Duluth Metals Completes Transfer of Franconia Minerals Assets into Twin Metals Minnesota, LLC
31.08.2011 | CNW
TORONTO, Aug. 31, 2011 /CNW/ - Duluth Metals Limited ("Duluth Metals" or the "Company") (TSX: DM) is pleased to announce the successful completion of the previously announced transfer (the "Transfer") of assets of Franconia Minerals Corporation ("Franconia") into Twin Metals Minnesota, LLC ("TMM"), a Duluth Metals (60%) and Antofagasta plc (40%) joint venture. The assets of Franconia were acquired in connection with a plan of arrangement between Duluth Metals and Franconia, which was completed on March 7, 2011. Such assets include a 70% interest in the Birch Lake, Maturi and Spruce Road deposits in northeastern Minnesota through the Birch Lake Joint Venture ("BLJV"). Franconia had announced, in November 2010, its intention to increase its ownership at the Birch Lake Project to 82% under the terms of the BLJV agreement.The Transfer has resulted in the consolidation of TMM's position in the Duluth Complex region in northeastern Minnesota, giving TMM over 25,000 acres of land/mineral interests within and adjacent to the northern South Kawishiwi Intrusion.
About the Company
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 (formerly the Nokomis Project), located within the 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. Aside from the joint venture, Duluth Metals currently owns, through its 100% ownership of DMC, a 100% position on approximately 37,000 acres of mineral interests on exploration properties adjacent to and nearby the Twin Metals Project.
For further information:
Mara Strazdins
Director of Corporate Communications
Telephone: (416) 369-1500 ext. 222
Email: mstrazdins@duluthmetals.com
Vern Baker
President
Telephone: (651) 389-9990
Email: vbaker@duluthmetals.com
Webpage: www.duluthmetals.com