Duluth Metals Ltd DULMF

DM included in this report from CIBC..as No.2 Juni

[kkkrrrr]

https://www.internationalpbx.com/pdfs/CIBC%20Junior%20Copper%20Report%20Mar.2011.pdf

Page 6


..very nice!

[member321]

Duluth was ranked second behind Northern Dynasty based on CIBC's ranking each copper junior on these criteria: Exhibit 6. Criteria Weightings Criteria Weighting EV / lb Cu Eq 10% Mkt Cap to Capex 20% Resource Cu Eq 20% Capex / lb of Annual Production CuEq LOM 15% Total Attributable Production Cu Eq 20% Cash Costs (net) 15% 100% Duluth's ranking was based on Nokomis only. With the

[member321]

Duluth was ranked second behind Northern Dynasty based on CIBC's ranking each copper junior on these criteria: Exhibit 6. Criteria Weightings Criteria Weighting EV / lb Cu Eq 10% Mkt Cap to Capex 20% Resource Cu Eq 20% Capex / lb of Annual Production CuEq LOM 15% Total Attributable Production Cu Eq 20% Cash Costs (net) 15% Total Pecentage 100% Duluth'sranking was based on Nokomis