August 30, 2014 4:58 PM ET

Metals and Mining

Company Overview of Twin Metals Minnesota LLC

Company Overview

Twin Metals Minnesota LLC engages in the development and operation of an underground copper, nickel, platinum, palladium, and gold mining project in northeastern Minnesota. The company was founded in 2010 and is based in St. Paul, Minnesota with additional offices in Ely and Babbitt, Minnesota. As of July 28, 2010, Twin Metals Minnesota LLC operates as a subsidiary of Duluth Metals Limited.

380 Street Peter Street

Suite 705

St. Paul, MN 55102

United States

Founded in 2010



Key Executives for Twin Metals Minnesota LLC

Chief Executive Officer and Director
President and Chairman of Technical Committee
Chief Financial Officer
Vice President of Regulatory & Legal Affairs and General Counsel
Vice President of Investor Relations and Corporate Communications
Compensation as of Fiscal Year 2014.

Twin Metals Minnesota LLC Key Developments

Twin Metals Minnesota LLC Announces Management Changes

Duluth Metals Limited announced new management and technical team appointments for Twin Metals Minnesota LLC (TMM) Joint Venture. Duluth Metals continues to work with Antofagasta plc to advance the TMM Project on a 40/60 joint venture whereby Duluth maintains its 60% ownership of TMM and Antofagasta owns 40% with costs being split at those levels accordingly. The TMM Board of Directors has been restructured to include two new members from Antofagasta, Mr. Andronico Luksic and Mr. Alejandro Rivera, and the three existing members from Duluth, Mr. Kelly Osborne, Mr. Christopher Dundas and Mr. James Jackson. Concurrently Mr. Bill Hayes, Mr. Ramon Jara and Mr. Gary Loving from Antofagasta have resigned as Directors. In addition Mr. Christopher Dundas has been appointed as Chairman of TMM and Mr. Gary Loving has resigned as Chairman. In addition, Mr. Juan Andres Morel, CEO of TMM will be resigning on July 16, 2014. Mr. Kelly Osborne, current President and CEO of Duluth Metals, will also assume the role of CEO of TMM upon the resignation of Mr. Morel. In order to provide a smooth transition, Mr. Morel has agreed to assist Mr. Osborne and TMM for an appropriate transition period. The new Technical Committee appointees include Mr. Vern Baker, previous President of Duluth Metals, Mr. Andrew Hara and Mr. Phillip Larson from Duluth Metals as well as Mr. Murray Canfield and Mr. Francisco Walther from Antofagasta. Furthermore, Mr. Baker has been appointed Chairman of the Technical Committee.

Twin Metals Minnesota LLC Announces Drilling Results

Duluth Metals Limited announced that Twin Metals Minnesota LLC has completed 35 closely spaced diamond drill holes within the Maturi Deposit. This drilling was designed to provide the Joint Venture team the necessary information to define the drill spacing required to upgrade Indicated to Measured Resource within the resource base. The program completed two crossing perpendicular fence lines, each 1000 feet in length with holes spaced 50 feet apart within the basal mineralized zones. The program utilized four existing holes in addition to the 35 new holes. Preliminary examination of drilling and assay results shows an excellent correlation between the new drilling and the existing resource model. Twin Metals' resource estimation consultant, AMEC E&C Services Inc., is working on a revised resource estimate that will incorporate all drilling completed since September 2012. In addition to results from the fence drilling program and revised resource definitions, the estimate will incorporate results of an ongoing drill program designed to upgrade targeted areas of the Maturi resource base from Inferred to Indicated Resource classification. The updated resource estimate and revised Technical Report are expected in the spring of 2014. The Twin Metals Minnesota Project covers over 32,000 acres of land/mineral interests and consolidates the base and precious metal land position in Minnesota. This extensive land position provides Twin Metals with the platform to plan and develop copper-nickel-PGM deposits within a new emerging mining belt in Minnesota, USA. For the 2013 Drill Program, half core samples are being prepared at ALS Minerals laboratories in Thunder Bay and then shipped to its analytical facilities in Vancouver. Samples are being analyzed for Au, Pt, and Pd using a 30g standard fire assay with an ICP-AES finish and for 33 other elements using a four acid digestion and a combination of ICP-MS and ICP-AES. ICP over-limits for copper and nickel are re-analyzed using four acid digestion followed by ICP-MS. The remaining half core samples are being stored in Minnesota.

Twin Metals Minnesota LLC Appoints Kelly J. Osborne as Interim Vice President of Project Development for the Twin Metals Minnesota Project

Duluth Metals Limited announced that Twin Metals Minnesota, LLC has appointed Mr. Kelly J. Osborne as interim Vice President of Project Development for the Twin Metals Minnesota Project in north-eastern Minnesota. Kelly Osborne, who currently serves as COO for Duluth Metals, has been seconded to TMM by Duluth. He brings 30 years of mining industry experience in the United States and Indonesia with major U.S. based mining companies including Freeport-McMoRan, Vulcan Materials and Stillwater Mining Company. Kelly will provide interim leadership for the Twin Metals project development effort currently underway as a joint venture between Duluth Metals and Antofagasta plc TMM is currently undertaking a pre-feasibility study which includes completing a conceptual study of mining and processing alternatives focused on determining the best scenario to move the Twin Metals Minnesota Project forward.

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