TORONTO, May 24, 2011 /CNW/ - Duluth Metals Limited ("Duluth") (TSX: DM)
(TSX: DM.U) announced today that the Toronto Stock Exchange ("TSX") has
approved Duluth's Notice of Intention to Make a Normal Course Issuer
Bid (the "NCIB") to purchase for cancellation, from time to time, its
common shares (the "Shares") through the facilities of the TSX and
other available trading platforms. Duluth has TSX approval to purchase
for cancellation up to a maximum of 5% of Duluth's issued and
outstanding Shares. As of May 19, 2011, the total number of issued and
outstanding Shares was 125,336,068 Shares. The price which Duluth will
pay for any Shares purchased by it will be the prevailing market price
of the Shares on the TSX or such other exchange or marketplace, as
applicable, at the time of such purchase.
The NCIB will commence on May 25, 2011 and will terminate on May 24,
2012 or such earlier time as the NCIB is completed or terminated at the
option of Duluth.
Management of Duluth believes that, from time to time, the market price
of the Shares may not fully reflect the underlying value of the Shares
and that at such times the purchase of Shares represents attractive
investment value and would be in the best interests of Duluth. Such
purchases will increase the proportionate interest of, and may be
advantageous to, all remaining shareholders.
The actual number of Shares that may be purchased and the timing of any
such purchases will be determined by Duluth, subject to a maximum daily
purchase limitation of 59,271 Shares which equals 25% of the average
daily trading volume of 237,084 Shares calculated in accordance with
the TSX rules, except where purchases are made in accordance with
"block purchase" exemptions under applicable TSX rules.
About Duluth Metals Limited
Duluth Metals Limited is committed to acquiring, exploring and
developing copper, nickel and platinum group metal (PGM) deposits.
Duluth Metals' primary activities are 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.
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, the
environment in which it operates, timing and amount of capital
expenditures, results of exploration and mine development, the
availability of funding to Duluth 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. 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.
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 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
Duluth has its head office at 80 Richmond Street West, Suite 1500,
Toronto, Ontario. A copy of the early warning report filed by Duluth in
connection with the completion of the Arrangement is available under
Franconia's profile at www.sedar.com. Please contact one of the individuals listed above in order to obtain
a copy of the early warning report.
SOURCE Duluth Metals Limited
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