Committed to the Development of the Nokomis Copper-Nickel-PGM Deposit in Minnesota
Duluth Metals Limited (TSX:DM, DM.U in $US) is a Canadian advanced stage mineral exploration Company committed to acquiring, exploring and developing copper, nickel and platinum group metal (PGM) deposits. The Company has a joint venture on their principal asset, called the Nokomis Project, with Antofagasta plc under the new joint venture company Twin Metals Minnesota LLC, which is 60% owned by Duluth and 40% by Antofagasta. The Nokomis Project is 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.
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%
On July 21, 2010 Duluth Metals announced it had signed the formal definitive participation agreement with Antofagasta on the joint venture development of the Nokomis project. The joint venture provides the execution and financing capabilities required to aggressively advance this development project towards production. Duluth Metals will contribute the Nokomis project including approximately 5,000 acres in the Duluth Complex for a 60% interest in the joint venture, with Antofagasta to acquire an initial 40% interest; and Antofagasta holds the option to acquire an additional 25% of the joint venture from Duluth Metals at an exercise price calculated on a pro rata share of 1.0x Net Asset Value, which will be determined by a bankable feasibility study.
Duluth Metals received a second NI 43-101 Preliminary Assessment (Scoping Study) on the Nokomis Deposit in 2009. This report provides an updated Preliminary Assessment of the Nokomis Project, based on an expanded 40,000 tonne per day production rate scenario utilizing the earlier and smaller June 2008 Mineral Resource Estimate (updated in December 2009). The report confirms positive economics for the Nokomis Deposit even at lower metal prices with the potential to be one of the world's low cost copper-nickel producers.
The Company is managed by a select group of dedicated professionals with extensive combined experience in underground operations, mine planning and development, base and precious metal exploration as well as business management and finance.
TWIN METALS MINNESOTA LLC: is pursuing the development and operation of an underground copper, nickel, platinum, palladium and gold (strategic metals) mining project in northeastern Minnesota. The Twin Metals Minnesota project brings the promise of significant long-term jobs and environmentally responsible economic development for generations in Minnesota.
Currently, Twin Metals Minnesota is in the prefeasibility stage of project development. Twin Metals Minnesota is a joint venture company 60 percent owned by Duluth Metals Limited and 40 percent by Antofagasta PLC. Twin Metals Minnesota maintains offices in Ely, Babbitt and St. Paul, Minn.