.134	0.333
MEX-0365	@0.5% Cu cut-off	1228	1418	190	0.788	0.225	0.554
MEX-0368	@0.3% Cu cut-off	859	978	119	0.564	0.170	0.335
	@0.5% Cu cut-off	859	959	100	0.596	0.181	0.356
MEX-0371	@0.3% Cu cut-off	1554	1749	195	1.178	0.249	0.750
	@0.5% Cu cut-off	1569	1724	155	1.371	0.281	0.863
MEX-0372	@0.5% Cu cut-off	1073.25	1233	159.75	0.671	0.212	0.430
MEX-0374	@0.5% Cu cut-off	1768	2008	240	0.790	0.273	0.544
MEX-0377	@0.3% Cu cut-off	1204	1443	239	0.740	0.223	0.532
	@0.5% Cu cut-off	1208	1403	195	0.818	0.245	0.595
MEX-0378	@0.3% Cu cut-off	1064.5	1233	168.5	0.639	0.195	0.451
	@0.5% Cu cut-off	1064.5	1158	93.5	0.801	0.240	0.556

Area 2 (deeper west Maturi):
HOLE	Zone	From	To	Length	Cu	Ni	TPM*
		(ft)	(ft)	(ft)	(%)	(%)	(g/t)
MEX-0350	@0.3% Cu cut-off	2214.5	2359	144.5	0.684	0.268	0.516
	@0.5% Cu cut-off	2214.5	2344	129.5	0.725	0.281	0.554
MEX-0357	@0.5% Cu cut-off	1384	1528	144	0.799	0.292	0.704
	@0.5% Cu cut-off	1618	1703	85	0.618	0.226	0.669
MEX-0360	@0.3% Cu cut-off	2364	2518	154	0.664	0.251	0.491
	@0.5% Cu cut-off	2364	2453	89	0.798	0.286	0.627
MEX-0366	@0.5% Cu cut-off	2260	2362.5	102.5	0.721	0.284	0.691
MEX-0370	@0.3% Cu cut-off	2735	2888	153	0.577	0.285	0.507
	@0.5% Cu cut-off	2735	2813	78	0.748	0.321	0.721
MEX-0373	@0.3% Cu cut-off	2287	2422	135	0.743	0.234	0.639
	@0.5% Cu cut-off	2287	2392	105	0.868	0.262	0.743

Area 3 (central Maturi):
HOLE	Zone	From	To	Length	Cu	Ni	TPM*
		(ft)	(ft)	(ft)	(%)	(%)	(g/t)
MEX-0351	@0.5% Cu cut-off	2571	2633	62	0.823	0.278	1.028
MEX-0354	@0.3% Cu cut-off	2658	2838	180	0.678	0.190	0.763
	@0.5% Cu cut-off	2668	2833	165	0.704	0.196	0.790
MEX-0362	@0.3% Cu cut-off	2647.3	2817.5	170.2	0.614	0.216	0.695
	@0.5% Cu cut-off	2653	2738	85	0.805	0.264	0.905
MEX-0367	@0.5% Cu cut-off	2564.8	2712	147.2	0.758	0.231	0.813
MEX-0375	@0.3% Cu cut-off	2682.5	2818	135.5	0.596	0.183	0.739
	@0.5% Cu cut-off	2693	2788	95	0.660	0.193	0.840

Area 4 (northeast Maturi):
HOLE	Zone	From	To	Length	Cu	Ni	TPM*
		(ft)	(ft)	(ft)	(%)	(%)	(g/t)
MEX-0353	@0.3% Cu cut-off	2973	3153	180	0.561	0.170	1.029
	@0.5% Cu cut-off	3048	3148	100	0.762	0.235	1.649
MEX-0355	@0.3% Cu cut-off	2106	2213	107	0.440	0.131	0.248
	@0.5% Cu cut-off	2278	2436.5	158.5	0.905	0.306	0.782
MEX-0358	@0.5% Cu cut-off	2638	2738	100	0.721	0.227	0.813
MEX-0369	@0.5% Cu cut-off	2598	2643	45	0.639	0.163	0.559
	@0.5% Cu cut-off	2688	2798	110	0.676	0.203	0.767
MEX-0376	@0.3% Cu cut-off	2718	2868	150	0.685	0.202	0.629
	@0.5% Cu cut-off	2733	2823	90	0.870	0.255	0.771

Fill-in hole
MEX-0363	@0.5% Cu cut-off	1733	1778	45	0.709	0.248	0.627
*(TPM = Platinum+Palladium+Gold)**

Complete gold, platinum, palladium, silver and cobalt assays for MEX-349 to 378 are as follows:

Area 1 (shallow west Maturi):
HOLE	Zone	From	To	Length	Pt	Pd	Au	Co	Ag
		(ft)	(ft)	(ft)	(g/t)	(g/t)	(g/t)	(%)	(g/t)
MEX-0349	@0.3% Cu cut-off	447	698	251	0.097	0.238	0.066	0.010	2.0
MEX-0349	@0.5% Cu cut-off	478	638	160	0.124	0.296	0.085	0.011	2.4
MEX-0352	@0.3% Cu cut-off	1748	1938	190	0.138	0.311	0.065	0.011	2.3
	@0.5% Cu cut-off	1748	1893	145	0.162	0.361	0.075	0.011	2.5
MEX-0356	@0.5% Cu cut-off	1162	1358	196	0.102	0.256	0.072	0.011	2.5
MEX-0359	@0.5% Cu cut-off	1282.5	1512.8	230.3	0.135	0.312	0.074	0.011	3.0
MEX-0361	@0.5% Cu cut-off	744	968	224	0.114	0.264	0.065	0.011	2.5
MEX-0364	@0.5% Cu cut-off	592	713	121	0.129	0.292	0.155	0.009	2.4
	@0.5% Cu cut-off	743	773	30	0.086	0.182	0.064	0.008	2.0
MEX-0365	@0.5% Cu cut-off	1228	1418	190	0.143	0.334	0.077	0.011	2.8
MEX-0368	@0.3% Cu cut-off	859	978	119	0.081	0.201	0.053	0.010	2.3
	@0.5% Cu cut-off	859	959	100	0.086	0.214	0.055	0.010	2.4
MEX-0371	@0.3% Cu cut-off	1554	1749	195	0.158	0.497	0.095	0.012	4.4
	@0.5% Cu cut-off	1569	1724	155	0.184	0.581	0.098	0.013	5.1
MEX-0372	@0.5% Cu cut-off	1073.25	1233	159.75	0.107	0.258	0.065	0.011	2.1
MEX-0374	@0.5% Cu cut-off	1768	2008	240	0.136	0.334	0.075	0.011	3.1
MEX-0377	@0.3% Cu cut-off	1204	1443	239	0.144	0.295	0.093	0.011	2.4
	@0.5% Cu cut-off	1208	1403	195	0.163	0.326	0.105	0.012	2.7
MEX-0378	@0.3% Cu cut-off	1064.5	1233	168.5	0.119	0.265	0.068	0.010	2.4
	@0.5% Cu cut-off	1064.5	1158	93.5	0.140	0.337	0.080	0.011	2.6

Area 2 (deeper west Maturi):
HOLE	Zone	From	To	Length	Pt	Pd	Au	Co	Ag
		(ft)	(ft)	(ft)	(g/t)	(g/t)	(g/t)	(%)	(g/t)
MEX-0350	@0.3% Cu cut-off	2214.5	2359	144.5	0.121	0.299	0.095	0.012	2.1
	@0.5% Cu cut-off	2214.5	2344	129.5	0.131	0.321	0.103	0.013	2.3
MEX-0357	@0.5% Cu cut-off	1384	1528	144	0.186	0.432	0.085	0.012	2.8
	@0.5% Cu cut-off	1618	1703	85	0.178	0.420	0.071	0.009	2.4
MEX-0360	@0.3% Cu cut-off	2364	2518	154	0.130	0.298	0.064	0.012	2.3
	@0.5% Cu cut-off	2364	2453	89	0.166	0.380	0.081	0.013	2.8
MEX-0366	@0.5% Cu cut-off	2260	2362.5	102.5	0.197	0.411	0.083	0.012	3.0
MEX-0370	@0.3% Cu cut-off	2735	2888	153	0.121	0.310	0.076	0.011	1.6
	@0.5% Cu cut-off	2735	2813	78	0.170	0.437	0.114	0.013	2.2
MEX-0373	@0.3% Cu cut-off	2287	2422	135	0.174	0.375	0.090	0.010	2.9
	@0.5% Cu cut-off	2287	2392	105	0.204	0.435	0.105	0.011	3.3

Area 3 (central Maturi):
HOLE	Zone	From	To	Length	Pt	Pd	Au	Co	Ag
		(ft)	(ft)	(ft)	(g/t)	(g/t)	(g/t)	(%)	(g/t)
MEX-0351	@0.5% Cu cut-off	2571	2633	62	0.273	0.639	0.116	0.010	2.7
MEX-0354	@0.3% Cu cut-off	2658	2838	180	0.207	0.454	0.102	0.007	2.3
	@0.5% Cu cut-off	2668	2833	165	0.216	0.469	0.106	0.007	2.4
MEX-0362	@0.3% Cu cut-off	2647.3	2817.5	170.2	0.178	0.428	0.088	0.011	2.1
	@0.5% Cu cut-off	2653	2738	85	0.227	0.579	0.099	0.012	2.8
MEX-0367	@0.5% Cu cut-off	2564.8	2712	147.2	0.209	0.497	0.107	0.010	3.0
	@0.3% Cu cut-off	1554	1749	195	0.158	0.497	0.095	0.012	4.4
MEX-0374	@0.5% Cu cut-off	1768	2008	240	0.136	0.334	0.075	0.011	3.1
MEX-0375	@0.3% Cu cut-off	2682.5	2818	135.5	0.206	0.414	0.120	0.008	2.0
	@0.5% Cu cut-off	2693	2788	95	0.238	0.460	0.141	0.008	2.2

Area 4 (northeast Maturi):
	Zone	From	To	Length	Pt	Pd	Au	Co	Ag
		(ft)	(ft)	(ft)	(g/t)	(g/t)	(g/t)	(%)	(g/t)
MEX-0353	@0.3% Cu cut-off	2973	3153	180	0.270	0.641	0.118	0.010	2.8
	@0.5% Cu cut-off	3048	3148	100	0.438	1.030	0.180	0.011	4.6
MEX-0355	@0.3% Cu cut-off	2106	2213	107	0.062	0.150	0.035	0.010	1.4
	@0.5% Cu cut-off	2278	2436.5	158.5	0.189	0.499	0.094	0.011	3.1
MEX-0358	@0.5% Cu cut-off	2638	2738	100	0.186	0.522	0.105	0.009	3.0
MEX-0363	@0.5% Cu cut-off	1733	1778	45	0.158	0.389	0.080	0.014	2.7
MEX-0369	@0.5% Cu cut-off	2598	2643	45	0.132	0.335	0.092	0.010	2.6
	@0.5% Cu cut-off	2688	2798	110	0.225	0.443	0.099	0.009	2.7
MEX-0376	@0.3% Cu cut-off	2718	2868	150	0.147	0.394	0.088	0.010	2.4
	@0.5% Cu cut-off	2733	2823	90	0.179	0.480	0.112	0.011	2.9

The Twin Metals Minnesota Project covers over 32,000 acres of land/mineral interests and consolidates the largest base and precious metal land position in Minnesota. This extensive land position provides Twin Metals with the platform to plan and develop one the world's largest copper-nickel-PGM deposits within a new emerging mining belt in Minnesota, USA.

For the 2011-2012 Drill Program, half core samples are being prepared at ALS Minerals laboratories in Thunder Bay and then shipped to its analytical facilities in Vancouver. Samples are being analyzed for Au, Pt, and Pd using a 30g standard fire assay with an ICP-AES finish and for 33 other elements using a four acid (near total) digestion and a combination of ICP-MS and ICP-AES. ICP over-limits for copper and nickel are re-analyzed using dissolution four acid (near total) digestion followed by ICP-AES or AAS. The remaining half core samples are being stored in Minnesota.

Phillip Larson, P. Geo. is the Qualified Person for Duluth Metals and Senior Geologist for Duluth Metals, in accordance with NI 43-101 of the Canadian Securities Administrators, and is responsible for Duluth Metals technical content of this press release and quality assurance of the exploration data and analytical results.

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 Minnesota 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 40,000 acres of mineral interests on exploration properties adjacent to and nearby the Twin Metals Minnesota LLC joint venture.

About Twin Metals Minnesota LLC

Twin Metals Minnesota, LLC, is a joint venture company, 60 percent owned by Duluth Metals Limited and 40 percent by Antofagasta plc. Twin Metals was formed in 2010 to pursue the development and operation of a copper, nickel and platinum group metals (strategic metals) underground mining project within the Duluth Complex in northeastern Minnesota. Twin Metals holds mineral and land assets of approximately 32,000 acres of leased and permitted land, including mineral resources prepared in compliance with the requirements of NI 43-101.

This press release contains 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 results of drilling operations of Duluth Metals and exploration and mine development. Generally, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Duluth Metals has relied on a number of assumptions and estimates in making such forward-looking statements, including, without limitation, the prices of copper, nickel and platinum group metals (PGMs) and the costs associated with continuing exploration and mining development. Such assumptions and estimates are made in light of the trends and conditions that are considered to be relevant and reasonable based on information available and the circumstances existing at this time. A number of risk factors may cause actual results, level of activity, performance or outcomes of such exploration and/or mine development to be materially different from those expressed or implied by such forward-looking statements including, without limitation, whether such discoveries will result in commercially viable quantities of such mineralized materials, the possibility of changes to project parameters as plans continue to be refined, the ability to execute planned exploration and future drilling programs, possible variations of copper, nickel and PGM grade or recovery rates, the need for additional funding to continue exploration efforts, changes in general economic, market and business conditions, and those other risks set forth in Duluth Metals' most recent annual information form under the heading "Risk Factors" and in its other public filings. Statements related to "reserves" and "resources" are deemed forward-looking statements as they involve the implied assessment, based on realistically assumed and justifiable technical and economic conditions, that an inventory of mineralization will become economically extractable. Forward-looking statements are not guarantees of future performance and such information is inherently subject to known and unknown risks, uncertainties and other factors that are difficult to predict and may be beyond the control of Duluth Metals. Although Duluth Metals has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. 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. The forward-looking statements contained herein are expressly qualified by this disclaimer.

SOURCE Duluth Metals Limited