Duluth Metals Limited

COMPANY DATA | INTRODUCTION |  PROJECT IN HAND | MANAGEMENT
NEWS UPDATE | CHINESE

COMPANY DATA

INTRODUCTION

Duluth Metals Limited is a Canadian corporation committed to acquiring, exploring and developing copper, nickel and platinum group metal (PGM) deposits within the rapidly emerging Duluth Complex mining camp in northeastern Minnesota, USA.

The Company is managed by a select group of dedicated professionals with extensive combined experience in copper and nickel exploration, development and mining, and business management and finance.

PROJECT IN HAND

Nokomis Deposit, Duluth Complex Mining Camp, Northeastern Minnesota, USA

Duluth Metals' principal property is the Nokomis Deposit located within the rapidly emerging Duluth Complex mining camp in northeastern Minnesota. The Nokomis Deposit is situated in the western portion of Duluth Metals' Maturi Extension Properties and situated southeast of the town of Ely. The property is located in close proximity to major international ports and excellent mining infrastructure such as power, well developed roads, railway networks, supply-equipment centres and a local labour force. Duluth Metals has more than 2,612 acres (approximately 10.6 sq.km) of land.

Polymetallic ores found in the Nokomis Deposit host a myriad of base and precious metals, including copper, nickel, cobalt, platinum, palladium, gold and silver. Polymetallic deposits have an economic advantage, as they are a source of more than one metal that is suitable for recovery and sale after mining, crushing, grinding, concentrating, metallurgical processing, and refining.

Duluth Metals has received an independent NI 43-101 compliant resource estimate completed by Scott Wilson RPA on its Nokomis Deposit, which contains 347 million tonnes of the higher classification resource category of Indicated Resources grading 0.62% copper, 0.20% nickel, and 0.52 g/t of total precious metals (TPM equals Platinum plus Palladium plus Gold), plus an additional 108 million tonnes of Inferred Resources grading 0.64% copper, 0.18% nickel, and 0.70 g/t of TPM.

Based on the Indicated and Inferred Resources for the Nokomis Deposit, this deposit ranks as one of the largest Polymetallic Resources to be discovered in North America in decades containing a higher than average grade for deposits within the Duluth Complex.

The full extent of the Nokomis Deposit is unknown, especially since only about one-third of the Maturi Extension Properties has been drill tested to date. However, based on the Scott Wilson RPA study, it can be concluded that the Nokomis Deposit has the potential to produce copper, nickel, cobalt, platinum, palladium, gold, silver and other metals.

Duluth Metals will initiate a Pre-Feasibility Study in 2008. At the same time, the Company plans to explore the eastern, northeastern and southern exploration areas to extend the known copper, nickel and PGM mineralization.

Duluth Complex Mining Camp

The Duluth Complex is a large, composite mafic intrusion in northeastern Minnesota. It hosts one of the world's largest undeveloped repositories of copper, nickel and PGMs. In comparison to worldwide deposits, the Duluth Complex is:

· The world's third largest accumulation of nickel sulphides
· The world's second largest accumulation of polymetallic copper and platinum group metals.

According to the Minnesota Department of Natural Resources, from 1951 to the present, more than 1,900 diamond drill holes totaling more than 230,000 m (754,591 ft) have been drilled to explore the western margin and base of the Duluth Complex for copper and nickel deposits. This work has outlined at least nine disseminated copper-nickel deposits, which have a combined estimated resource of 3.63 billion tonnes grading 0.66% copper and 0.20% nickel (unclassified historical resource, not NI 43-101 compliant).

Elsewhere in the Duluth Complex, PolyMet Mining Corp. has completed a definitive bankable feasibility study on their NorthMet Deposit and is in the final stages of securing its construction and operating permits. Franconia Minerals Corporation is currently drilling on their Birch Lake Deposit, approximately 8 km (5 miles) to the south-southwest of the Duluth Metals' Nokomis Deposit, and is continuing work on their Maturi Deposit, directly west of the Nokomis Deposit. Teck Cominco is planning to initiate drilling on their Mesaba Deposit.

MANAGEMENT

Duluth Metals Limited is managed by a select group of dedicated professionals with extensive combined experience in copper and nickel exploration, development and mining, and business management and finance.

Officers and Directors

Christopher C. Dundas, B.Comm., MBA, Chairman and Director
Mr. Dundas obtained an MBA from the University of California (Berkeley) in 1973 and has 33 years of experience in real estate and corporate finance. He is formerly a Director of Murray & Company Holdings Limited, a full service financial intermediary headquartered in Toronto and formerly the President of Murray & Company's Quebec subsidiary. He has been a Director of Wallbridge Mining Limited since 2003.

Henry (Rick) J. Sandri, Ph.D., President, Chief Executive Officer and Director
Dr. Sandri obtained his B.Sc. in Foreign Service (International Trade & Transportation) from Georgetown University in 1974, an M.A. in Applied Economics from the American University in 1978 and a Ph.D. in Mineral Economics from the Colorado School of Mines in 1991. Dr. Sandri is a mineral economist and has been involved in the mineral, energy, power and transport industries for over 30 years. His experience includes project and operational management, economic and financial evaluation, commodity and market assessments, project finance, contract and deal negotiations, strategic planning and business development, technical assessments and asset valuations. He has worldwide experience in precious, base, ferrous and light metals, coal, gemstones, industrial mineral and construction material deposits and operations. He has worked with and assisted international banks, corporations, individuals and governmental organizations securing and syndicating public and private financings of domestic and international mining and energy projects.

John A. Francis, B.A. (Hons. Economics), C.A., Chief Financial Officer
Mr. Francis earned a Chartered Accountant degree in 1976 with Coopers & Lybrand. He has over 25 years of experience in finance and accounting within the mining and natural resource sectors. He has held senior finance positions with Jaguar Nickel, Queenston Mining, Alexandria Minerals and the Harbinson Mining & Oil Group.

H. James Blake, Q.C., LL.M, Corporate Secretary
Mr. Blake is based in Toronto and is a senior law partner of McLean & Kerr LLP. He received his LL.M in Business Law from Osgoode Hall Law School, York University in 1970. His principal business focus is corporate/commercial/securities law and he has written and lectured extensively on the legal and fiduciary duties of corporate directors and officers and on business law matters.

Mark A. Cowan, B.A., J.D., Director
Mr. Cowan is a partner at Patton Boggs LLP, a Washington based international law firm concentrating in public policy global business and trade. Mr. Cowan joined Patton Boggs after a long and successful career in the Washington public affairs industry. He served as president of Columbus Public Affairs and as Chief Executive Officer of Newmyer Associations, a public affairs and strategic intelligence firm.

James J. Jackson, C.A., C.P.A., Director
Mr. Jackson, a retired executive and resident of the USA, serves as a Director and Chairman of the Audit Committee. Mr. Jackson is a former Alcan executive, and former Senior Vice-President and Chief Financial Officer of MobiFon S.A. He is currently a member of the supervisory board of Bite Lithuania, a mobile telephone company and Board member of Neo Materials Technologies Inc. Mr. Jackson is a member of the Canadian Institute of Chartered Accountants and is a registered Certified Public Accountant in the United States.

Michael J. Knuckey, B.Sc. (Hons.), P.Geo., Director
Mr. Knuckey graduated from the Royal School of Mines in London, England and immigrated to Canada in 1957. His career spans many years with Falconbridge and Noranda starting in the early 1970's as Chief Geologist and later Vice President Exploration with Corporation Falconbridge Copper in Timmins. In 1995, he was appointed President and CEO of Noranda Mining and Exploration. In 1997, he became Executive Vice President, Exploration and Project Development with Noranda.

Barry Simmons, B.Sc., Director
Mr. Simmons is a geological consultant and independent director with over 35 years of senior management responsibility in the mining industry. Having served many years for Teck Cominco Ltd., Falconbridge Limited and Cameco Corporation in senior exploration and management positions, he has gained worldwide experience in exploration and development of copper, nickel, precious metals, uranium and other commodities.

Alar Soever, P.Geo., Director
Mr. Soever is a Professional Geologist (Ontario) with over 25 years experience in the mining industry. He has been involved in a wide range of projects both in Canada and overseas. Mr. Soever has been the President of Wallbridge Mining Company Limited since 2003.

NEWS UPDATE

On April 2, 2008, Duluth Metals Limited announced that it has intersected a new footwall zone of higher-grade mineralization below Nokomis deposit.

Highlights of the assay results:

· Hole MEX-084 intersected 0.850% copper, 0.302% nickel, 0.916 g/t of total precious metals (TPM equals platinum plus palladium plus gold) and 3.18 g/t silver over 137.8 ft. Including 1.033% copper, 0.270% nickel, 1.068 g/t TPM and 4.08 g/t silver over 68.9 ft.
· Hole MEX-86 intersected 0.921% copper, 0.290% nickel, 0.974 g/t TPM and 3.53 g/t silver over 120.0 ft. Including 1.705% copper, 0.427% nickel, 1.395 g/t TPM and 5.75 g/t silver over 10 ft; 1.390% copper, 0.199% nickel, 2.809 g/t TPM and 11.33 g/t silver over 15 ft.
· Hole MEX-088 intersected 0.939% copper, 0.223% nickel, 1.691 g/t TPM and 3.48 g/t silver over 152.4 ft. Including 1.191% copper, 0.263% nickel and 2.169 TPM over 54.2 ft.

Currently five drills are turning on the property. Two of the rigs are continuing with large-diametre PQ core drilling with the objective of providing large bulk sample material for further metallurgical testwork.

On March 19, 2008, Duluth Metals Limited announced that through its wholly owned subsidiary, Sky Blue Waters Land Company, has purchased the surface rights of approximately 480 acres of its Maturi Extension Properties. This acquisition is significant as Duluth Metals proceeds on the development and planning phase of the Nokomis deposit in Minnesota.

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