Press ReleasesOctober 12, 2006
Wallbridge Reports Excellent New Metallurgical Results for Wholly-Owned Broken Hammer Resource
Toronto, Ontario -- October 12, 2006 -- Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) today announced that it has received positive metallurgical results from the second round of test work carried out on the Broken Hammer deposit in Sudbury. Metallurgical test work carried out at SGS Minerals Services (Lakefield) on a 175 kilogram composite of Broken Hammer mineralization showed excellent recoveries of copper (Cu), platinum (Pt), palladium (Pd) and gold (Au). The work program demonstrated the amenability of Broken Hammer mineralization to a simple gravity/flotation circuit. Total metal recoveries are predicted at 91.8% of the copper, 89.4% of the platinum, 77.8% of the palladium, and 83.7% of the gold.
Commenting on these latest results Alar Soever, President of Wallbridge stated, "The metallurgical test work demonstrates that this mineralization will be relatively easy to process and will produce good quality concentrates. With our recent acquisition of the Xstrata interest in this resource, we can now aggressively examine a variety of options for processing this material, and do the required work to complete a scoping study.
A very saleable gravity concentrate was produced, with a grade of over 3700 g/t PGM (Pt+Pd+Au), containing 67% of the total platinum. At this grade the gravity concentrate could be sold directly to a precious metal refiner.
A further 22% platinum recovery occurs to the flotation concentrate, which also contains 21.6% copper and 1.35% nickel. This would be an ideal feed for one of the South African PGM smelters currently treating high chromite UG2 ores, as it is reasonably rich in sulphide minerals and PGMs, but low in chromite.
Results of the metallurgical test work are summarized below.
The Broken Hammer Zone is a shallow surface zone of vein and vein stockwork-hosted copper-PGE mineralization. An initial mineral resources estimate was completed by David Rennie, P.Geo. of Roscoe Postle Associates Inc. (RPA) for the Broken Hammer Zone on the Wisner Property in November 2005. The total Inferred Mineral Resource as estimated by RPA to NI-43-101 standards is 251,000 tonnes at a grade of 3.80 g TPM/t (1.56 g/t Pd, 1.62 g/t Pt, and 0.61 g/t Au), 1.00% copper, and 0.10% nickel. (For details see Press Release dated November 29, 2005).
Through a restructuring of its 4X Joint Venture with Xstrata Nickel, Wallbridge recently completed acquisition of Xstrata Nickel's 36% interest in the Broken Hammer Resource. (For details see Press Release dated October 5, 2006).
The Qualified Person responsible for the technical content of this press release is Bruce Jago, Ph.D. P.Geo, Vice-President, Exploration of Wallbridge Mining Company Limited.
Wallbridge Mining Company Limited explores for and develops nickel, copper and platinum group element ("PGE") 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 a major shareholding in Duluth Metals Limited, which has a significant property position in the rapidly emerging Duluth Complex base metal camp in Minnesota.
For Further Information
Please visit the Company's website at www.wallbridgemining.com, or contact:
Wallbridge Mining Company Limited
Alar Soever, President
Tel: (705) 682-9297
CHF Investor Relations
Mara Strazdins, B.Sc.Geo, 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.