Press ReleasesJanuary 25, 2007
Wallbridge to Receive $897,000 Payment on Frost Lake Property
Toronto, Ontario -- January 25, 2007 -- Wallbridge Mining Company Limited (TSX:WM; FWB: WC7) today announced that it will receive a payment of $897,000 from Xstrata Nickel. The payment is required in order for Xstrata Nickel to retain its 50% interest in the Frost Lake Property, located in the East Range of the Sudbury Igneous Complex ("SIC"). The property is adjacent to the new CVRD Inco/Lonmin PGE-copper-nickel discovery announced January 23, 2007.
The Frost Lake Property is part of Wallbridge's East Range properties, which cover an area of about 2821 hectares of footwall rocks to the SIC between Xstrata Nickel's Nickel Rim South Mine in the south and FNX's Podolsky project in the north. Exploration to date on the Frost Lake property has defined an extensive zone of PGE-copper mineralization at Amy Lake, within the same breccia belt, which hosts the new CVRD Inco/Lonmin discovery.
"Our drill results at Amy Lake and now the new discovery by CVRD Inco and Lonmin bordering our property on the south and west provide proof of the huge potential in the footwall rocks to the SIC in this area", stated Alar Soever, President of Wallbridge. "Together with our joint venture partner Xstrata Nickel, we have an aggressive program planned for 2007 on this property, which includes at least 5000 metres of diamond drilling."
About Wallbridge Mining
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
Alar Soever, President Mara Strazdins, Vice-President, Investor Relations
Tel: (705) 682-9297 Tel: (416) 710-0646
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.