World renowned engineering company retained for Twin Metals Project
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 /CNW/ - 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
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
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