Press ReleasesFebruary 19, 2004
Wallbridge Initiates Work on Nova Scotia Iron Oxide Copper Gold Targets
Toronto, Ontario -- February 19, 2004 -- Wallbridge Mining Company Limited (TSX: WM) announces that it has finalized a Joint Venture agreement with Monster Copper Corporation (MNS:TSXV), and work is now proceeding on its Nova Scotia iron oxide copper gold ("IOCG") properties.
Under the terms of the joint venture agreement each party will contribute 50% of expenditures toward ongoing exploration for IOCG deposits within the joint venture area in Nova Scotia. Currently, the joint venture properties cover a total of 650 sq km of claims, which collectively cover a number of known copper-gold occurrences along the 300 kilometre Cobequid-Chedabucto Fault Zone. Monster Copper is the operator of this joint venture.
The joint venture has contracted Fugro Airborne Surveys to carry out a fixed-wing airborne magnetic survey consisting of approximately 2,200 line kilometers over the Lansdowne (165 sq km) and North Ogden (67 sq km) properties. The survey is intended to provide structural information and assist in outlining high-iron breccias under glacial till cover. The current program anticipates drilling to commence in the second quarter of 2004, following any necessary ground geophysics and preparatory field work.
Wallbridge has also concluded a letter of intent with Avalon Ventures Ltd. (AVL:TSXV) and Cobequid Gold Corporation ("CGC"), a private Nova Scotia company, to enter into a second joint venture to explore an additional four properties covering 264 sq. km in this same geologic environment. These properties are contiguous with but are separate from the Monster Copper Joint Venture, and are collectively known as the Lower Mount Thom Joint Venture. This joint venture is operated by Wallbridge.
Under the Lower Mount Thom agreement, Wallbridge will contribute its newly optioned Lower Mount Thom property while Avalon will contribute its recently optioned West River Station and Upper Kemptown properties, both optioned from CGC, as well as its 100% owned Black River claims.
Wallbridge and Avalon must incur cumulative expenditures of $625,000 over 2 years to earn a combined 60% interest in the Lower Mount Thom Property. In addition, Wallbridge must pay Avalon $5,000 and incur the first $100,000 in expenditures, after which the program expenditures will be shared on a 50/50 basis until the 60% interest is vested. At that time a 40/30/30 joint venture will be formed among, CGC, Avalon and Wallbridge respectively, with Wallbridge as operator.
The Lower Mount Thom property is contiguous with Avalon's Mount Thom property, which covers an occurrence of copper sulphide mineralization. The mineralization is also enriched in cobalt, gold and silver and has affinities with IOCG type deposits.
Twelve new targets have been identified on the Lower Mount Thom property based on the results of past radiometric and magnetic geophysical surveys, and historical records of wide zones of low grade copper mineralization in a Mount Thom-type setting. Some of these targets are spatially associated with known copper showings, iron carbonate alteration zones and stream sediment geochemical anomalies. The association of copper-gold mineralization and hydrothermal iron-rich breccias occurring along the fault zone is considered indicative of an IOCG environment.
Wallbridge has contracted with Fugro Airborne Surveys to carry out a fixed-wing airborne magnetic survey consisting of approximately 2,300 line km over the Lower Mount Thom properties. This airborne survey will be carried out concurrently with the survey planned for the Monster Copper JV properties. The survey results will be used to better define the extent and character of the known magnetic anomalies on the property, prior to ground follow-up and drilling scheduled for later this year.
The Qualified Person responsible for the technical content of this press release is Doug Hunter, P.Geo, Vice President of Exploration for Wallbridge Mining Company Limited.
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.