Duluth Metals Limited (TSX:DM,TSX:DM.U) updated investors on the status of its prefeasibility study, which is progressing well with a completion date scheduled for mid-year 2014.

According to the company’s press release:

Over the next few months, the main focus is the completion of the Pre-feasibility Study and delivering by mid-year a comprehensive NI 43-101 compliant Technical Report on this phase of the project development. In addition, a NI 43-101 compliant Technical Report on an updated resource estimate for the project is scheduled to be completed by Spring, 2014. The updated resource estimate will incorporate all drilling since September 2012, including the 35 closely spaced diamond drill holes within the Maturi Deposit 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.

Vern Baker, President of Duluth Metals commented:

The Twin Metals Project is based on a resource with the scale and extent to provide many options for development. The project continues to have multiple avenues for that development, and the current plans will be directed at what the first development within the project will look like. The Twin Metals Project is one of the most capital efficient large mining projects in the world, situated in one of the best jurisdictions in the world, with exceptional infrastructure nearby.

Click here to view the full release.