Duluth Metals Continues To Receive Wide Significant Mineralized Intersections On Nokomis Deposit Drilling

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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.