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TORONTO, Ontario, December 4, 2008 — Duluth Metals Limited (“Duluth Metals”) (TSX: DM) (TSX:DM.U) today announced significant new assays for 15 holes drilled in the Nokomis Deposit located near Ely, Minnesota. Of particular interest, Hole MEX-141, has expanded the Eastern High Grade Corridor (see October 27, 2008 press release) to the south-west, intersecting a 35.0 foot section of 1.201% copper, 0.436% nickel, and 1.468 grams per tonne (g/t) Total Precious Metals (TPM = Platinum+Palladium+Gold) (Cu Equivalent* of 3.074%) within 170 feet of 0.779% copper, 0.246% nickel and 1.146 g/t TPM (Cu Equivalent* of 1.968%).
In addition, results from seven holes, MEX-130, 134, 139, 142, 147, 151 and 152 has extended the central part of the Nokomis Deposit down dip. Hole MEX-147 intersected 110.0 feet of 1.060% copper, 0.315% nickel, and 1.100 g/t TPM (Cu Equivalent* of 2.440%) within 125 feet of 1.012% copper, 0.293% nickel and 1.030 g/t TPM (Cu Equivalent* of 2.301%). MEX-142-W2 intersected 157.5 feet of 0.740% copper, 0.219% nickel, and 1.114 g/t TPM (Cu Equivalent* of 1.856%), including a 24.5 foot section of 1.084% copper, 0.296% nickel and 1.715 g/t TPM (Cu Equivalent* of 2.664%). MEX-130 intersected 29.6 feet of 0.760% copper, 0.181% nickel and 0.910 g/t TPM (Cu Equivalent* of 1.670%), including 9.9 feet of 1.242% copper, 0.272% nickel and 1.410 g/t TPM (Cu Equivalent* of 2.629%).
Seven other in-fill holes, MEX-132, 140, 143, 146, 148, 149, and 150, drilled in the north-west sector of the Nokomis Deposit continue to intersect wide mineralized sections averaging about 350 feet in thickness, amenable to underground bulk tonnage mining methods. Highlights from the drilling include: MEX-132 intersected 185.0 feet of 0.727% copper, 0.230% nickel and 0.635 g/t TPM (Cu Equivalent* of 1.706%), including 35.0 feet of 1.129% copper, 0.347% nickel and 1.119 g/t TPM (Cu Equivalent* of 2.781%); MEX-140 intersected 424.1 feet of 0.656% copper, 0.187% nickel and 0.432 g/t TPM (Cu Equivalent* of 1.359%), including 63.9 feet of 1.045% copper, 0.280% nickel and 0.703 g/t TPM (Cu Equivalent* of 2.166%); MEX-146 intersected 340.5 feet of 0.536% copper, 0.182% nickel and 0.384 g/t TPM (Cu Equivalent* of 1.244%), including 44.3 feet of 0.775% copper, 0.248% nickel and 0.536 g/t TPM (Cu Equivalent* of 1.735%); MEX-148 intersected 354.2 feet of 0.610% copper, 0.191% nickel and 0.462 g/t TPM (Cu Equivalent* of 1.374%), including 181.9 feet of 0.739% copper, 0.234% nickel and 0.584 g/t TPM (Cu Equivalent* of 1.680%) and 14.6 feet of 1.165% copper, 0.343% nickel and 0.865 g/t TPM (Cu Equivalent* of 2.546%); MEX-149 intersected 369.9 feet of 0.546% copper, 0.159% nickel and 0.338 g/t TPM (Cu Equivalent* of 1.165%), including 50.2 feet of 0.900% copper, 0.248% nickel and 0.607 g/t TPM (Cu Equivalent* of 1.884%).
*Note to Reader: 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 – $350/0z 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 January 22, 2008, NI 43-101Scoping Study produced by Scott Wilson Roscoe Postle Associates.
A complete assay table of all drill holes is provided further in this press release.
The final two holes in the 2008 drilling program are currently awaiting assay results and are expected by year-end. Duluth Metals completed its 2008 drilling program last month and released its last rig in November.
“We continue to intersect wide consistent mineralized sections with our infill drilling, extend our deposit down dip to the south, and expand our Eastern High Grade Corridor. We have a strong cash position and will continue to move the project forward in a reasonable manner while prudently managing our cash”, stated Dr. Henry J. Sandri, President and CEO of Duluth Metals. “Even in these times of market turbulence, our new Nokomis Deposit Scoping Study, (see press release dated November 25, 2008) indicates that the Nokomis Project model, which uses current metal market pricing, projects positive economic returns in today’s difficult metal price environment.”
A more detailed summary of the assay results for holes MEX-130 to 152 inclusive can be found in the table below. True width is estimated at about 90% of core length.
HOLE
ZONE
FROM (feet)
TO (feet)
LENGTH (feet)
COPPER (%)
NICKEL (%)
TPM* (g/t)
MEX-130
Total Min. Interval
3759.8
3882.9
123.1
0.448
0.103
0.483
@0.3% Cu cut-off
3759.8
3843.6
83.8
0.533
0.122
0.572
@0.5% Cu cut-off
3759.8
3789.4
29.6
0.760
0.181
0.910
including
3779.5
3789.4
9.9
1.242
0.272
1.410
MEX-132
@0.3% Cu cut-off
2253
2438
185
0.727
0.230
0.635
@0.5% Cu cut-off
2258
2343
85
0.923
0.295
0.814
including
2268
2303
35
1.129
0.347
1.119
@0.5% Cu cut-off
2383
2433
50
0.713
0.223
0.637
MEX-134-W1
@0.3% Cu cut-off
3902.6
4035.4
132.8
0.459
0.112
0.463
MEX-139-W1
@0.3% Cu cut-off
3813
3963
150
0.623
0.180
0.683
including
3848
3853
5
1.255
0.386
1.658
@0.5% Cu cut-off
3868
3963
95
0.652
0.188
0.693
MEX-140
@0.3% Cu cut-off
816.7
1240.8
424.1
0.656
0.187
0.432
@0.5% Cu cut-off
816.7
1023.4
206.7
0.835
0.238
0.577
including
959.5
1023.4
63.9
1.045
0.280
0.703
@0.5% Cu cut-off
1103
1132.6
29.6
0.629
0.161
0.367
MEX-141
@0.3% Cu cut-off
4032
4202
170
0.779
0.246
1.146
@0.5% Cu cut-off
4032
4192
160
0.809
0.251
1.192
including
4147
4182
35
1.201
0.436
1.468
MEX-142-W2
@0.3% Cu cut-off
3517.8
3675.3
157.5
0.740
0.219
1.114
@0.5% Cu cut-off
3517.8
3626.1
108.3
0.793
0.224
1.208
including
3532.7
3557.2
24.5
1.084
0.296
1.715
@0.5% Cu cut-off
3655.6
3675.3
19.7
0.929
0.331
1.353
MEX-143
Total Min. Interval
619.9
1098.2
478.3
0.422
0.120
0.225
@0.3% Cu cut-off
619.9
847.2
227.3
0.509
0.142
0.275
@0.5% Cu cut-off
624.9
718.3
93.4
0.637
0.175
0.348
@0.3% Cu cut-off
984.9
1078.6
93.7
0.476
0.141
0.259
MEX-146
@0.3% Cu cut-off
1111.9
1452.4
340.5
0.536
0.182
0.384
@0.5% Cu cut-off
1111.9
1156.2
44.3
0.775
0.248
0.536
@0.5% Cu cut-off
1200.5
1254.6
54.1
0.555
0.186
0.429
@0.5% Cu cut-off
1388.4
1447.4
59
0.649
0.202
0.411
MEX-147
@0.3% Cu cut-off
3937
4107
170
0.856
0.246
0.862
@0.5% Cu cut-off
3937
4062
125
1.012
0.293
1.030
including
3937
4047
110
1.060
0.315
1.100
MEX-148
@0.3% Cu cut-off
1314.7
1668.9
354.2
0.610
0.191
0.462
@0.5% Cu cut-off
1314.7
1496.6
181.9
0.739
0.234
0.584
@0.5% Cu cut-off
1531.2
1545.8
14.6
1.165
0.343
0.865
MEX-149
Total Min. Interval
1166.1
1536
369.9
0.546
0.159
0.338
@0.3% Cu cut-off
1166.1
1408.1
242
0.582
0.171
0.348
@0.5% Cu cut-off
1166.1
1285.2
119.1
0.761
0.210
0.467
including
1166.1
1216.3
50.2
0.900
0.248
0.607
@0.5% Cu cut-off
1309.7
1344.2
34.5
0.648
0.231
0.385
@0.3% Cu cut-off
1437.6
1501.6
64
0.719
0.208
0.441
@0.5% Cu cut-off
1442.6
1501.6
59
0.749
0.216
0.460
MEX-150
@0.3% Cu cut-off
1083.4
1422.9
339.5
0.494
0.154
0.334
@0.5% Cu cut-off
1181.8
1265.5
83.7
0.672
0.194
0.483
MEX-151
@0.5% Cu cut-off
4148
4193
45
0.597
0.134
1.050
MEX-152
@0.5% Cu cut-off
4263
4268
5
0.960
0.087
1.237
@0.3% Cu cut-off
4293
4343
50
0.368
0.083
0.674
*Total Precious Metals = Platinum+Palladium+Gold
Complete gold, platinum, and palladium assays for MEX- MEX-130 to 152 inclusive are as follows:
HOLE
ZONE
FROM (feet)
TO (feet)
LENGTH (feet)
GOLD (g/t)
PLATINUM (g/t)
PALLADIUM (g/t)
MEX-130
Total Min. Interval
3759.8
3882.9
123.1
0.063
0.129
0.291
@0.3% Cu cut-off
3759.8
3843.6
83.8
0.075
0.155
0.342
@0.5% Cu cut-off
3759.8
3789.4
29.6
0.118
0.248
0.544
including
3779.5
3789.4
9.9
0.153
0.404
0.852
MEX-132
@0.3% Cu cut-off
2253
2438
185
0.075
0.229
0.331
@0.5% Cu cut-off
2258
2343
85
0.089
0.348
0.377
including
2268
2303
35
0.095
0.617
0.407
@0.5% Cu cut-off
2383
2433
50
0.076
0.175
0.386
MEX-134-W1
@0.3% Cu cut-off
3902.6
4035.4
132.8
0.064
0.128
0.271
MEX-139-W1
@0.3% Cu cut-off
3813
3963
150
0.110
0.164
0.408
including
3848
3853
5
0.492
0.253
0.913
@0.5% Cu cut-off
3868
3963
95
0.111
0.174
0.408
MEX-140
@0.3% Cu cut-off
816.7
1240.8
424.1
0.066
0.112
0.254
@0.5% Cu cut-off
816.7
1023.4
206.7
0.088
0.140
0.348
including
959.5
1023.4
63.9
0.096
0.178
0.429
@0.5% Cu cut-off
1103
1132.6
29.6
0.049
0.114
0.204
MEX-141
@0.3% Cu cut-off
4032
4202
170
0.131
0.296
0.718
@0.5% Cu cut-off
4032
4192
160
0.136
0.309
0.747
including
4147
4182
35
0.158
0.352
0.957
MEX-142-W2
@0.3% Cu cut-off
3517.8
3675.3
157.5
0.125
0.325
0.664
@0.5% Cu cut-off
3517.8
3626.1
108.3
0.134
0.345
0.730
including
3532.7
3557.2
24.5
0.188
0.492
1.036
@0.5% Cu cut-off
3655.6
3675.3
19.7
0.113
0.478
0.762
MEX-143
Total Min. Interval
619.9
1098.2
478.3
0.036
0.057
0.132
@0.3% Cu cut-off
619.9
847.2
227.3
0.042
0.071
0.163
@0.5% Cu cut-off
624.9
718.3
93.4
0.051
0.089
0.207
@0.3% Cu cut-off
984.9
1078.6
93.7
0.045
0.063
0.151
MEX-146
@0.3% Cu cut-off
1111.9
1452.4
340.5
0.064
0.106
0.215
@0.5% Cu cut-off
1111.9
1156.2
44.3
0.093
0.131
0.311
@0.5% Cu cut-off
1200.5
1254.6
54.1
0.071
0.118
0.240
@0.5% Cu cut-off
1388.4
1447.4
59
0.074
0.109
0.229
MEX-147
@0.3% Cu cut-off
3937
4107
170
0.114
0.224
0.524
@0.5% Cu cut-off
3937
4062
125
0.137
0.265
0.628
including
3937
4047
110
0.145
0.284
0.671
MEX-148
@0.3% Cu cut-off
1314.7
1668.9
354.2
0.075
0.122
0.266
@0.5% Cu cut-off
1314.7
1496.6
181.9
0.094
0.154
0.335
@0.5% Cu cut-off
1531.2
1545.8
14.6
0.138
0.232
0.494
MEX-149
Total Min. Interval
1166.1
1536
369.9
0.053
0.087
0.198
@0.3% Cu cut-off
1166.1
1408.1
242
0.058
0.089
0.201
@0.5% Cu cut-off
1166.1
1285.2
119.1
0.079
0.119
0.269
including
1166.1
1216.3
50.2
0.106
0.144
0.357
@0.5% Cu cut-off
1309.7
1344.2
34.5
0.062
0.093
0.230
@0.3% Cu cut-off
1437.6
1501.6
64
0.063
0.114
0.264
@0.5% Cu cut-off
1442.6
1501.6
59
0.066
0.119
0.275
MEX-150
@0.3% Cu cut-off
1083.4
1422.9
339.5
0.054
0.083
0.197
@0.5% Cu cut-off
1181.8
1265.5
83.7
0.082
0.118
0.283
MEX-151
@0.5% Cu cut-off
4148
4193
45
0.145
0.248
0.656
MEX-152
@0.5% Cu cut-off
4263
4268
5
0.396
0.284
0.557
@0.3% Cu cut-off
4293
4343
50
0.087
0.174
0.413
A “MEX-130 to 152 inclusive Drill Hole Map” highlighting these holes as well as other holes discussed in this release can be found on our Company website at www.duluthmetals.com.
Click to enlarge
For the 2008 drill program, half core samples have been prepared at ALS Chemex Ltd. laboratories in Thunder Bay and then shipped to its analytical facilities in Vancouver. Samples are being analyzed for Au, Pt, and Pd using a standard fire assay with an ICP finish and for 27 other elements using a four acid (near total) digestion and a combination of ICPMS and ICPAES. ICP over limits were re-analyzed using sodium peroxide fusion, acid dissolution followed by ICPAES. The remaining half core samples are being stored in Minnesota.
Duluth Metals is debt free with a strong cash position at approximately $14.7 Million as of September 30, 2008. The Company is continuing to focus on the long term development of the Nokomis Deposit which includes geological analysis, mine planning, project optimization and environmental baseline studies required for future permitting.
David Oliver, P. Geo. and Duluth Project Manager is the Qualified Person, in accordance with NI 43-101 of the Canadian Securities Administrators, and is responsible for the technical content of this press release and quality assurance of the exploration data and analytical results.