|
      
|
 |
 |
  |
 MESSAGE FROM THE PRESIDENT AND CEO Exceptional progress was made in 2010 in all three of Wallbridge's value centres this past year. In Sudbury, years of systematic exploration have started to bear fruit. As I write this message, we are more than half-way through mining a 30,000 tonne bulk sample from our Broken Hammer copper-platinum-palladium-gold deposit. This material will be processed at Xstrata's Strathcona mill to determine metallurgical recoveries. The results will provide the inputs required to complete a feasibility study and advance this project through to production. Elsewhere in Sudbury, we are very encouraged by drilling results that continue to delineate the new nickelcopper-platinum group element ("PGE") discovery below the Milnet mine. Additional shallow drilling has extended mineralization at the Amy Lake PGE zone, and mapping and prospecting on our North Range projects have outlined many kilometres of previously unknown offset dyke with the potential to host new discoveries. In 2010, the value of our shareholding in Duluth Metals, our second value centre, rose considerably to over $33 million at year-end. This appreciation resulted from the creation of a joint venture, Twin Metals Minnesota LLC ("TMM"), between Duluth Metals and Antofagasta plc ("Antofagasta") that will see Antofagasta invest up to US$215 million to advance the Nokomis project through feasibility and towards production. The ultimate value of our investment in Duluth Metals was further enhanced in December when Duluth announced the planned acquisition of Franconia Minerals Corporation("Franconia"). Rolling the neighbouring Franconia assets into TMM will increase the size of the Nokomis project significantly. In April 2010, we announced the spin-out of our BC properties into a new company -- Miocene Metals Limited, our third value centre. Wallbridge shareholders received one Special Warrant for every six Wallbridge shares held on April 30th, 2010. These Special Warrants will convert into free trading Miocene shares, when Miocene Metals obtains a listing on a Canadian stock exchange, which is anticipated to occur during the first half of 2011, unlocking the inherent value in our BC properties for Wallbridge and Wallbridge shareholders. We enter 2011 stronger than ever, with our Broken Hammer project advancing towards feasibility and with excellent exploration results on a number of our other Sudbury properties. This, coupled with the solid financial underpinning provided by our shareholding in Duluth Metals and the potential for significant growth in the value of our shareholding in Miocene Metals, provides a solid foundation for growth of shareholder value in 2011. Alar Soever President and CEO |
 Home | Corporate | Projects | Investors | News | QwikReport | Contact | Terms of Use and Disclaimer |
|