Press ReleasesJanuary 13, 2004
Wallbridge and Nuinsco Announce Exploration Joint Venture with Falconbridge and Noranda
Toronto, Ontario - January 13, 2004 - Wallbridge Mining Company Limited (TSX:WM) and Nuinsco Resources Limited (TSX:NWI) jointly announce that they have signed a binding letter agreement to form a joint venture with Falconbridge Limited and Noranda Inc. to carry out exploration of a number of airborne EM conductors in the Timmins area of northeastern Ontario.
Wallbridge and Nuinsco have agreed to spend up to $1 million over the next 24 months on lands held by Falconbridge and Noranda in the FedNor and Halliday Dome MEGATEM survey areas to earn a 50% interest in all of these properties. The MEGATEM surveys were completed as part of the Discover Abitibi program funded by the Federal and Provincial governments, as well as private companies.
The properties subject to the agreement cover 18 airborne conductors in the FedNor survey area and 608 claim units staked over a number of conductors in the Halliday Dome survey area. The conductors represent both nickel-copper and volcanogenic massive sulphide targets.
"We are pleased to be working with Falconbridge and Noranda who have an excellent database and extensive experience in this area", said Warren Holmes, President and CEO of Nuinsco. "This builds on the model of our other joint venture with Noranda in the Ben Nevis area", said Alar Soever, President of Wallbridge. "It gives us exposure to a large number of high quality grass roots targets, while benefiting from cost and information sharing with our partners."
For further information, contact:
Wallbridge Mining Company Limited
Tel: (705) 682-9297
Fax: (705) 682-2144
Wallbridge Mining Company Limited was established in 1996 to explore for and develop nickel, copper and platinum group element deposits. The company's principal properties are located in the Sudbury Basin in Ontario. The Sudbury area hosts the world's largest concentration of nickel deposits and is currently the most active mining camp in North America. Wallbridge also has properties elsewhere in northern Ontario, Nova Scotia and near Duluth, Minnesota. To find out more about Wallbridge Mining Company Limited (TSX: WM), visit our website at www.wallbridgemining.com/.
This document may contain forward-looking statements relating to Wallbridge's operations or to the environment in which it operates. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and may be beyond Wallbridge's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in other public filings. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not be placed on such forward-looking statements. Wallbridge disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.