DULUTH METALS ANNOUNCES NEW CFO APPOINTMENT AND
posted on
Dec 09, 2010 03:14PM
Bulk-mineable underground copper-nickel-PGM deposit - Nokomis Deposit, Minnesota
EXPANSION OF EXPLORATION TEAM
cnw
TORONTO, Dec. 9 /CNW/ - Duluth Metals Limited ("Duluth Metals") (TSX: DM) (TSX:DM.U) today announced the appointment of a new CFO as well as the expansion
of the Company's highly qualified geological team, which is focused on
the exploration of the Company's eight exploration properties, situated
adjacent to and nearby the Twin Metals Minnesota LLC (Twin Metals)
joint venture between Antofagasta plc and Duluth Metals. An expanded
exploration office has been set up in Duluth, Minnesota which is led by
Dean M. Peterson, Senior VP Exploration.
"As Duluth Metals is in a growth phase, we are pleased to announce the
addition of our new team members as well as an expanded exploration
office." stated Christopher C. Dundas, Chairman and CEO of Duluth
Metals. "Our focus for the next year will be to explore high priority
targets on our pipeline of exploration properties as well as the
advancement of the Nokomis Deposit through Twin Metals."
The new CFO is Marvin E. Dee, CPA, a highly experienced Minnesota
financial executive well versed in domestic and international finance,
treasury and tax, SEC/SOX accounting with a background in an operating
multi-plant, multi-national manufacturing TQM environment. Prior to
joining Duluth Metals, Mr. Dee was CFO and COO with Spectrum Plastics
Group in Minneapolis, Minnesota. Mr. Dee has over 30 years of
experience in Minnesota, previously with Hawkins Inc., Nath Companies,
Tricord Systems Inc., Nordic Track Inc., Illbruck/USA Inc., as well as
Ernst& Young and McGladrey & Pullen. Mr. Dee graduated from St. Cloud
State University in Minnesota and is a member of the American Institute
of Certified Public Accountants and the Minnesota Society of Certified
Public Accountants. Mr. Dee will be headquartered in St. Paul,
Minnesota to further support the expanding St. Paul office.
Mr. Dee is replacing the former CFO, John A. Francis, C.A, who is
retiring from the Company. The Company recognizes with appreciation
Mr. Francis' significant contribution to the growth of Duluth Metals
over the last several years. Mr. Francis was CFO of the Company from
November, 2006.
Duluth Metals has also added three geologists to the exploration team
managing the Company's expanded exploration program. The new Senior
Geologist is Phillip C. Larson, Ph.D. Geology, who was previously with
Cliffs Natural Resources in Minnesota from 2007. His previous
experience also includes the Department of Geology, University of
Minnesota, Vesterheim Geoscience in Anchorage, Alaska, National Steel
Pellet Company in Keewatin, Minnesota, Phelps Dodge Exploration in
Spokane, Washington and, Newmont Exploration at Carlin, Nevada. Mr.
Larson has published numerous papers on glacial heavy mineral
dispersion patterns. Two other geologists, Gabriel J. Sweet and John
V. Gibbons are also joining the geological team in the Duluth office.
Mr. Sweet, who joined the Company in June, 2010 is a graduate from
Macalester College, Minnesota and is completing his M.Sc. degree at
Lakehead University, Thunder Bay. Mr. Gibbons, who will be joining
Duluth Metals in February, 2011 is a graduate of Carleton College in
Minnesota and is completing his M.Sc. Geology and Geological
Engineering degree at the Colorado School of Mines.
In addition, the Company wishes to report that Chris A. Fleming, due to
time commitments, is moving off the Twin Metals Technical Committee but
it is anticipated he will remain active as a consultant to Twin Metals
on the ongoing metallurgical program.
About Duluth Metals
Duluth Metals 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 Nokomis Project,
located within the rapidly 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 retains a
100% position on approximately 31,000 acres of mineral interests on
exploration properties adjacent to and nearby the Nokomis joint
venture.
About Twin Metals Minnesota LLC
Twin Metals Minnesota LLC is a new joint venture company, which is 60%
owned by Duluth Metals and 40% by Antofagasta plc. The joint venture's
principal asset is called the Nokomis Project, located within the
Duluth Complex mining camp in north-eastern Minnesota.
"This document may contain forward-looking statements (including
"forward-looking information" within the meaning of applicable Canadian
securities legislation and "forward-looking statements" within the
meaning of the US Private Securities Litigation Reform Act of 1995)
relating to, among other things, the operations of Duluth Metals, the
environment in which it operates, timing and amount of capital
expenditures, results of exploration and mine development, the
availability of funding to Duluth Metals and timing of geological
reports. Such statements are based on operations, estimates, forecasts
and projections. They are not guarantees of future performance and
involve known and unknown risks, uncertainties and other factors that
are difficult to predict and may be beyond the control of Duluth
Metals. 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 the annual information form
under the heading "Risk Factors" and in the other public filings of
Duluth Metals. Consequently, undue reliance should not be placed on
such forward-looking statements. In addition, all forward-looking
statements in this press release are given as of the date hereof.
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 Christopher Dundas
Director of Corporate Communications Chairman & CEO
(416) 369-1500 ext 222 (416)-369-1500
mstrazdins@duluthmetals.com cdundas@duluthmetals.com