Franconia Minerals Receives Final Court Order Approving Plan of Arrangement With Duluth Metals

TORONTO, March 7, 2011 - Duluth Metals Limited ("Duluth") (TSX: DM) (TSX: DM.U) and Franconia
Minerals Corporation ("Franconia") (TSX: FRA) are pleased to announce that
the Court of Queen's Bench of Alberta has issued a final order approving the
previously announced plan of arrangement (the "Arrangement") involving Duluth
and Franconia.

As previously announced, at the special meeting of Franconia shareholders
held on Thursday, March 3, 2011, the Arrangement was approved by 88% of the
votes cast by shareholders of Franconia represented in person or by proxy at
the special meeting.

Closing of the Arrangement is expected to occur on March 7, 2011 provided
that all of the conditions to the Arrangement are satisfied.

Further information regarding the Arrangement may be found in the
information circular and proxy statement of Franconia dated February 3, 2011
in connection with the special meeting of Franconia shareholders which is
available under Franconia's profile at www.sedar.com.

About Duluth Metals Limited

Duluth Metals Limited is committed to acquiring, exploring and developing
copper, nickel and platinum group metal (PGM) deposits. Duluth Metals has a
joint venture with Antofagasta plc on the Nokomis Project, located within the
rapidly emerging Duluth Complex mining camp in north-eastern 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. Aside from the joint venture,
Duluth Metals retains a 100% position on approximately 31,000 acres of
mineral interests on exploration properties adjacent to and nearby the
Nokomis joint venture.

About Franconia Minerals Corporation

Franconia Minerals Corporation is currently focused on the development of
the Duluth Complex copper-nickel-platinum-palladium project - consisting of
the Birch Lake, Maturi and Spruce Road deposits - in this highly prospective
region of north-eastern Minnesota. Underground mining at Birch Lake will
minimize the surface impact of the operation. Also, storage of mine wastes
underground would further minimize the surface impact. Additional resources
at the Birch Lake project include Inferred Resources at the Maturi deposit
(see news release of September 6, 2006) and at the Spruce Road deposit (see
news release of December 3, 2007). Independent reports prepared to NI 43-101
standards by Scott Wilson RPA are available at www.sedar.com and
www.franconiaminerals.com.

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 and Franconia's operations
or to the environment in which they operate. 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 and Franconia's 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 and Franconia disclaim
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.

For further information:

    Duluth:
    Mara Strazdins
    Director of Corporate Communications
    Telephone: +1(416)369-1500 ext. 222
    Email: mstrazdins@duluthmetals.com

    Vern Baker
    President
    Telephone: +1(651)389-9990
    Email: vbaker@duluthmetals.com
    Webpage: www.duluthmetals.com

    Franconia:
    Greg Taylor
    Telephone: +1(905)337-7673
    Email: gtaylor@franconiaminerals.com
    Webpage: www.franconiaminerals.com

or

Kingsdale Shareholder Services Inc., Franconia's proxy solicitation agent
and information agent and depositary, by (i) telephone (toll-free in North
American at +1-866-481-2532, or if outside North America, +1(416)867-2272; or
(ii) email at contactus@kingsdaleshareholder.com

(DM. DM.U. FRA.)

Duluth: Mara Strazdins, Director of Corporate Communications, Telephone: +1(416)369-1500 ext. 222, Email: mstrazdins at duluthmetals.com; Vern Baker, President, Telephone: +1(651)389-9990, Email: vbaker at duluthmetals.com; Franconia: Greg Taylor, Telephone: +1(905)337-7673, Email: gtaylor at franconiaminerals.com; or Kingsdale Shareholder Services Inc., Franconia's proxy solicitation agent and information agent and depositary, by (i) telephone (toll-free in North
American at +1-866-481-2532, or if outside North America, +1(416)867-2272; or
(ii) email at contactus at kingsdaleshareholder.com