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 MEETING THE CHALLENGE 2009 The last year was one of contrasts; a very bright outlook for metals early in the year, was followed by a severe global economic slowdown, which saw drastic drops in share prices across the mining industry. While this drop in Valuations has presented challenges to all mining companies, Wallbridge with its strong asset base, solid joint venture partners and experienced staff and management is well-positioned to meet these challenges and continue on the road to discovery. Wallbridge is committed to continued exploration on our exceptional land portfolio. In 2008, as the coming economic storm was approaching, we completed two transactions which allowed us to continue our exploration efforts without unduly diluting our shareholders during this period of extremely low Valuations in the industry. In September, we concluded a joint venture with Impala Platinum on our Parkin Offset property, which saw Impala contribute $2 million in the latter part of last year and the first half of 2009 to the exploration of these high potential properties. We also concluded a joint venture with Tanqueray Resources, which is currently spending $500,000 on our Kirkland Lake properties. These expenditures, together with a renewed joint venture commitment of US$1.0 million from Lonmin Plc, on our Sudbury area Sudbury Camp Joint Venture properties ensured that we will be able to mount aggressive exploration programs during this period of economic uncertainty. In early 2008 we also expanded our focus outside of Sudbury, when Wallbridge acquired a large property in southern British Columbia, which covers a previously unrecognized porphyry copper-gold environment. While outside of our Sudbury nickel-copper-PGE focus, the striking similarity with the geology hosting major porphyry copper-gold deposits in other areas around the Pacific Rim was compelling. Considerable progress was made on the property in 2008, and by the end of the year several mineralized target areas had been identified. Initial drilling of these targets will be completed after follow-up geophysics scheduled for the spring of 2009. In Sudbury, we made progress on several fronts. Surface work this summer identified new PGE-rich veins on the Frost Lake property, while copper-nickel mineralization was intersected on our Crowflight JV properties. In addition, work on several other properties started to develop excellent drill targets for 2009. Work progressed towards bulk sampling of the Broken Hammer Zone, but this was deferred as a result of the sharp decline in metal prices during the second half of the year. While 2009 is sure to present some challenges, we will continue to work hard to drive our company forward to discovery. While challenging times require extra effort and innovative solutions, they are also often times when opportunities which would not be available in good times present themselves. It is therefore, not with trepidation, but with renewed resolve, that we approach 2009, committed to working hard towards discovery and maximizing the value of our assets to the benefit of you, our shareholders. Alar Soever President |
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