DULUTH METALS (DULMF $1.86, Neutral; Price target reduced from $15/share to 7/share) ALTERNATE NOKOMIS/MATURI CAPITAL EXPENDITURE ESTIMATES ANALYZED; JUNE 13TH PUBLISHED MINERAL GRADES FALL; ANALYSIS OF NI 43-101 STUDY PUBLISHED ON JULY 30th 8/7/2012
DULUTH METALS (DULMF $1.86, Neutral; Price target reduced from $15/share to
7/share) ALTERNATE NOKOMIS/MATURI CAPITAL EXPENDITURE ESTIMATES
ANALYZED; JUNE 13TH PUBLISHED MINERAL GRADES FALL; ANALYSIS OF
NI 43-101 STUDY PUBLISHED ON JULY 30th 8/7/2012