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TORONTO, Ontario, August 14, 2008 — Duluth Metals Limited (“Duluth Metals”) (TSX: DM) (TSX:DM.U) today announced significant new assays for seven infill holes drilled on the Nokomis Deposit located near Ely, Minnesota. Hole MEX-126 returned an impressive 5 foot section grading 4.40% copper and 2.627 grams per tonne (g/t) of Total Precious Metals (TPM = Platinum+Palladium+Gold) (Cu Equivalent* of 6.87%) within 29.5 feet of 1.192% copper, 0.148% nickel and 0.880 g/t TPM (Cu Equivalent* of 2.04%). Other highlights include hole MEX-121 which intersected 230.9 feet of 0.669% copper, 0.223% nickel, 0.446 g/t TPM and 2.3 g/t silver (Cu Equivalent* of 1.52%), which included 34.4 feet of 0.871% copper, 0.314% nickel, 0.671 g/t TPM and 3.0 g/t silver (Cu Equivalent* of 2.08%).
In addition to the above, the infill drilling intersected mineralized sections ranging from approximately 15.0 to 398.6 feet as per the detailed table further in this press release and includes the following additional significant intersections:
MEX-118 intersected 14.6 feet of 0.859% copper, 0.299% nickel and 0.912 g/t TPM (Cu Equivalent* of 2.11%).
MEX-120 intersected 132.9 feet of 0.633% copper, 0.180% nickel and 0.915 g/t TPM (Cu Equivalent* of 1.55%), including 24.6 feet of 0.855% copper, 0.226% nickel and 1.197 g/t TPM (Cu Equivalent* of 2.03%).
MEX-123 intersected 15.0 feet of 1.143% copper, 0.420% nickel and 0.935 g/t TPM (Cu Equivalent* of 2.77%).
MEX-125 intersected 398.6 feet of 0.511% copper, 0.170% nickel and 0.399 g/t TPM (Cu Equivalent* of 1.18%), including 88.6 feet of 0.663% copper, 0.233% nickel and 0.642 g/t TPM (Cu Equivalent* of 1.61%) as well as 44.2 feet of 0.706% copper, 0.222% nickel and 0.519 g/t TPM (Cu Equivalent* of 1.59%).
MEX-126 intersected 39.3 feet of 0.970% copper, 0.121% nickel and 0.735 g/t TPM (Cu Equivalent* of 1.67%).
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.
“This latest infill drilling confirms continued mineralization throughout the Nokomis Deposit as well as shorter higher grade intervals within our wide zones of mineralization. We are moving into the pre-feasibility and mine planning stage of the Nokomis Deposit and the infill drilling program results will be continuously incorporated into the upcoming studies.” stated Dr. Henry J. Sandri, President and CEO of Duluth.
A more detailed summary of the assay results for holes MEX-118 to 126 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-118
Total Mineralized Interval
2613.6
2805.4
191.8
0.336
0.106
0.313
@0.5% Cu cut-off
2613.6
2628.2
14.6
0.859
0.299
0.912
@0.3% Cu cut-off
2647.9
2692.3
44.4
0.472
0.143
0.438
@0.5% Cu cut-off
2652.9
2677.4
24.5
0.539
0.165
0.496
@0.3% Cu cut-off
2721.8
2751.3
29.5
0.419
0.172
0.367
@0.3% Cu cut-off
2790.7
2805.4
14.7
0.524
0.073
0.482
MEX-119
Total Mineralized Interval
2603
2793
190
0.364
0.124
0.468
@0.5% Cu cut-off
2698
2768
70
0.555
0.182
0.826
@0.5% Cu cut-off
2848
2868
20
0.562
0.031
0.081
MEX-120
@0.3% Cu cut-off
3271.8
3508
236.2
0.544
0.155
0.770
@0.5% Cu cut-off
3286.5
3419.4
132.9
0.633
0.180
0.915
including
3345.6
3370.2
24.6
0.855
0.226
1.197
MEX-121
@0.3% Cu cut-off
1162.1
1393
230.9
0.669
0.223
0.446
@0.5% Cu cut-off
1162.1
1378
215.9
0.690
0.228
0.464
including
1226.1
1260.5
34.4
0.871
0.314
0.671
@0.5% Cu cut-off
1595
1614.9
19.9
0.843
0.272
0.567
MEX-123
Total Mineralized Interval
2493
2803
310
0.384
0.150
0.334
@0.3% Cu cut-off
2493
2578
85
0.400
0.110
0.320
@0.3% Cu cut-off
2613
2803
190
0.423
0.185
0.380
including
2718
2733
15
1.143
0.420
0.935
MEX-125
@0.3% Cu cut-off
1122.7
1521.3
398.6
0.511
0.170
0.399
@0.5% Cu cut-off
1122.7
1211.3
88.6
0.663
0.233
0.642
@0.5% Cu cut-off
1314.7
1349
34.3
0.550
0.172
0.384
@0.5% Cu cut-off
1383.6
1427.8
44.2
0.706
0.222
0.519
MEX-126
@0.3% Cu cut-off
3356.4
3376.1
19.7
0.617
0.157
0.643
@0.5% Cu cut-off
3356.4
3371.2
14.8
0.709
0.184
0.740
@0.3% Cu cut-off
3572.9
3641.8
68.9
0.476
0.120
0.510
@0.5% Cu cut-off
3587.7
3622.1
34.4
0.592
0.155
0.667
@0.3% Cu cut-off
3740.2
3779.5
39.3
0.970
0.121
0.735
@0.5% Cu cut-off
3740.2
3769.7
29.5
1.192
0.148
0.880
including
3759.8
3764.8
5
4.400
0.366
2.627
*Total Precious Metals = Platinum+Palladium+Gold
Complete gold, platinum, and palladium assays for MEX-118, 119, 120, 121, 123, 125, and 126 are as follows:
HOLE
ZONE
FROM (feet)
TO (feet)
LENGTH (feet)
GOLD (g/t)
PLATINUM (g/t)
PALLADIUM (g/t)
MEX-118
Total Mineralized Interval
2613.6
2805.4
191.8
0.043
0.078
0.191
@0.5% Cu cut-off
2613.6
2628.2
14.6
0.073
0.230
0.610
@0.3% Cu cut-off
2647.9
2692.3
44.4
0.072
0.100
0.266
@0.5% Cu cut-off
2652.9
2677.4
24.5
0.083
0.109
0.304
@0.3% Cu cut-off
2721.8
2751.3
29.5
0.053
0.100
0.214
@0.3% Cu cut-off
2790.7
2805.4
14.7
0.086
0.117
0.279
MEX-119
Total Mineralized Interval
2603
2793
190
0.060
0.125
0.283
@0.5% Cu cut-off
2698
2768
70
0.103
0.222
0.500
@0.5% Cu cut-off
2848
2868
20
0.015
0.015
0.052
MEX-120
@0.3% Cu cut-off
3271.8
3508
236.2
0.102
0.222
0.446
@0.5% Cu cut-off
3286.5
3419.4
132.9
0.109
0.272
0.533
including
3345.6
3370.2
24.6
0.174
0.355
0.668
MEX-121
@0.3% Cu cut-off
1162.1
1393
230.9
0.071
0.111
0.263
@0.5% Cu cut-off
1162.1
1378
215.9
0.074
0.116
0.275
including
1226.1
1260.5
34.4
0.092
0.156
0.423
@0.5% Cu cut-off
1595
1614.9
19.9
0.095
0.135
0.338
MEX-123
Total Mineralized Interval
2493
2803
310
0.043
0.083
0.208
@0.3% Cu cut-off
2493
2578
85
0.056
0.077
0.187
@0.3% Cu cut-off
2613
2803
190
0.041
0.096
0.243
including
2718
2733
15
0.101
0.223
0.610
MEX-125
@0.3% Cu cut-off
1122.7
1521.3
398.6
0.080
0.096
0.223
@0.5% Cu cut-off
1122.7
1211.3
88.6
0.170
0.138
0.334
@0.5% Cu cut-off
1314.7
1349
34.3
0.062
0.101
0.222
@0.5% Cu cut-off
1383.6
1427.8
44.2
0.078
0.141
0.300
MEX-126
@0.3% Cu cut-off
3356.4
3376.1
19.7
0.071
0.168
0.404
@0.5% Cu cut-off
3356.4
3371.2
14.8
0.072
0.199
0.469
@0.3% Cu cut-off
3572.9
3641.8
68.9
0.073
0.135
0.302
@0.5% Cu cut-off
3587.7
3622.1
34.4
0.099
0.171
0.397
@0.3% Cu cut-off
3740.2
3779.5
39.3
0.121
0.278
0.335
@0.5% Cu cut-off
3740.2
3769.7
29.5
0.146
0.340
0.394
including
3759.8
3764.8
5
0.448
1.340
0.839
All assay data is rounded to the nearest significant digit.
A “MEX 118-126 Location Map” highlighting these holes as well as other holes discussed in this release can be found on our Company website at www.duluthmetals.com.
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.
Currently four drills are turning on the property and the Company is anticipating commencement of the Pre-feasibility Study in the near future.
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.