Press ReleasesNovember 15, 2004
Wallbridge Provides Exploration Update and Announces $2.5 Million Budget Approval by Lonmin Plc
Toronto, Ontario - November 15, 2004 - Wallbridge Mining Company Limited (TSX: WM) today announced that a second drill has been moved onto the Company's Wisner property in Sudbury. While one drill continues to work at the Broken Hammer Zone, the second drill has been brought in to test targets elsewhere on the property.
In addition, the Company announced that Lonmin Plc ("Lonmin") has approved a work plan requiring a $2,500,000 exploration budget for the Sudbury Camp Joint Venture (the "SCJV") for 2005. Under the terms of the SCJV, Lonmin provides 100% of exploration funding. The immediate focus of work under the SCJV will be at the Wisner property. In addition to further drilling in the vicinity of the Broken Hammer Zone on the SCJV portion of the Wisner Property, several new target areas defined by recent work will be drill tested.
Commenting on the commitment by Lonmin, Alar Soever, President of Wallbridge stated "Lonmin's approval of funding for the SCJV for the coming year is an indication of their commitment to PGM exploration in Sudbury with Wallbridge. This funding will allow the SCJV to follow up on targets identified during the 2004 summer program on Wisner and other key Sudbury properties."
Wallbridge and Seymour Exploration Corporation ("Seymour") have initiated drilling at the Wakami property. The Wakami property, which is located 175 kilometers northwest of Sudbury, covers a newly discovered layered mafic-ultramafic intrusion with nickel-PGE mineralization at surface and near the base of the intrusion. The first phase diamond drilling program including 1000 meters of drilling will test targets related to the known mineralization along the base of the intrusion. Seymour provides 100% of funding for this work.
The Company is also active at the Hong Kong property located just east of the Wakami intrusion. The Hong Kong project is a joint venture with Mountain Lake Resources ("Mountain Lake"), which is targeting intrusion hosted nickel-copper-PGE deposits. To date, seven attractive drill targets have been identified. Final ground work is being completed and diamond drilling is scheduled to commence in early December. Mountain Lake provides 100% of funding for this program.
In addition work is proceeding on the FedNor, Halliday Dome and Blake River Joint Venture properties in the Abitibi region of northeastern Ontario.
About the Company
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.
FOR FURTHER INFORMATION please visit the Company's website at www.wallbridgemining.com, or contact:
Wallbridge Mining Company Limited
Richard Murphy, Vice President Corporate Development
Tel: (705) 682-9297
Cavalcanti Hume Funfer Inc., Investor Relations
Nick Kohlmann, Vice President
Tel: (416) 868-1079 ext. 222
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, save and except as may be required by applicable securities laws.