Duluth Metals Ltd DULMF

PFS

[marpincan]

Everything really hinges on the PFS. There are a number of reasons why Anto decided to back off - anything from a corporate strategy of focusing on their existing mines to not being happy with the share of costs they would have to pay under the existing contract. Anyway you cut it Anto due to the chuck of DM that they own and their conversion privlages under existing deals are major holders in DM and the deposit. They have also sunk 240million into the project so far and I do not think they will just walk away from that. The big question really is - why the delay in issuing the PFS. The reasons here again could be many - reworking it to suit an alternate mining plan without Anto playing as big a role, dissagreement with Anto over the numbers, and if they are working on a deal - not muddying the waters by releasing the study. Any tire kickers, I would expect would be given access to the PFS released/ complete or not.
  They still have 5 more months before they have to deal with their Anto obligations and enough cash in the treasury to pay the bills for a while (I would expect that they have cut back on expenses a far bit). Dundas blew it, by not playing it smart and waising money on share buy backs and actually issuing debt (very uncommon for a junior) as he probably thought that developing the mine was a done deal. In junior land, nothing is ever a done deal. 
  As far as Wallbridge doing anything much here, short of utilizing their industry connections, I do not see them as being in a position to provide a lot of financing or anything like that (they are after all a small company). I also do not think Anto will let another major walk in and just steel the company either as they have a least 240 million tied up in it.

It should get interesting as we go forward.

JMO