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Strategies & Market Trends : Dino's Bar & Grill
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To: Goose94 who wrote (7662)7/7/2014 11:25:36 AM
From: Goose94Read Replies (2) of 202784
 
(DM-T) Wallbridge Mining (WM-T) July 7, '14 is extremely pleased that Duluth Metals (DM-T) has regained control of its Twin Metals Minnesota (TMM) project from its joint venture partner Antofagasta PLC (see Duluth Metals press release dated July 3, 2014).

"We believe this is an extremely positive development for both Duluth Metals and Wallbridge as a major shareholder of Duluth Metals," stated Marz Kord, president and chief executive officer of Wallbridge. "Antofagasta's decision to drop its option to purchase an additional 25 per cent of the project cements Duluth Metals position as majority (60-per-cent) owner of this world-class asset and puts Duluth Metals in control of the development of the project. Even more importantly, it also gives Duluth Metals the option for 180 days to buy back Antofagasta's 40-per-cent interest for Antofagasta's sunk costs of $220-million. Clearly, this opens the door to a variety of potential new investors who might want to own a significant portion of one of the world's largest undeveloped copper-nickel-platinum-group-element deposits in a politically stable portion of the world. We look forward to the release of the PFS [prefeasibility study] later this month and offer our encouragement and support to the Duluth Metals team as they work to move the TMM project forward."

Duluth Metals was founded by Wallbridge in 2005 to finance the exploration and development of its Minnesota properties. Wallbridge currently owns 10,150,121 shares of Duluth and is currently Duluth Metal's second-largest shareholder after only Antofagasta.
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