Duluth Metals Ltd DULMF

duluth agm

[mayorkgh]

I attended. The most interesting slide presented was #7 (borrowed from TD) which is a peer comparison of deposit size and grade. Twin Metals, based on current data, is already very close to Oyu Tolgoi  in both categories. Oyu Tolgoi is being developed by Rio Tinto in Mongolia, where the politics are very difficult, the infrastructure is on existent, and ther is no water. Notwithstanding that, Oyu Tolgoi is consistently cited as being the future engine for Mongolia's economic development and one of the most promising mining developments in the world. Twin Metals, by comparison, has to be in a league of its own, with more resource inevitably to be added. The prefeasibility will be ready by the end of 1Q2014 and the bankable feasibility study, which is essentially a permitting exercise, will follow a year or so later. A lot will happen between now and then. The prefeasibility will give a pretty clear idea of the scale and value of this project. This will influence any additional interim financing that may be necessary and will get Antofogasta thinking seriously about how it wants to proceed. It may also be of interest to other mining groups looking for additional resources. The other interesting slide was #9, which shows the principal shareholders. Besides Antofogasta, there are Oppenheimer, The Capital Group, J. P. Morgan, and Li Ka-shing's Cheung Kong Group. This is serious money and they all have substantial stakes.The current share price has no bearing on reality; it has dropped with rest of the market and the departure of impatient investors with small holdings. Long term investors will be well rewarded.