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Duluth Metals Information Bulletin Re Dividend of Special Warrants to its Shareholders

18.08.2011  |  CNW
TORONTO, Aug. 18, 2011 /CNW/ - Duluth Metals Limited ("Duluth Metals" or the "Company") (TSX: DM) previously announced that it proposes to distribute to its shareholders of record as of August 23, 2011 ("Shareholders of Record") a dividend consisting of special warrants ("Special Warrants") automatically convertible to common shares of Duluth Exploration Limited ("DEL"), a new spin-off entity which is a wholly owned Canadian subsidiary of the Company. The Company proposes to dividend these Special Warrants to Shareholders of Record on the basis of one Special Warrant for every 15 common shares of Duluth Metals as a means of creating shareholder value and to allow its shareholders to participate in DEL, which will pursue exploration and development activity on certain mineral exploration properties in the State of Minnesota currently held by DMC (USA) LLC, an indirect wholly owned subsidiary of Duluth Metals.

The Company wishes to draw to the attention of the public that the common shares of Duluth Metals will commence trading on an ex-distribution basis at the opening of business on Friday, August 19, 2011. Accordingly, today will be the last trading day to acquire shares of Duluth Metals on the Toronto Stock Exchange in order to become a Shareholder of Record and to qualify for the dividend of Special Warrants.


About the Companies

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, 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. 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.

Duluth Exploration Limited will, through its shareholdings in Duluth Exploration (USA) Inc., be a company focused on exploration and development of those properties held by DMC (USA) LLC in the Duluth Complex.

DMC (USA) LLC is a company committed to the exploration and development of certain properties located in the Duluth Complex. DMC (USA) LLC is a wholly owned subsidiary of Duluth Metals (Canada) ULC, which in turn is a wholly owned subsidiary of Duluth Metals Limited.


This press release contains forward-looking statements (including statements which may constitute "forward looking information" within the meaning of applicable Canadian securities laws) relating to Duluth Metals's operations, the environment in which it operates, its mineral properties and the transactions described in this press release. 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 Metals's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including market conditions, the failure to receive the approval of the Toronto Stock Exchange, or other required regulatory and stock exchange approvals, for the transactions described in this press release and other factors set forth in other public filings of Duluth Metals. 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 Metals 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.



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
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