Project Schedule

Twin Metals is committed to creating an environmentally responsible mine by working with state and federal agencies throughout the rigorous project development and environmental review process.

PREFEASIBILITY STUDY
Twin Metals Minnesota completed the project’s prefeasibility study (PFS) in June 2014. During the PFS, Twin Metals evaluated significant project details such as environmental protection strategies, proper mine processing technologies, potential facility locations, and estimated economic impacts such as job creation and tax revenues. These details will eventually form a Mine Plan of Operation (MPO) that will be submitted to state and federal regulatory agencies for environmental review.

A prominent PFS activity, in-fill drilling provided detailed information about the project’s targeted mineral deposits, including the depth and breadth of the deposits, mineral content and other geologic features. Core samples taken from the deposits were studied to help engineer the future underground mine and to develop customized mineral processing and environmental protection technologies.

In August 2014, Duluth Metals Limited, an original Twin Metals Minnesota joint venture partner, released highlights from a draft National Instrument (NI) 43-101 Technical Report on the TMM Project PFS (PFS Technical Report). The PFS Technical Report was prepared by a multi-company team led by AMEC E&C Services Inc. The PFS Technical Report confirms the TMM Project offers northeast Minnesota an extraordinary opportunity for long-term, environmentally-sound economic growth and job creation. The TMM Project is supported by financial fundamentals showing an internationally competitive cost position, high margins sustained over time, and capital efficiencies resulting from outstanding existing regional and local infrastructure.

“MINE PLAN OF OPERATION” (MPO) PHASE
Completion of the PFS and the PFS Technical Report are important milestones in the development of the TMM Project. The next steps in project development involve further detailed engineering, economic and environmental assessment of the PFS Technical Report mine plan, culminating in the development of a formal “Mine Plan of Operation” (MPO). The MPO proposal will be submitted to state and federal regulatory agencies for extensive environmental review. The PFS Technical Report mine plan is subject to change during the development of the MPO.

ENVIRONMENTAL ASSESSMENTS
Twin Metals and its predecessor Duluth Metals Limited have been conducting environmental studies and assessments for more than five years – and those efforts will continue during development of the MPO. Environmental information from in and around Twin Metals Minnesota’s land and mineral assets will feed into the formal, Draft Environmental Impact Study (DEIS) that will be conducted by state and federal agencies. Key environmental issues include: surface water quality and hydrology, threatened and endangered species, air quality, plant life, wetlands and socioeconomic factors.