TORONTO, July 28 /CNW/ - Duluth Metals Limited ("Duluth") (TSX: DM) (TSX:DM.U) today announces the following appointments arising out of a corporate reorganization resulting from last week's formation of Twin Metals Minnesota LLC ("Twin Metals"), the new joint-venture company, of which Duluth is the 60% owner, with Antofagasta plc ("Antofagasta") owning 40%. As an additional part of the reorganization, Duluth is retaining in its wholly-owned subsidiary, DMC (USA) LLC, approximately 31,000 acres of mineral interests on exploration properties adjacent to and nearby the Twin Metals joint venture holdings.
Effective August 7, 2010, Vern Baker is appointed President of Duluth and DMC (USA) LLC, and will be the lead representative of Duluth to the joint venture with Antofagasta. Mr. Baker grew up in Reno, Nevada and has a Bachelor of Science in Mining Engineering from the University of Nevada. He later attained a MBA degree from Stanford University. Mr. Baker is a highly experienced mining executive with a focus on underground operations. Vern has broad experience in mining having previously been the General Manager of such significant mining operations as the Goldstrike mine in Nevada (Barrick Gold Corporation), the Homestake mine in South Dakota (Homestake Gold), the Hemlo mine in Ontario (a joint-venture operation of Teck and Barrick) and the Stillwater mine in Montana (Stillwater). Most recently, Mr. Baker has been VP Operations for FNX Mining in Sudbury.
"The addition of Vern Baker to the Duluth team brings tremendous operational and project development expertise to Duluth Metals as he clearly has one of the best underground mining track records in North America," stated Christopher Dundas, Chairman of Duluth.
Effective immediately, Christopher Dundas, Chairman of Duluth will also assume the position of CEO of Duluth. In addition, Duluth Metals announces the appointment of Christopher Dundas, James J. Jackson, and Thomas Pugsley as Duluth's three nominees to the Board of Twin Metals.
Dr. Henry (Rick) Sandri will be leaving Duluth to pursue other interests. "Duluth Metals recognizes and appreciates Rick Sandri's significant contribution to the development and evolution of the Company," said Christopher Dundas.
About Duluth Metals
Duluth is committed to acquiring, exploring and developing copper, nickel and platinum group metal (PGM) deposits. The Company has a joint venture with Antofagasta plc on their principal asset called the Nokomis Project, located within the rapidly emerging Duluth Complex mining camp in northeastern 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, the Company retains a 100% position on approximately 31,000 acres of mineral interests on exploration properties adjacent to and nearby the joint venture Nokomis Deposit.
"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, Duluth's operations, the environment in which it operates, timing and amount of capital expenditures, results of exploration and mine development, the availability of funding to Duluth 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 Duluth's control. 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 Duluth's annual information form under the heading "Risk Factors" and in Duluth's other public filings. 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 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.