TORONTO, March 22, 2013 /PRNewswire/ -- Duluth Metals Limited ("Duluth Metals") (TSX: DM) (TSX:DM.U) today announced that its Board of Directors has decided not to proceed with an IPO financing for its wholly-owned subsidiary Duluth Exploration Limited ("DEL") in view of current market and IPO conditions. As a result the DEL Special Warrants distributed in August 2011 to the shareholders of Duluth Metals as a dividend in kind will expire on July 31, 2013 and DEL will continue to be a wholly-owned subsidiary of Duluth Metals. In addition, effective today the Board has cancelled all Management and Director options related to DEL which otherwise would have vested upon the liquidity event.
About Duluth Metals Limited
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, 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 40,000 acres of mineral interests on exploration properties adjacent to or nearby the Twin Metals Minnesota LLC joint venture.
For further information:
Mara Strazdins
Vice President Investor Relations and 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
(DM. DM.U.)