TORONTO, May 21 /PRNewswire-FirstCall/ - Duluth Metals Limited ("Duluth
Metals") (TSX: DM) (TSX:DM.U) Duluth Metals is pleased to announce in
response to a request by the Company that institutional participants in the
April/May 2007 private placement have exercised since the beginning of
November 2007, a total of 8,926,879 warrants producing approximately
Cdn$14,729,000 of funding.

    "We are extremely appreciative of our institutional shareholders
providing additional funding to support our aggressive exploration program.
The new funding was achieved by way of an early exercise of warrants that
do not expire until May 2010. Drawbridge Global Macro, Goldman Sachs, and
Trafigura, amongst others, have all participated in the early exercise two
years ahead of expiry", said Henry J. Sandri, President and CEO.
"Drawbridge Global Macro now holds 10,000,000 common shares which
represents an approximate 12.64% share position in Duluth Metals after
their most recent exercise and gives them an equal percentage to our other
largest shareholder, Wallbridge Mining Company Limited."

    Duluth Metals currently has five drills turning on the property. Two of
the rigs are continuing with large diameter PQ core drilling with the
objective of providing bulk sample material for further metallurgical test
work.

    In addition, an Interim Mineral Resource Estimate is being prepared by
independent consultants. This estimate is expected at the end of May.

    About Duluth Metals

    Duluth Metals is committed to acquiring, exploring and developing
copper, nickel and platinum group metal (PGM) deposits. Duluth Metals'
principal property is the Nokomis Deposit located within the rapidly
emerging Duluth Complex mining camp in northeastern Minnesota. The Duluth
Complex hosts one of the world's largest undeveloped repositories of
copper, nickel and PGMs, including the world's third largest accumulation
of nickel sulphides, and one of the world's largest accumulations of
polymetallic copper and platinum group metals.

    This document may contain forward-looking statements (including
"forward-looking statements" within the meaning of the US Private
Securities Litigation Reform Act of 1995) relating to Duluth Metals'
operations or to the environment in which it operates. Such statements are
based on operations, estimates, forecasts and projections. They are not
guarantees of future performance and involve risks and uncertainties that
are difficult to predict and may be beyond Duluth Metals' control. A number
of important factors could cause actual outcomes and results to differ
materially from those expressed in forward-looking statements, including
those set forth in other public filings. In addition, such statements
relate to the date on which they are made. Consequently, undue reliance
should not be placed on such forward-looking statements. Duluth Metals
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise, save and except as may be required by applicable
securities laws.

Link to this page: