MEDIA RELEASE PR36759
Duluth Metals expands Nokomis resource to 550 million indicated tonnes and 274 million inferred
tonnes
TORONTO, Oct. 26 /CNW-AsiaNet/ --
Duluth Metals Limited ("Duluth") (TSX: DM) (TSX:DM.U) today announces a 101 million tonne expansion in
Indicated Resources of the Nokomis Deposit. This represents a 22% increase from the Scott Wilson Roscoe
Postle Associates Inc., ("Scott Wilson RPA") June 2008 NI 43-101 Resource Estimate. The new NI 43-101
Resource Estimate has increased to 550 million tonnes of Indicated Resources with an additional 274 million
tonnes of Inferred Resources. The global resource grade also increased by 3% for the Indicated Resources
and by 2% for the Inferred Resources compared to the June 2008 estimate. This new Resource Estimate
incorporates assay data from 96 additional holes from what was largely an infill drilling program completed
during the 2008-2009 period. All vertical and wedge holes drilled in the Nokomis Deposit were used in this
analysis.
The new Nokomis Resource Estimate now contains 550 million tonnes of Indicated Resources grading
0.639% copper, 0.200% nickel, 0.660 grams per tonne TPM (TPM (equal sign) 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% (see Table footnotes
for an explanation of the copper equivalent formula).
This Scott Wilson RPA Estimate also includes multiple higher grade areas. The three highest grade areas
have a cumulative total of 92 million Indicated tonnes of 1.80 CuEq% (at a 1% CuEq cut-off grade) and 22
million Inferred tonnes of 1.81 CuEq% (also at a 1% CuEq cut-off grade). Duluth Metals notes that definition of
these higher grade areas is important for mine planning and initial operations in order to enhance rapid
payback of capital investment.
Furthermore, Scott Wilson RPA has reported on silver in this estimate, and the Nokomis Deposit contains
37 million ounces of silver within the Indicated Resource outline (550 million tonnes at 2.116 g/t Ag) and 18
million ounces of silver within the Inferred Resource outline (274 million tonnes at 2.056 g/t Ag).
The updated Resource Estimate used a 1% copper equivalent cut-off grade to define the resource model.
A table of the new tonnes and grades for various cut-offs is shown below. Based on Scott Wilson RPA's
review of metal prices, process recoveries, refining costs and underground mine operating costs likely to apply
at the Nokomis deposit site, the 1.0% copper equivalent cut-off grade (highlighted) is reasonable for the
statement of Indicated and Inferred Resources at this time.
-------------------------------------------------------------------------
Duluth Metals Limited Nokomis Deposit, Minnesota
-------------------------------------------------------------------------
Indicated Resources(1-11)
-------------------------------------------------------------------------
Cut-off Tonnes Cu Ni Co Au Pt Pd TPM CuEq
-------------------------------------------------------------------------
Grade (000's) % % % g/t g/t g/t g/t %
-------------------------------------------------------------------------
1.0% CuEq 550,038 0.639 0.200 0.010 0.092 0.176 0.392 0.660 1.51
-------------------------------------------------------------------------
0.5% Cu 482,438 0.666 0.206 0.010 0.098 0.188 0.420 0.706 1.57
-------------------------------------------------------------------------
0.6% Cu 327,847 0.719 0.216 0.011 0.110 0.216 0.482 0.808 1.69
-------------------------------------------------------------------------
0.7% Cu 157,803 0.797 0.231 0.011 0.127 0.256 0.567 0.950 1.87
-------------------------------------------------------------------------
0.8% Cu 59,958 0.886 0.242 0.011 0.149 0.307 0.676 1.132 2.07
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Inferred Resources(1-11)
-------------------------------------------------------------------------
Cut-off Tonnes Cu Ni Co Au Pt Pd TPM CuEq
-------------------------------------------------------------------------
Grade (000's) % % % g/t g/t g/t g/t %
-------------------------------------------------------------------------
1.0% CuEq 273,835 0.632 0.207 0.010 0.091 0.185 0.409 0.685 1.53
-------------------------------------------------------------------------
0.5% Cu 252,000 0.648 0.210 0.010 0.094 0.192 0.424 0.710 1.57
-------------------------------------------------------------------------
0.6% Cu 158,651 0.700 0.218 0.010 0.109 0.227 0.499 0.835 1.69
-------------------------------------------------------------------------
0.7% Cu 63,846 0.785 0.229 0.010 0.131 0.278 0.601 1.010 1.88
-------------------------------------------------------------------------
0.8% Cu 20,275 0.865 0.239 0.010 0.134 0.307 0.657 1.098 2.03
-------------------------------------------------------------------------
1. CIM definitions were followed for Mineral Resource estimation and classification.
2. Mineral Resources are estimated at a zone definition (wireframe) cut- grade of approximately 1.0% Cu
equivalent grade (CuEq).
3. The approximately 1.0% CuEq cut-off grade includes all material in the wireframed zones.
4. Bulk density is 3.01 t/m(3).
5. Resources were estimated to a maximum depth of approximately 1,350 m.
6. Copper equivalent (CuEq%) is based on Net Smelter Return Factors as determined for the Preliminary
Economic Assessment by Scott Wilson RPA dated January 18, 2008.
7. Metal Prices used were $1.75/lb copper, $7.00/lb nickel, $10.00/lb Co, $600/oz Au, $1100/oz Pt and
$350/oz Pd.
8. Copper equivalent (CuEq%) (equal sign) 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 based on expected metal prices and process recovery and refining charges.
9. TPM is Au g/t + Pt g/t + Pd g/t.
10. Co, Au, Pt, Pd grades, that are lacking in historic drill holes, have been entered in the resource
database based on regression of assay grades from DML drill hole assays.
11. There is no information available on silver recoveries for the Nokomis Deposit; these recoveries would
be needed to include silver in the CuEq determination.
On a contained metal basis, Duluth Metals currently holds one of the largest Copper-Nickel-PGM sulphide
deposits in the world with the Nokomis Deposit. The seven contained metals in the expanded resource are as
follows:
CONTAINED METALS IN EXPANDED NOKOMIS RESOURCE(x)
------------------------------------------------
----------------------------------------------------------
METAL INDICATED RESOURCE INFERRED RESOURCE
----------------------------------------------------------
Copper 7.75 Billion lbs. 3.82 Billion lbs.
----------------------------------------------------------
Nickel 2.43 Billion lbs. 1.25 Billion lbs.
----------------------------------------------------------
Cobalt 121.26 Million lbs. 60.37 Million lbs.
----------------------------------------------------------
Platinum 3.11 Million ozs. 1.63 Million ozs.
----------------------------------------------------------
Palladium 6.93 Million ozs. 3.60 Million ozs.
----------------------------------------------------------
Gold 1.63 Million ozs. 0.80 Million ozs.
----------------------------------------------------------
Silver 37.42 Million ozs. 18.10 Million ozs.
----------------------------------------------------------
(x) Based on resources estimated at 1.0% copper equivalent cut-off grade.
"This new Resource Estimate on Nokomis has significantly increased the grade, tonnage, and contained
metal in the deposit. The infill and step-out drilling confirm the continuous nature of the mineralization within
the deposit and there is definite potential for the mineralization to extend outside of the currently defined
resource block", stated Dr. Henry J. Sandri, President and CEO of Duluth Metals. "The incremental increase of
101 million tonnes in Indicated Resources is remarkable in terms of size and dimension, principally because
the increase, by itself, is larger than the majority of the world's copper-nickel-PGM deposits and mines.
Nokomis has demonstrated a unique characteristic - for each of the past three resource estimates – grades
and tonnages have significantly continued to improve. In addition, there is considerable upside opportunity to
find additional tonnes since approximately 40% of the property has yet to be drilled."
A map showing the Indicated and Inferred resource regions for the third Nokomis Deposit Resource
Christopher Moreton, Ph.D., P.Geo., of Scott Wilson RPA, Toronto, Canada, is the Independent Qualified
Person who prepared this Interim Resource Estimate and reviewed this press release. A NI 43-101 compliant
Technical Report will be delivered by Scott Wilson RPA and filed on SEDAR within 45 days
from today's date.
The Resource Estimate contains all of Duluth Metals in-fill and step-out drill holes (155) as well as all (67)
of its wedge holes from the 2006-2009 drill programs. Half core samples were prepared at ALS Chemex Ltd.
Laboratories in Thunder Bay and then shipped to its analytical facilities in Vancouver. Samples were 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.
David Oliver, P. Geo. is the Qualified Person and Project Manager for Duluth, 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.
About Duluth Metals
Duluth is committed to acquiring, exploring and developing copper, nickel and platinum group metal (PGM)
deposits. Duluth's principal property is the Nokomis Property located within the rapidly emerging Duluth
Complex mining camp in northeastern 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 statements" within the
meaning of the US Private Securities Litigation Reform Act of 1995) relating to Duluth's operations or to the
environment in which it operates. Such statements are based on operations, estimates, forecasts and
projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult
to predict and may be beyond Duluth's control. 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
other public filings. In addition, such statements relate to the date on which they are made. Consequently,
undue reliance should not be placed on such forward-looking statements. 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 laws.
SOURCE: Duluth Metals Limited
CONTACT: Mara Strazdins, Director of Corporate Communications, at mstrazdins(at)duluthmetals.com or
at (416) 369-1500; or Henry Sandri, President and CEO, at hsandri(at)duluthmetals.com. The telephone
(DM. DM.U.)
NEWS 
