Press ReleasesMay 19, 2011
Wallbridge Mining Reports Significant Increase Grade and Tonnage from Broken Hammer Bulk Sample Blast Hole Assays
Toronto, Ontario - May 19, 2011 - Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) (the "Company") today announced the results of blast hole assays, from its Broken Hammer bulk sample. The blast hole assays for the material determined to be above the selected bulk sample cut-off grade, and excavated for processing from within the bulk sample pit, report a 75% increase in the in-situ contained metal value relative to the resource model** for the volume excavated, with a 7 % increase in tonnage, and a 64% increase in grade. A comparison of the grade and tonnage as determined from blast hole assays, relative to the resource model is presented in the table below.
Commenting on these results Alar Soever, President and CEO of Wallbridge stated, ''These blast hole assay results are very encouraging and indicate an increase of the in-situ contained metal for the bulk sample material when compared to the estimate based on the resource model for this volume. We look forward with anticipation to the results of the milling of this material, which will allow us to complete a final reconciliation of grade and tonnage, factoring in mining dilution, fines losses, as well as metallurgical recoveries".
|Broken Hammer Grade and Tonnage Reconciliation|
|2011 Blast Hole Bulk
* TPM = Total Precious Metals (Platinum+ Palladium+Gold)
** November 2005 NI 43-101 compliant, Inferred Mineral Resource by Roscoe Postle Associates Inc. and available on www.Sedar.com.
|Estimated Grade and Tonnage Variance|
|Percent Variance in Assay Grade|
Wallbridge discovered the Broken Hammer Zone as a result of an ongoing grass roots exploration program on the North Range of the Sudbury Basin. In November 2005, Roscoe Postle Associates Inc. estimated the NI 43-101 compliant, inferred mineral resource to be 251,000 tonnes at a grade of 3.80 g/t total precious metals (1.56 g/t palladium, 1.62 g/t platinum and 0.61 g/t gold), 1.00% copper and 0.10% nickel. This resource estimate was prepared using a cut-off value of $CAN40/t, and the then prevailing, long-term metal price projections of $US800/oz for platinum, $US180/oz for palladium, $US400/oz for gold, $US 1.40/lb for copper, and $US5.00 for nickel. A new resource estimate and feasibility study will be prepared using current medium to long term metal prices, once results of the current drilling and the bulk sampling program are available.
Wallbridge currently holds a 98.5% interest in the Broken Hammer Property while Xstrata Nickel retains a 1.5% carried interest with some buy back provisions.
A representative sample of drill cuttings averaging of 4 kg in weight was collected from each blast hole by one of Wallbridge's technical staff and transported daily to Wallbridge's office in Lively, Ontario. The samples were then placed in a 60 x 48 x 15 cm container and gridded into six segments. A crucible containing 20g of material was collected from each segment and analysed with a portable XRF analyzer. The average of the six analyses was used to determine the provisional copper and nickel grades for each individual blast hole sample. These provisional values were used to determine the boundaries of the mineralization above cut-off. Each entire sample from within the mineralization outline was then re-bagged and shipped to ALS Chemex Ltd. Laboratories in Sudbury for sample preparation, with the prepared pulps sent on to Chemex's analytical facilities in Vancouver for analysis to produce the values presented in this release.
Samples were analyzed for Au, Pt, and Pd by standard lead collection, fire assay fusion with an atomic emission spectrometry (ICP-AES) finish. Samples were analyzed for base metals, silver and trace elements using a four acid (HNO3-HCIO4-HF and HCI) near total digestion and a combination of ICP-MS and ICP-AES finish.
The Qualified Person responsible for the technical content of this press release is Mark Croteau P.Geo., Operations Manager for Wallbridge Mining Company Limited.
About the Company
Wallbridge Mining Company Limited's primary focus is the exploration for platinum group elements ("PGE"), nickel and copper deposits in the Sudbury area of Ontario. The Sudbury area hosts one of the world's largest concentration of nickel deposits and is currently the most active mining camp in North America. Major joint venture partners in Sudbury include Xstrata Nickel, Lonmin Plc and Impala Platinum Holdings Limited. Wallbridge also has a major shareholding in Duluth Metals Limited, which has defined a large copper-nickel-PGE resource in the rapidly emerging Duluth Complex base metal camp in Minnesota. Duluth Metals is advancing this resource through feasibility in joint venture with Antofagasta plc, one of the worlds major copper producers. Wallbridge also holds a significant shareholding Miocene Metals Limited, which was formed to finance the exploration of a portfolio of copper-gold-molybdenum properties in southwestern BC.
For Further Information
Please visit the Company's website at www.wallbridgemining.com, or contact:
Wallbridge Mining Company Limited
Vice-President, Investor Relations
Tel: (416) 369-1500 ext 222
Tel: (705) 682-9297 ext 263
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.