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 During the past year Wallbridge saw growth in both its assets in Sudbury and the Duluth Complex. While our work did not result in a major discovery, the hard work of our team in a highly competitive environment for exploration services and staff, resulted in exploration progress on many of our properties and laid a foundation for success in 2008.In Sudbury, we advanced exploration on several of our existing properties and consolidated a large new land position in the North Range. Our North Range activities while still at an early stage, attracted Lonmin Plc, one of our existing joint venture partners, to make an investment in our Company in June of the past year. This investment by Lonmin, at a substantial premium to the market, greatly reinforced the Company's finances, while minimizing dilution. It provided the Company with the resources to advance its exploration efforts in Sudbury, while adding Lonmin as a major shareholder. Lonmin also received an option on future participation rights in the North Range properties, as a potential joint venture partner. Exploration also continued on our other Sudbury Camp Joint Venture properties with Lonmin, with the joint venture approving a $2.5 M budget for 2008. Our East Range exploration efforts received a boost in 2007, with a substantial financial contribution from our joint venture partner Xstrata Nickel. While work on our Frost Lake property in 2007 did not result in a discovery, the exploration work carried out provided a firm foundation for our 2008 program, which will focus on the down depth extension of the Amy Lake mineralization and the area of the property adjacent to Vale Inco/ Lonmin Capre 3000 discovery. Exploration work also continued on many of our other Sudbury area properties including Wisner, Trill, and Creighton South. Work on these properties will also continue in 2008, with drilling following up on the 2007 results. On our more advanced Broken Hammer property, preliminary results of a scoping study, recommended a bulk sample be taken to validate the Inferred Resources and confirm grades, especially platinum which occurs mainly in coarse sperrylite. The results of this bulk sample would also confirm geotechnical and metallurgical assumptions based on available data to date. The study also highlighted the lack of a suitable mill for optimal processing of this platinum rich material in the Sudbury area. The Company continues to evaluate the most cost effective options for processing a bulk sample, and eventual processing of this resource. Outside of Sudbury, your Company saw continued growth in its investment in Duluth Metals Limited. The spin out of what was previously a non-performing asset into this new company, has continued to provide our shareholders with substantial growth not only in the value of the dividend of one quarter Duluth they received at the time of the spinout, but also through the increase in the value of the ten million shares of Duluth Metals that Wallbridge owns. While 2007 was a year of steady progress, the entire team recognizes the importance of building on the solid foundation we have built and delivering a significant discovery. We continue to focus all our efforts on that goal. The numerous discoveries of new mineralization we have made, together with those reported by others, provide strong evidence that this is a goal that can be attained. We enter 2008, well equipped to attain this goal, well financed with a strong experienced team, a large diverse portfolio of properties with excellent exploration targets, and strong joint venture partners. I look forward to a very exciting and rewarding 2008. Alar Soever President |
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