Wallbridge Mining Company Limited - Lonmin Plc JV - Sudbury Camp Joint Venture with Lonmin plc

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Lonmin plc Joint Venture
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Seven properties covering approximately 220 square kilometres around the Sudbury Basin were explored in 2009 under Wallbridge's Sudbury Camp Joint Venture ("SCJV") with Lonmin Plc. The Company entered into the Sudbury Camp Joint Venture agreement with Lonmin Plc ("Lonmin") on January 14, 2002. Under terms of the Joint Venture, Lonmin earns a 50% interest in any property at the point at which an Indicated Resource is established on that property. Lonmin then has the option to earn an additional 15% interest by funding work through completion of a feasibility study and securing the Wallbridge portion of financing through to commercial production.

The SCJV was restructured in 2006 to create a more focused expenditure effort on seven projects.

The restructuring of the SCJV, which formerly covered 18 of Wallbridge's properties in Sudbury reduced the number of properties in the Joint Venture to seven, and committed the partners to a US$1.050 million summer exploration program for the period from April 1, 2006 to September 30, 2006.

Under the terms of the amendment, Lonmin will be required to commit to expenditures of at least US$1.0 million per year in order to earn its right to a 50% interest in any joint venture property at such time an Indicated Resource is declared.

The amendment also provides Wallbridge with the opportunity to fund expenditures in excess of Lonmin's minimum commitment up to Indicated Resource stage. Lonmin's interest at the Indicated Resource stage will be reduced pro-rata to the extent that Wallbridge has contributed to the exploration program on a particular property. Lonmin can buy back the Wallbridge interest when an Indicated Resource has been declared.

Project funding for the SCJV in 2007 totaled C$2.1 million with Lonmin contributing C$1.22 million and Wallbridge contributing C$0.88 million.

In 2008 Wallbridge's Sudbury Camp Joint Venture "SCJV" with Lonmin Plc continued into its sixth year with an aggressive $3.39 million exploration program. Seven properties covering approximately 220 km2 around the Sudbury Basin were explored with a variety of geophysical tools and 2,937.5 m of diamond drilling. Lonmin Plc can earn a 50% interest in any property at the point at which an Indicated Resource is established on that property with the option to earn an additional 15% interest by funding work through completion of a feasibility study and securing the Wallbridge portion of financing through to commercial production.