Wallbridge Mining Company Limited - Lonmin Plc JV - Skynner Lake Property

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Skynner Cross Section
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The Skynner Lake property covers 762 hectares in the East Range footwall of the Sudbury Basin between FNX's Podolsky Project and Wallbridge's Frost Lake property. Numerous discoveries have been made on the East Range including CVRD Inco's mined out Whistle deposit, the Victor,Victor Deep and Capre Lake sulphide deposits, and FNX's Podolsky and Xstrata Nickel's Nickel Rim South projects, both of which are under development and will be in production by 2009.The extension of the Skynner Lake breccia belt hosts the new high grade Cu-PGE zone as announced on the CVRD Inco-Lonmin joint venture property to the south-east.

Previous work on the Skynner Lake property identified a large belt of favourable Sudbury Breccia within 500-1,000 metres of the SIC contact that is prospective for footwall-style Cu-PGE mineralization. The belt shows extensive alteration including partial melting and recrystallization of Sudbury Breccia along with pathfinder element enrichments. On the Skynner Lake property, the belt has been mapped at surface over a width of 50-200 meters and over a north-south strike-length of roughly 4 kilometres. Outcrop mapping shows that the breccia belt continues southward onto Wallbridge's Frost Lake property, which hosts the Amy Lake Cu-PGE zone in the Capre/ Amy Lake area. Drilling on the breccia belt has been limited largely to within several hundred metres of the surface and the zone is, for the most part, untested below 250 metres depth.This breccia belt appears to extend onto the CVRD Inco-Lonmin Capre Lake joint venture property where the joint venture partners recently announced the discovery of high grade Cu-PGE mineralization in massive chalcopyrite veins and vein stockworks surrounded by a zone of disseminated, low-sulphide mineralization with moderate to high PGE grades.

The similarities between belts of Sudbury Breccia on the Skynner Lake property and those hosting mineralization elsewhere in the Sudbury Mining Camp (McCreedy East 153, Strathcona Deep Cu, Levack Footwall) are striking and include a similar scale, distance and orientation relative to the SIC contact and pathfinder element enrichments.Although the northern Skynner Lake block has only been explored by drilling within the top several hundred metres, the breccia belt in the southern block has only recently been identified by surface mapping and no drilling has been completed to date.

Drilling results from the testing of deep geophysical anomalies on the Skynner Lake south claim block supported new ideas about the orientation of structures that host footwall mineralization along the East Range indicating these structures may extend in an east/west rather than north/south orientation. A 3D compilation of geological, geochemical and geophysical data along the East Range, taking into account the importance of this new structural interpretation, is providing the basis for 2009 exploration and drilling.