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I am aware of both the meaning and the legal application.
It is for that reason that I stated there is no (zero) importance due to a ruling in Wisconsin about the misapplication of Wisconsin procedures as establishing a precedent of any importance or application under Minnesota law.
please ask an attorney about "precedence" or
In common law legal systems, a precedent or authority is a principle or rule established in a previous legal case that is either binding on or persuasive for a court or other tribunal when deciding subsequent cases with similar issues or facts. The general principle in common law legal systems is that similar cases should be decided so as to give similar and predictable outcomes, and the principle of precedent is the mechanism by which that goal is attained. Black's Law Dictionary defines "precedent" as a "rule of law established for the first time by a court for a particular type of case and thereafter referred to in deciding similar cases."
Well, that last one is from Minnesota, but I fail to see how the Wisconsin ruling establishes anything relative to the Duluth Complex in Minnesota.
it clearly establishes that mining of this type can be done safely...establishing "precedence"
and this as well...
ST. PAUL, Minn. (AP) — The state does not need to order environmental reviews when it awards leases for rights to explore for metallic minerals such as copper and nickel, the Minnesota Court of Appeals ruled Monday.
A three-judge appeals panel said the sale of minerals leases does not trigger the environmental review requirements under the Minnesota Environmental Protection Act. That’s because the mere act of granting a lease does not necessarily mean the land will ever be prospected or mined, the ruling determined.
But the ruling also said the environmental review requirements may be triggered later by more specific plans for the property, such as exploration drilling or mining.
The ruling clears the way for the state to sell a package of 31 leases that had been on hold since last year, after a group of northeastern Minnesota residents petitioned for an environmental review. They argued that they were shut out of the process, and feared that any drilling could contaminate ground water if not regulated properly.
The Department of Natural Resources concluded the review was unnecessary and denied the petition, but the state’s Executive Committee last December decided to hold off on awarding the leases until the Court of Appeals ruled.
and this relates to Duluth Metals how ?
Appellate Victory Solidifies Flambeau Mining Company's Exemplary Environmental Record
DeWitt Ross & Stevens S.C. secured a complete appellate victory for Flambeau Mining Company in a decision issued by the United States Court of Appeals for the Seventh Circuit (Seventh Circuit) on August 15, 2013. At issue in the appeal was whether the trial court in the Western District of Wisconsin erred in determining that Flambeau Mining Company had violated the Clean Water Act (CWA) by discharging storm water containing de minimis amounts of copper from its reclaimed mine site without the proper permit. In reversing the trial court, the decision makes clear that Flambeau Mining Company was in compliance with the CWA at all times.
Following closure of active mining at the Flambeau Mine site, the Wisconsin Department of Natural Resources (WDNR) elected to regulate Flambeau Mining Company’s storm water discharges at the site pursuant to its mining permit. WDNR relied on a specific provision in the Wisconsin Administrative Code allowing it to regulate the site’s storm water pursuant to the Mining Permit, rather than pursuant to a separate Wisconsin Pollution Discharge Elimination Permit (WPDES) permit. It was undisputed that Flambeau Mining Company relied upon and complied with the storm water discharge conditions of the Mining Permit since issued by WDNR in 1998. Despite that, plaintiffs filed a citizen suit alleging that the company’s mining permit was not a WPDES permit issued pursuant to the Clean Water Act, and therefore, any storm water discharges were illegal.
Though the trial court ultimately concluded that Flambeau Mining Company’s environmental efforts at the mine site were “exemplary” and that those efforts deserved “commendation, not penalties,” the trial court held that the Mining Permit was not a valid WPDES permit, and because the CWA is a strict liability statute, imposed a proforma penalty of $25.00 for each of the eleven discharges. The trial court also denied Plaintiffs their attorneys’ fees. Flambeau Mining Company appealed from the decision of liability, and Plaintiffs appealed the denial of their attorneys’ fees request.
On appeal, Flambeau Mining Company argued that its Mining Permit was properly issued by WDNR, the only entity with authority to issue CWA storm water permits in Wisconsin, that Flambeau Mining Company reasonably relied upon the permit it was issued, that it was in compliance with that permit, and that Plaintiffs’ lawsuit was barred by the Clean Water Act’s permit shield provisions. Plaintiffs argued that the Administrative Code relied upon by WDNR to regulate storm water discharges with the mining permit had not been properly approved by the EPA, that the Mining Permit was not a permit issued pursuant to the Clean Water Act, and the permit shield did not apply accordingly.
The Seventh Circuit reversed the trial court decision, determined that Flambeau Mining Company was entitled to the permit shield defense, and therefore had not violated the CWA. In summary, the Seventh Circuit concluded that Flambeau Mining Company had been told by the WDNR that its mining permit constituted a valid WPDES permit, that Flambeau Mining Company had no notice that any provision of the state law upon which WDNR relied to issue the permit was invalid, and that Flambeau Mining Company was at all times in compliance with the mining permit as issued. The Seventh Circuit determined that denying a regulated entity the permit shield under these circumstances would be “inconsistent with the requirements of due process” and would “vitiate the permit shield” altogether. The Seventh Circuit emphasized that the permit shield is intended to provide permit holders certainty and finality by ensuring that compliant CWA permit holders will not face enforcement actions. Here, the enforcement action attempt was made more than a decade after the permit in question was issued. The Seventh Circuit also denied plaintiffs’ cross-appeal relating to attorneys’ fees holding that since the plaintiffs were not prevailing parties, they were not entitled to fees.
The decision is a victory for Flambeau Mining Company and its exemplary environmental record.
Polymet paving the way for Duluth Metals...
http://ih.advfn.com/p.php?pid=nmona&article=58945622&symbol=PLM
Mine study still a resource
http://www.hibbingmn.com/mine/article_97cb57e2-f96b-11e2-b26e-0019bb2963f4.html
Hopefully Duluth Metals not to far behind Polymet...
With Duluth Metals neighbor Polymet in the lead to get a permit the end of this year. Duluth Metals (Twin Metals) will be close behind and may have a easier time of it as the process has been worked out and Duluth Metals has the added benefit of being a underground operation.
http://www.twin-metals.com/
Jan 21, 2013 Duluth Metals Announces SEDAR filing of AMEC Technical Report on the Twin Metals Project
http://www.duluthmetals.com/s/NewsReleases.asp?ReportID=566839&_Type=News-Release&_Title=Duluth-Metals-Announces-SEDAR-filing-of-AMEC-Technical-Report-on-the-Twin-M...
March 2013 Investors Presentation...
http://www.duluthmetals.com/i/pdf/DM_Presentation.pdf
China, primed by government spending to boost growth, will need enough copper every month to circle the globe more than 100 times.
The nation required 4.2 million kilometers (2.6 million miles) of copper cables in December, the most in nine months, to satisfy demand for electric grids, housing, autos and exports. That’s enough to go around the 40,075-kilometer equator about 105 times. Manufacturing and exports are growing at the fastest pace in two years, while cars are selling like never before in China, the world’s most-populated country and responsible for about 40 percent of world copper consumption.
Copper use in China will jump 8 percent to a record 8.833 million metric tons this year, boosting global demand and creating a 6,000-ton product deficit versus a surplus of 216,000 tons in 2012, according to Goldman Sachs Group Inc. Prices in London probably will climb 15 percent to $9,000 a ton in six months, more than double the advance for all of last year, New York-based Goldman said in a Feb. 19 report.
“Copper is the preferred way to play China growth, and it should be very strong,” said John Stephenson, who helps manage C$2.7 billion ($2.7 billion) at First Asset Investment Management Inc. in Toronto. “The commodities that will do well are the ones that China doesn’t have a hammerlock on in terms of their ability to produce, and copper certainly would be that.”
Price Rally
Prices have slipped 1.2 percent on the London Metal Exchange this year after a 4.4 percent rally in 2012. The Standard & Poor’s GSCI Spot Index of 24 raw materials has advanced 1.9 percent in 2013, and the MSCI All-Country World Index of equities added 3.4 percent. Treasuries lost 0.8 percent, a Bank of America Corp. index shows.
China’s growth in the three months ending in June will accelerate to 8.25 percent, the fastest pace since 2011, after government stimulus measures helped pull the world’s second- largest economy out of a seven-quarter slowdown at the end of last year, according to a Bloomberg survey of economists. China is the biggest user of copper.
Manufacturing in China has expanded for four straight months, a Feb. 1 government report showed. January exports gained the most since April 2011, and passenger-vehicle sales surged 49 percent to a monthly record, data released Feb. 7 and 8 showed.
China Imports
The country needs to import copper because domestic production of 6.541 million tons will fall short of demand by 2.168 million tons, Barclays Plc said in a Feb. 15 report.
More than 21 million Chinese -- almost the population of Australia -- left their rural homes for jobs in cities in 2012, according to China’s National Bureau of Statistics. The migration creates greater demand for housing, new appliances, cars and electricity transmission lines, all requiring copper.
Vehicle sales in China, including trucks and buses, will probably accelerate this year and surpass 20 million for the first time on a rebound in economic growth and urbanization, according to estimates by the China Association of Automobile Manufacturers. The transportation industry accounts for about 11 percent of the country’s copper use, according to data from Bloomberg Industries.
China will rebuild 3 million homes for rural residents in 2013, the official Xinhua News Agency reported Feb. 10, citing the Ministry of Housing and Urban-Rural Development. New-home prices rose in December in the most Chinese cities in 20 months, according to a government report on Jan. 18.
‘Electric Grid’
“China is planning on urbanizing 100 million people over the coming decade, and the No. 1 usage for copper in China is the electric grid,” John Goldsmith, who help manage C$5.2 billion at Montrusco Bolton Investments Inc. in Toronto, said in a telephone interview. “That’s a boatload of copper they’re going to need.”
Accelerating inflation may prompt the government to reign in growth. The People’s Bank of China drained a record 910 billion yuan ($146 billion) from the financial system last week. The government told local authorities on Feb. 21 to “decisively” curb real-estate speculation and take steps to cool the property market after January prices rose the most in two years. Builders account for about 9.4 percent of Chinese copper demand, compared with 50 percent in the U.S., where about 400 pounds of the metal is used in the average home.
Stockpiles of the metal monitored by the Shanghai Futures Exchange have climbed 49 percent since the end of June, data from the exchange show.
Oyu Tolgoi
A 3.4 percent surge in copper output may overwhelm demand and keep prices in check, according to Barclays. Mines scheduled to open this year include Codelco’s Ministro Hales near Calama, Chile, and Rio Tinto Group’s (RIO) Oyu Tolgoi Mongolia’s South Gobi Desert. Production will jump the most since 2004 this year, creating a surplus of 56,000 tons, Barclays estimates. The London-based bank forecast prices will decline 0.3 percent on average in 2013, according to the Feb. 15 report.
Chile, the world’s biggest copper-producing nation, said Jan. 28 that domestic output will probably reach a record this year.
“I’m not convinced we’ll see a bull market in copper any time soon,” Jack Ablin, who helps oversee about $66 billion of assets as chief investment officer of BMO Private Bank in Chicago, said in a telephone interview. With the increase in China demand, “it’s a favorable environment, but the rising supplies are going to get in the way of that.”
Copper consumption is also poised to rise in the U.S., the world’s second-biggest user, and the outlook for U.S. housing will be an “important contributor” to demand growth, Goldman said in a Feb. 19 report.
U.S. Housing
Builders broke ground in January on the most U.S. single- family homes in more than four years, Commerce Department data showed Feb. 20. The U.S. will account for 9.7 percent of demand this year, while China will use 44 percent, according to Goldman.
The world’s mining companies have fallen short of forecasts by an average of 6.5 percent annually since 2006, data from the Lisbon-based International Copper Study Group show. Companies from Melbourne-based BHP Billiton Ltd. (BHP) to Phoenix-based Freeport-McMoran Copper & Gold Inc. (FCX) have contended with labor stoppages and aging mines. Refiners must process about 15 percent more ore than in 2000 to extract the same amount of metal because of declining grades, according to Macquarie Group Ltd.
Morgan Outlook
Rio Tinto, the world’s s largest mining company, said Feb. 14 its $6.6 billion Oyu Tolgoi copper mine won’t start until disagreements with the government are resolved. London-based Rio has twice rejected Mongolia’s demands in the past 18 months for a greater share of profits from the mine.
The outlook for new supply will have a “muted” effect on the market in the medium-term, in part because of the risk of project delays, Morgan Stanley said in a Jan. 24 note. The bank estimated prices will rise to $8,554 this year from $7,952 in 2012.
“The Chinese will continue to urbanize as they want to bring more of their population to the middle-class platform, and that means more infrastructure, and that in turn means more copper demand,” said Quincy Krosby, a market strategist for Newark, New Jersey-based Prudential Financial Inc., which oversees more than $1 trillion of assets. “The economic data in the U.S suggests that the economy continues to grow, and particularly in the housing market, and that is positive.”
http://www.bloomberg.com/news/2013-02-26/copper-winding-earth-105-times-shows-deficit-commodities.html
Auguries - February 1, 2013
The Recovery Has Landed
Kevin Michael Grace
Gold was down (at press time) $3.40 (-0.2%) for the week to $1,664.10, and silver was down $0.24 (-0.8%) to $31.43. Gold fell $17.50 Thursday (-1%), a development Reuters attributed to “profit taking” and “bullion’s repeated failure to rise above major resistance at $1,700 in January, trigger[ing] technical selling.”
Could be, but technical resistance will always yield to force majeure. If gold is an alternative currency, then its future price will determined by the health of the world economy—in particular, the American economy.
In the latter regard, this interview of John Williams by Greg Hunter of USAWatchdog should prove interesting to readers. Williams’ argument is that “CPI, GDP and employment numbers” are subject to “biased and often-manipulated government reporting.” That’s one way to put it. Another would be that US Government economic reporting is now subject to Soviet-style levels of disinformation.
Read the rest of this article here. http://resourceswire.com/2013/02/auguries-18/
US Steel's subtle message on its frustrations with regulators
Posted by: Lee Schafer Updated: February 1, 2013 - 2:41 PM
The theme of John Surma’s speech this week to the Economic Club of Minnesota was that the company he serves as CEO, US Steel Corp., has operated taconite mines a long time in the state and remains a major contributor to the economic vitality of northeastern Minnesota
.
It was a hardly controversial message, delivered by a genial CEO to a friendly audience.
There was an agenda, of course, if you listened for it. It turns out US Steel is frustrated with regulators.
“There just seems to be a lot more people involved,” Surma said after the speech, when asked about what’s changed in how his industry is regulated in Minnesota. “There seems to be a lot more discussion, and a lot more people who seem to want to be in a position to say no.”
There is a “lack of clarity” in the process as a result.
What also changed for US Steel is the presence of companies like PolyMet Mining Corp., which is seeking permits to begin production of copper, nickel and precious metals at its mine and processing facility at the eastern end the Mesabi Iron Range.
Behind PolyMet are other copper-nickel mining projects not as far along.
Mining for taconite is hardly a clean industry, but it’s had nothing close to the kind of problems that have cropped up with copper and nickel mining in other parts of the world. PolyMet has been grinding away on its permitting process for years.
Has greater environmental review of mining as a result of copper and nickel projects changed the dynamic for US Steel? Surma responded that copper and nickel mining was a different business and he wished those firms well.
US Steel, no matter how aggravated it becomes, obviously can’t move its mines. Short of a dramatic - and unlikely - contraction in North American steel demand, Surma said, there is not much that would cause US Steel to significantly reduce its level of investment in the state. About a quarter of the company’s $800 million capital budget this year will go to Minnesota.
On the other hand, there are choices that will come up someday, on where to build plants with newer technology or otherwise invest the company’s capital.
Hope the EIS is soon.The company has been quite too?
Like this part best from the Bloomberg News...
"Northeastern Minnesota has one of the world's largest deposits of untapped copper, nickel, platinum, palladium, cobalt and gold."
More volume these days
Traders don't see fool's gold as they invest more in copper
Article by: NICHOLAS LARKIN , Bloomberg News Updated: February 2, 2013
Copper traders are the most bullish in 15 months on mounting confidence that the U.S. economy will rebound at a time when China's recovery is gaining momentum.
Copper climbed to a three-month high Friday after data showed faster economic growth and higher profits for industrial companies in China, the biggest user of the metal.
Global equities rallied to an almost 21-month high last week after China's expansion accelerated for the first time in two years and an index of U.S. leading indicators rose the most in three months.
"The U.S. will show at least moderate growth going forward this year, and U.S. stimulus should lead to higher commodity prices," said Daniel Briesemann, a commodities analyst at Commerzbank AG in Frankfurt. "China's economy is definitely gaining momentum and ... will be the main driver."
Northeastern Minnesota has one of the world's largest deposits of untapped copper, nickel, platinum, palladium, cobalt and gold.
The potential for copper clearly has gotten the attention of traders. The metal jumped as much as 11 percent from a two-month low set Nov. 9, reaching $8,318 as of Friday. Since December 2008, when the Federal Reserve expanded asset purchases, copper has more than doubled in price.
North America consumes roughly 11 percent of the world's copper and China 42 percent.
But there are signs that copper consumption is slowing. China's refined-copper imports slid 41 percent last year, according to customs data. Copper inventories in warehouses monitored by the LME, the largest metals bourse, are at the highest in 13 months after jumping 78 percent from an almost four-year low set Oct. 16, exchange data show. The stock buildup points to "weak physical demand," said Robin Bhar, an analyst at Societe Generale SA in London.
A bidding war for copper mines in Brazil and a successful sulfide mine in Flambeau Wisconsin...
Duluth Metals Announces an Updated Mineral Resource Estimate Confirming Large Increases to Twin Metals Contained Metal, Grade and Indicated Tonnage
TORONTO, December 4, 2012
http://www.heraldonline.com/2012/12/04/4458138/duluth-metals-announces-an-updated.html
Duluth Metals mentioned in this video...Lots of money to be made, money for schools.
http://kstp.com/article/stories/S2832720.shtml?cat=7
Edit...
For those that may not know Twin Metals is Duluth Metals.
http://www.twin-metals.com/who-we-are/
Fresh Releases - November 9, 2012
Duluth Metals T.DM | Gold Bullion V.GBB | Pelangio Exploration V.PX
Kevin Michael Grace
Duluth reports Minnesota Assays: 0.95% Copper, 0.26% Nickel, 0.638 g/t PGE over 41.5m
Gold Bullion reports Quebec Gold Assays up to 15.61 g/t over 29.2m
Pelangio reports Ghana Gold Assays up to 1.91 g/t over 10m
Read the rest of these press release summaries and assay results here. http://resourceswire.com/2012/11/fresh-releases-17/
More drill results released November 9th.
http://www.duluthmetals.com/s/NewsReleases.asp?ReportID=556842&_Type=News-Release&_Title=Duluth-Metals-Highlights-136-feet-of-0.945-Copper-0.256-Nickel-and-0.638-gr...
Auguries - You Didn’t Rebuild That
November 3, 2012
Kevin Michael Grace
Gold was down (at press time) $35.20 (-2.1%) for the week to $1,677, and silver was down $1.28 (-4%) to $30.87. Goldcore blamed the loss (all of which occurred Friday) on “better than expected [US] employment data .” The headline employment rate actually increased 0.1% to 7.9%, but this can be attributed to 369,000 Americans leaving the ranks of “not in the labour force.”
Earlier in the week, Goldcore declared that “Gold is likely to go much higher in the course of the 45th President’s four-year term—whether there is a President Obama or a President Romney.” In defence of this argument, it cited “The devastation of Hurricane Sandy [which] will be a further blow to the already fragile US economy” and the “fiscal cliff involving steep government spending cuts and tax hikes [which] looms in January.”
Read the rest of this article about gold prices here. http://resourceswire.com/2012/11/auguries-6/
DULMF should move up nicely when Polymet gets thier permit. Duluth Metals is right behind.
TORONTO, September 21, 2012 /PRNewswire/ --
Duluth Metals Limited ("Duluth") (TSX: DM) (TSX:DM.U) is pleased to announce that further to the Press Release of September 17, 2012, the Company has received four Bureau of Land Management (BLM) Prospecting Permits covering strategic targets for their Minnesota exploration program. Duluth Metals intends to mobilize drill rigs on three different target areas, with the first drill rig targeting the significant gravity anomaly within the prospective Nickel Lake Macrodike. Duluth Metals will provide update notices as soon as drilling commences.
Vern Baker, President of Duluth Metals commented, "We are extremely pleased to receive our prospecting permits. We will start the drill program on Target 1, which is the highly prospective Nickel Lake Macrodike area and test the property for a magma conduit-hosted type target. We will commence drilling on the other two targets areas in sequence."
The Target 1 area is featured on a map which can be found on the Company website at http://www.duluthmetals.com under this press release.
The primary exploration focus on the Nor'East and East Shore Properties is for copper-nickel-PGM mineralization, similar to other known deposits in the Duluth Complex, (e.g., the Maturi Deposit). The Nor'East property is situated at the junction of the Nickel Lake Macrodike and the South Kawishiwi Intrusion and is a prime target area for Duluth Metals. Geological modeling indicates that the property has the potential to host "Voisey's Bay"-type Ni-Cu-PGM massive sulfide mineralization.
http://www.businessreviewaustralia.com/press_releases/duluth-metals-confirms-receipt-of-prospecting-permits-from-bureau-of-land-management
Looks like Duluth Metals may have some of the better deposits in the area.
September 24, 2012
Duluth Metals Announces Commencement Of Drilling At Nickel Lake Macrodike
http://www.duluthmetals.com/s/NewsReleases.asp?ReportID=549150&_Type=News-Release&_Title=Duluth-Metals-Announces-Commencement-Of-Drilling-At-Nickel-Lake-Macrodike
Past 3 days has seen some volume and price increase today,as the resistance of $2 is broken.
Peru gold, copper mining opposition intensifies
Minas Conga conflict a high-stakes test for foreign investments
http://www.marketwatch.com/story/peru-gold-copper-mining-opposition-intensifies-2012-07-25
appointment of Mr. Kelly J. Osborne as its Chief Operating Officer (COO). Mr. Osborne is a mining executive with over twenty-eight years of industry experience in the United States and Indonesia with major US based mining companies including Freeport-McMoRan, Vulcan Materials and Stillwater Mining Company.
Prior to his appointment to Duluth Metals, Mr. Osborne was Senior Vice-President, Underground Operations (Indonesia) with Freeport-McMoRan Copper & Gold, and prior to that from 2006 to 2010, Vice-President, Underground Operations (Indonesia). During his tenure with Freeport, Kelly was responsible for operational and capital development for two underground mines, including a multi-billion dollar capital budget for underground mine expansion, a substantial annual operating budget, and led a large multi-national workforce. Prior to Freeport-McMoRan, he was Area Manager with Vulcan Materials Company in the Chicago area, and was responsible for three mining operations producing construction aggregate products. Prior to that, he was Mining Superintendent at the Nye, Montana PGM mine for Stillwater Mining Company; Plant Manager for J.M. Huber Corporation at the Marble Falls, Texas calcium carbonate operation; Buick Mine Captain at the Doe Run Company lead-zinc underground mine; and Mine Planning Engineer at Homestake Mining Company's Lead, South Dakota operations.
Christopher Dundas, CEO & Chairman of Duluth Metals commented, "Kelly Osborne brings to Duluth Metals a unique set of credentials from his senior development and operations background with Freeport-McMoRan in Indonesia. Kelly was leading the development group in moving Grasberg from an open-pit to a large underground operation. With this appointment, Duluth Metals has greatly enhanced its mining and development team."
Vern Baker, President of Duluth Metals, stated, "Kelly Osborne's operational and management expertise in large scale underground mining and capital development will be a major asset to Duluth Metals. Kelly's input on the planning and development of our key asset (a proposed underground copper-nickel-platinum group mining project in Minnesota), as well as his insight on new projects arising from the exploration pipeline will strengthen the company. Kelly's experience in organizational development and in safety, health, and environmental systems will also help move our projects forward."
Mr. Osborne holds a BS Mine Engineering degree from the University of Arizona and belongs to the Society of Mining Engineers as well as the Society of Explosive Engineers. While in charge of operations, Freeport received the NOSA Five Star award for underground operations from 2006 to 2009. Kelly is originally from Minnesota, and is pleased at the opportunity to return and contribute to the state.
Company boosts projections for mine near Ely
June 13, 2012 1:50
MINNEAPOLIS — The company planning an underground copper-nickel mine near Ely significantly boosted Wednesday its estimates of how much metal it's sitting on.
Duluth Metals Ltd., the Canadian-based parent of Twin Metals Minnesota LLC, said new data shows the site contains one of the world's largest deposits of copper, nickel and precious metals, with some of the largest platinum and palladium resources outside South Africa.
The projections are measured two ways. The company said the site has "indicated resources" of 8 billion pounds of copper, 2.5 billion pounds of nickel and 12.1 million ounces of palladium, platinum and gold. Those estimates carry a high level of confidence because they're based on samples taken from more drill sites.
Duluth Metals also is separately projecting "inferred resources" of 13.5 billion pounds of copper, 4.6 billion pounds of nickel and 15.8 million ounces of precious metals. Those estimates are less certain because they're based on fewer bore holes.
"This is a monster deposit," Duluth Metals Chairman and CEO Christopher Dundas told analysts in a conference call. He estimated the value of the metals at "probably north of $100 billion," though he cautioned it has yet to be determined how much it will cost to mine those minerals.
Twin Metals estimates the project will create hundreds of jobs and boost the struggling local economy in northeastern Minnesota. Any mining is likely to be several years off. Another copper-nickel mine proposed for northeastern Minnesota, PolyMet near Hoyt Lakes, is further along in the planning and regulatory process.
Duluth Metals President Vern Baker said the tonnage and grade projections for Twin Metals are higher than PolyMet's published projections.
Environmental groups are fighting both projects because the minerals are bound up in sulfur compounds that can leach sulfuric acid when exposed to the elements, and they fear runoff from the Twin Metals mine would flow into the pristine Boundary Waters Canoe Area Wilderness.
http://www.cbsnews.com/8301-505245_162-57452523/company-boosts-projections-for-mine-near-ely/
Highlights 209 Feet of 2.01% Copper Equivalent at West Maturi in the Twin Metals Minnesota Project
http://tmx.quotemedia.com/article.php?newsid=51659874&qm_symbol=DM
UPDATE 1-Freeport sees Chinese demand boosting copper
http://www.reuters.com/article/2012/05/15/freeport-idUSL1E8GFCER20120515?feedType=RSS&feedName=marketsNews&rpc=43
* Big jump in Chinese copper demand expected
* Freeport confident about talks with Indonesian government
* Stock down 3.3 pct as copper price slides
By Steve James
May 15 (Reuters) - The head of Freeport-McMoRan Copper & Gold said on Tuesday that although copper markets were weaker than last year, an expected jump in Chinese consumption should boost investment to find new reserves.
President and Chief Executive Officer Richard Adkerson also told a metals and mining conference that he was concerned about violence around Freeport's vast Grasberg mine in Indonesia. But he was confident the company could resolve issues with Jakarta over moves to limit foreign miners' operations and profits.
Speaking as the copper price was hovering above a four-month low around $3.50 per pound, he said he saw "positive signs" in the marketplace, even though it was weaker than a year ago, when copper was over $4.
Adkerson cited data from a Brook Hunt report showing annual Chinese copper demand was expected to jump from about 9 million tons this year to 16.4 million tons in 2025. That would see Beijing accounting for 51 percent of global consumption of copper, a key metal in China's infrastructure build-up.
He said that was an indication of why the world will require "significant amounts" of copper. To that end, Freeport is increasing its capital expenditure budget to $4.3 billion in 2012 and $4.2 billion in 2013 from $2.5 billion in 2011.
Adkerson said the world's top 10 copper mines between them produce only about 5 million tons per year, so handling a big increase in demand would require "significant investment" in finding new reserves.
"It will make our reserves more valuable in the future," he told the Bank of America Merrill Lynch conference in Miami.
Discussing Grasberg, which was hit last year by a three-month strike, and moves in Indonesia aimed at restricting foreign miners' operations, Adkerson said: "We are concerned about what is going on in Indonesia.
"Number one is the security element. There have been acts of violence and that is my biggest concern," he said in comments monitored via webcast by Reuters in New York.
"Also, we had a new situation with our workforce last year," he said, referring to the strike that affected Grasberg production, denting 2011 and first-quarter 2012 earnings and prompting the company to declare "force majeure," under which it cannot be held to contractual obligations.
"As companies become more profitable, demands from workers increase," Adkerson said.
During the strike, the mine on Papua island was blockaded, a major pipeline to a port was sabotaged, and violent clashes erupted between police, protesters and militants seeking Papuan independence from Indonesia.
Last week, the Indonesian Trade Ministry announced plans to set a new quota for mineral exports, limiting mining companies to their 2009 or 2010 export volumes. A week earlier, Indonesia said it would impose a 20 percent export duty on all metal ores.
The Jakarta government is also seeking to renegotiate foreign mining contracts, increase royalties, and give local interests a bigger stake in foreign miners' operations.
Adkerson said Freeport, which has operated Grasberg since the 1970s, was confident about its contract. It has the right to work there until 2021, with the option for two 10-year extensions, he said.
Although "voices in Indonesia" are calling for more royalties, taxes and divestiture, among other things, "we are dealing with those issues in discussions with the government," Adkerson said.
"I am confident we can work it out," he said, noting Indonesia benefits by getting about 50 percent of the profits from Grasberg.
He said the Grasberg open pit was nearing the end of its life and would likely be depleted in 2016, but Freeport was replacing it with underground operations.
Although Grasberg operations were returning to normal, he did not say when the company might lift the force majeure. Last month he said it would not be until operations returned to normal, perhaps in the second quarter.
Freeport shares slipped 3.3 percent to $33.16 in afternoon trading on the New York Stock Exchange
Good. Now that is settled civilly and not just scientifically.
Minnesota judge upholds wild rice sulfate limit
A state judge has sided with environmental groups and the Minnesota Pollution Control Agency by upholding a state regulation on sulfate limits in lakes and rivers that contain wild rice.
http://www.duluthnewstribune.com/event/article/id/231337/
30 feet of 2.11 g/t Total Precious Metals and 94 feet of 1.68 g/t TPM's on Latest Drilling at the Twin Metals Project
Last update: 4/23/2012 3:30:00 AM
TORONTO, April 23, 2012 /PRNewswire via COMTEX/ -- Continued positive drill results in between the Maturi and Nokomis Deposits
Results continuing to show higher grade PGM assays in the area of the "donut hole"
Pre-Feasibility study in progress on Twin Metals Project
The initial pre-feasibility NI-43-101 Resource Estimate report on the consolidated resources of the Twin Metals Project is nearing completion by AMEC
Bechtel is leading and preparing the Pre-Feasibility Study; AMEC will do the NI43-101 Technical Report on the resources used in the Pre-Feasibility study
Duluth Metals Limited ("Duluth Metals") (CA:DM)(CA:DMU) is pleased to announce continued strong assay results for 15 holes drilled on the Twin Metals Project in northeastern Minnesota. Three holes, MEX-285, 279 and 273 drilled in the area of the "donut hole" (a parcel internal to the Nokomis resource acquired with Franconia acquisition) continue to demonstrate the continuity of higher grade platinum + palladium + gold (TPM) values in this area.
"These positive drill results continue to show the continuity of mineralization throughout the deposit. Holes MEX 285, 279 and 273 show additional higher grade results from the "donut hole" area acquired from Franconia and strongly indicate the potential for a mineable area with distinctly higher precious metal grades," stated Vern Baker, President of Duluth Metals. "The western holes confirm that Nokomis and Maturi are part of the same mineralized zone, and show relatively thick mineralized widths for that area."
Drilling highlights include:
Mex-285 returned 150.0 feet of 0.724% copper, 0.231% nickel, 2.40 g/t silver and 1.103 grams TPM (Cu Equivalent* of 1.87%) including 89.0 feet of 0.936% copper, 0.284% nickel, 3.02 g/t silver and 1.445 grams TPM (Cu Equivalent* of 2.37%).
Mex-279 intersected 145.0 feet of 0.623% copper, 0.173% nickel, 2.30 g/t silver and 1.272 g/t TPM (Cu Equivalent* of 1.63%) including 94.0 feet of 0.762% copper, 0.202% nickel, 2.66 g/t silver and 1.680 grams TPM (Cu Equivalent* of 2.01%).
Mex-273 intersected 68.0 feet of 0.616% copper, 0.194% nickel, 1.59 g/t silver and 1.202 g/t TPM (Cu Equivalent* of 1.68%) including 30.0 feet of 0.983% copper, 0.275% nickel, 2.25 g/t silver and 2.112 grams TPM (Cu Equivalent* of 2.65%).
One hole, Mex-0278M drilled to the east of the donut hole area returned 89.0 feet of 0.751% copper, 0.213% nickel, 2.86 g/t silver and 1.592 g/t TPM (Cu Equivalent* of 1.99%).
Eleven holes completed between the Maturi Deposit and the Nokomis Deposit demonstrate the continuous, relatively thick mineralization located between the two deposits. Drilling highlights include:
Mex-271 returned 160.0 feet of 0.574% copper, 0.232% nickel, 1.87 g/t silver and 0.451 grams TPM (Cu Equivalent* of 1.46%) including a 115.0 foot section of 0.653% copper, 0.262% nickel, 2.04 g/t silver and 0.517 grams TPM (Cu Equivalent* of 1.66%)
Mex-272 returned 232 feet of 0.625% copper, 0.186% nickel, 1.59 g/t silver and 0.455 grams TPM (Cu Equivalent* of 1.37%) including a 182 foot section of 0.706% copper, 0.206% nickel, 2.00 g/t silver and 0.522 grams TPM (Cu Equivalent* of 1.54%)
Mex-281 returned 153 feet of 0.688% copper, 0.221% nickel, 2.12 g/t silver and 0.725 grams TPM (Cu Equivalent* of 1.64%) including a 139.5 foot section of 0.723% copper, 0.230% nickel, 2.20 g/t silver and 0.773 grams TPM (Cu Equivalent* of 1.72%).
*Note - Copper Equivalent is based on US metal prices of: Copper - $1.75/lb, Nickel - $7.00/lb, Cobalt - $10.00/lb, Gold - $600/oz, Platinum - $1,100/oz, Palladium - $350/oz and Silver - $8.50/oz, and the methodology with metallurgical recoveries, refining costs and other charges being considered for all metals in accordance with the Net Smelter Return Factors contained in the December 10, 2009 Technical Report On The Mineral Resource Estimate For The Nokomis Deposit On The Nokomis Property, Minnesota, U.S.A. by Scott Wilson RPA.
A map illustrating the location of the 15 drill holes reported in this press release can be found on the Company website under this press release at . The map shows the designated NI 43-101 resource outlines for the Nokomis, Maturi and Spruce Road Deposits. (see Franconia's company profile on Sedar at the October 20, 2006 Technical Report on the Preliminary Assessment of the Birch Lake and Maturi Deposits, Minnesota, U.S.A by Scott Wilson Roscoe Postle Associates; and the November 15, 2007 Technical Report on the Resource Estimate for the Spruce Road Deposit, Minnesota, U.S.A by Scott Wilson Roscoe Postle Associates; Cut-off grade 0.5% Cu.; see Duluth's company profile on Sedar at the December 10, 2009 Technical Report On The Mineral Resource Estimate For The Nokomis Deposit On The Nokomis Property, Minnesota, U.S.A. Cut-off grade at 1.0% CuEq, **Copper equivalent (CuEq%) = Cu% + 3.03 x Ni% + 0.63 x Co% + 0.30 x Au g/t + 0.76 x Pt g/t + 0.24 x Pd g/t).
An initial pre-feasibility NI-43-101 compliant Technical Report on the consolidated resources of the Twin Metals Project is nearing completion by AMEC and is anticipated to be finalized in the second quarter of 2012. This report is going through final iterations as minor additions are incorporated into the geologic model. This resource estimate will be used for mine planning purposes in the pre-feasibility study. This initial resource update will be followed up by a final pre-feasibility resource estimate which will incorporate data from recent and current targeted drill programs.
In reference to our last press release dated March 21, 2012 "Duluth Metals Announces Twin Metals Frame-of-Reference for Bechtel Led Pre-Feasibility Study", Duluth Metals would like to correct and clarify the role of Bechtel in the Pre-Feasibility Study. Bechtel Mining and Metals will be leading and preparing the Pre-Feasibility Study for the Twin Metals Project, but will not prepare the Pre-Feasibility NI-43-101 Technical Report. AMEC E&C Services Inc. will be preparing the NI-43-101 Technical Report for the resource estimate that will be used in the Pre-feasibility Study. The selection of the consultant to prepare the NI-43-101 Technical Report on the Twin Metals Minnesota Pre-Feasibility study will occur in the near future.
The Twin Metals Project covers over 25,000 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's 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 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.
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 25,000 acres of leased and permitted land, including four NI 43-101 compliant mineral resources: the Nokomis, Maturi, Spruce Road and Birch Lake deposits.
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.
Like a Underground City.
Duluth News March 27, 2012
It would be the largest underground mine in Minnesota history, digging the largest untapped copper deposit in the world, and it’s edging closer to reality in the woods southeast of Ely.
Twin Metals is in the field this spring collecting baseline environmental data across 32,000 acres on which they hold mineral rights for what geologists say is a jackpot discovery of copper.
That data — on water quality, plants, animals and more — will be used for future environmental review to measure how the project will be regulated.
The company formally announced Thursday that it has instructed its engineering contractor, global giant Bechtel, to draw up plans for an 80,000-ton-per-day mine and processing plant, putting Twin Metals on par with the largest mines in the world.
The so-called Nokomis project along Minnesota Highway 1 near the Kawishiwi River is now expected to cost between $2 billion and $3 billion, one of the state’s largest private enterprises ever, and could employ more than 1,000 people to mine some 400 million tons of ore-bearing rock.
By comparison, PolyMet is proposing a $600 million open-pit mine and concentrating center, employing about 350 people, that would process about 32,000 tons of copper and other metals a day for about
20 years or more.
In addition to copper, the Nokomis deposit — and adjacent Maturi, Spruce Road and Birch Lake deposits — also hold vast amounts of palladium, nickel, silver, gold and platinum. Company officials say that, depending how fast the company decides to mine, there’s enough ore to last a half-century or more.
‘Like an underground city’
The mine will be so big, with miles of tunnels reaching some 4,500 feet below ground (and potentially below Birch Lake), that giant dump trucks will simply drive right down a gradual decline to the ore. Some of the processing may even happen deep in the mine, and much of the leftover rock will be back-filled into the mine.
“It will be a lot like an underground city,’’ said Bob McFarlin, Twin Metals’ vice president of public and government affairs, in a recent interview with the News Tribune.
While the PolyMet project about 30 miles to the south has gained more headlines, the Nokomis enterprise is starting to take form.
Twin Metals constructed a new office building in Ely last year and also has offices in St. Paul and Babbitt. The company has 40 direct and 120 contract employees on the job. In just January and February, the company spent $5 million on drilling alone as it more closely defines where the copper is and how much is there.
Twin Metals will have a preliminary project description finished late this summer.
The mine’s so-called “pre-feasibility’’ study will be done early in 2013, and the company expects to have a detailed mine plan by mid-2013. That’s when officials hope to start the first round of an Environmental Impact Statement, called a scoping document.
The company hopes to conduct permit reviews and the EIS at the same time, starting in 2014. Company officials stop short of saying how long that might take, or when they hope to start mining.
“That process is driven by the regulating agencies. We really can’t control it,’’ McFarlin said. “What we can do is give them as much information as we have up front, keep them informed and get them involved even before that formal (EIS) process begins.”
Seeking approval
While an underground mine is considered less intrusive than an open-pit mine — only about 20 acres on the surface will be disturbed, the company says — the Twin Metals project abuts the Boundary Waters Canoe Area Wilderness, and company officials know that will raise eyebrows and protests.
“We’re seeking permission of the community and the regulators to do this project. We need everyone on board,” McFarlin said. “We know there are some very real concerns. Water quality, obviously, is the biggest. The regulators are going to tell us how we have to protect the water. … And we are committed to meeting and exceeding all water-quality standards.”
Ann Foss, director of the Metallic Mining Sector of the Minnesota Pollution Control Agency, said Twin Metals appears to be taking the right steps early in the process.
“We have met with them to understand the status of their project,’’ Foss said. “They want to work with the agencies as they proceed through toward an EIS to help ensure they have background environmental data necessary for environmental review and to help them thoroughly understand environmental standards that may apply to their potential project.’’
Foss said Twin Metals is doing more work ahead of the formal environmental review schedule, and that makes it more likely that the formal project design will advance on schedule. That’s been a problem with several other large projects that came to the PCA short on details and long on questions.
Twin Metals officials say they hope to have a faster review process than PolyMet, which has been in some stage of environmental review since 2005. A revised Environmental Impact Statement on the PolyMet project is expected to be released to the public by October.
Twin Metals hasn’t selected a site for an ore-processing center, where rock will be crushed and concentrated, but is leaning toward a “brownfield site’’ to the south. The company has options to use the former Dunca Pit iron ore mine site.
“We want to push as much activity south, away from the Boundary Waters, as possible,’’ McFarlin said.
It’s also not yet clear where Twin Metals will build its copper-processing center. McFarlin said the hydrometallurgical processing plant, which would create finished copper without smelting for use by industry, could be built anywhere but that “we are hoping that will be in Minnesota as well.’’
Twin Metals is a convergence of three mining companies. Canada-based Duluth Metals purchased Canada-based Franconia Metals in 2010, consolidating the four copper deposits in the Birch Lake area southeast of Ely. Duluth Metals then formed a partnership with Chilean-based Antofagasta to form Twin Metals Minnesota LLC, the company that will build and operate the mine.
Duluth Metals also continues its own exploration efforts separate from the Nokomis project.
Duluth Metals ownsb60 percent and Antofagasta owns 40 percent of Twin Metals, thanks to a $130 million investment.
http://www.duluthnewstribune.com/event/article/id/226817/
Duluth Metals already has an advantage (environmentally anyway) in that it will be an underground operation. The tailings will be placed back into the mine.
A lot depends on choices as far as smooth sailing . . .
80,000 tpd - this group is not thinking small !
Thanks gsfl. For some reason the news does not pop up here at DULMF. Look like they keep moving along. By the time Polymet gets it's permit Duluth Metals should be close to starting the permit process as well. Should be much smoother sailing for DULMF.
Duluth Metals Announces Twin Metals Frame-of-Reference for Bechtel Led Pre-Feasibility Study
TORONTO, March 21, 2012 /PRNewswire/ --
Duluth Metals Limited ("Duluth Metals") (TSX: DM) (TSX: DM.U) is pleased to announce that Twin Metals Minnesota LLC has instructed Bechtel Engineering to prepare the NI-43-101 Pre-Feasibility Study on the Twin Metals Project based on the following parameters:
A vertically integrated mining complex;
Large scale phased underground mine plan and development;
Evaluating different scenarios respecting both on-site and off-site surface facility alternatives, including examining options in milling capacity up to approximately 80,000 tonnes/day through-put; and,
A hydrometallurgical plant with a minimum capability of producing copper cathode, nickel hydroxide and a PGM concentrate.
Vern Baker, President of Duluth Metals, stated: "Bechtel and the other Pre-Feasibility Consultants are aggressively working to define a large integrated mining operation that respects the environmental and social values of Minnesotans and which will benefit the State of Minnesota for generations. This project is being planned with the latest technologies in order to protect Minnesota's environment and will be a long-term economic engine for Northern Minnesota."
An initial pre-feasibility NI-43-101 Resource Estimate report on the consolidated resources of the Twin Metals Project is nearing completion by AMEC and is anticipated to be finalized by the end of April, 2012. This report is going through final iterations as minor additions are incorporated into the geologic model. This resource will be used for mine planning purposes in the pre-feasibility study. This initial resource update will be followed up by a pre-feasibility resource report which will incorporate data from recent, current, and near future targeted drill programs.
Agreed. The few major dips below the low pps trend were good opportunities. A long, long slow wait . . . but at least DM produces headway on property expansion and resource study, instead of just governmental agency wrangling as with its neighbor. If one has the patience and stomach for it IMO there is a lot of upside here, over the coming years . . . in the meantime I have just been holding at free-share waiting for the day this one heats up.
Patience has been the key with this one. There have been a few great trading opportunities but not many and I wasn't able to take advantage of them anyway. So much potential here I agree.
Wow. So much potential within the Duluth complex and Duluth Metals. Once the gate gets opened it should be smooth sailing for DULMF.
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DULMF on the pink sheets.
Duluth Metals Limited (TSX:DM, DM.U in U.S. dollars) is a Canadian advanced stage mineral exploration Corporation which has completed a number of preliminary economic assessments on a large, potentially bulk-mineable underground copper-nickel-PGM deposit located within the rapidly emerging Duluth Complex mining camp in northeastern Minnesota, USA.
Link to site: http://www.duluthmetals.com/s/Home.asp
On January 14, 2010 Duluth Metals announced it had signed a binding heads of agreement with Antofagasta on a 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 under the following heads of agreement joint venture terms: 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 principal asset is the Nokomis Deposit situated within approximately 3,000 acres of the Nokomis Properties. Duluth Metals has recieved a new NI 43-101 compliant Resource Estimate for the Nokomis Deposit which 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%
Duluth Metals has received a second NI 43-101 Scoping Study on the Nokomis Deposit in 2009. This report provides an updated Preliminary Assessment of the Nokomis Project, based on the June 2008 Mineral Resource Estimate and an expanded 40,000 tonne per day production rate scenario. 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 copper and nickel exploration, development and mining, and business
management and finance.
June 2011 Shareholdres report
http://www.duluthmetals.com/i/pdf/CorporatePresentation.pdf
http://www.duluthmetals.com/s/Home.asp
Franconia/Duluth Metals Map
http://media3.marketwire.com/docs/landconsildationmap.jpg
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