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 MESSAGE FROM THE PRESIDENT AND CEO During the past year Wallbridge like all companies experienced the turbulence of the world economic crisis. In addition, the untimely passing of our Chairman, Risto Laamanen, was a shock to us all. I am pleased to report to you however that we have emerged from 2009, stronger than ever, with significant appreciation in the value of our shareholding in Duluth Metals, and excellent exploration results in both Sudbury and British Columbia. This progress would not have been possible without the exceptional efforts of the strong team that Risto built, and the continued support of our loyal shareholders and strong joint venture partners. In early 2010, our investment in Duluth Metals Limited saw considerable value appreciation with the announcement of a joint venture between Duluth Metals and Antofagasta plc, which will see up to $227 million of funding provided to the Nokomis project. This elevated Duluth Metals from an exploration stage company to one which is on the road to feasibility. Our Duluth Metals shareholding remains a core holding for Wallbridge. In Sudbury we discovered a new zone of nickel-copper-PGE mineralization on the Parkin Offset dyke, the extent of which we are continuing to delineate. In addition, work on our North Range Project identified a new branch of the Hess Offset as well as discovering a new radial offset. These and other targets provide a solid foundation for exploration success in 2010. In British Columbia, the second year of work on our Rogers Creek property discovered widespread copper-gold-molybdenum mineralization associated with a large alteration system typical of a porphyry environment. The success at Rogers Creek led to the recognition there was a whole belt of similar intrusions which had seen very little exploration, and we quickly acquired a dominant land position in the belt. This package of properties together with Rogers Creek, form the foundation for success in British Columbia. We enter 2010 with exceptional momentum in all three areas: Sudbury, British Columbia and Minnesota, and look forward to generating value for you our shareholders on all three fronts. Alar Soever President and CEO |
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