Press ReleasesOctober 18, 2011
Wallbridge Mining Commissions the Broken Hammer Feasibility Study
Toronto, Ontario --October 18, 2011 -- Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) ("Wallbridge" or the "Company") is pleased to announce that it has retained the services of Wardrop, A Tetra Tech Company ("Tetra Tech") and AMEC, two large multi-disciplinary engineering companies to complete the required studies for the development of its Broken Hammer deposit in Sudbury, Ontario. Tetra Tech will complete the Pre-Feasibility study ("PFS") and the subsequent Feasibility Study ("FS"). AMEC will complete the Environmental and permitting requirements.
"The successful delivery of the bulk sample and its expected results have brought this project to the next phases of development namely Pre-Feasibility, Feasibility, and permitting. We are pleased to have engaged the services of two very reputable and experienced mining engineering firms to assist us in the development of this exciting project" said Marz Kord, President of Wallbridge.
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. Since then additional drilling as well as a 30,000-tonne bulk sampling program have been completed, with final results expected to be available later this month. The new information from both the bulk sample and additional drilling will be used to update the mineral resource estimate and provide metal recoveries for use in the PFS.
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.
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. Sudbury is Canada's premier mining camp with a 125 year history of production. It is a community that understands mining and has excellent infrastructure. There are currently 14 producing mines, two mills, two smelters, water resources, power and transportation networks, a well-trained mining workforce and an internationally recognized concentration of mining service and supply expertise. Most significantly, despite its long history of mining, numerous major mineral discoveries continue to be made in the area. Major joint venture partners in Sudbury include Xstrata Nickel, Lonmin Plc and Impala Platinum Holdings Limited.
Wallbridge also holds founding equity stakes in two spin out companies: 10.1 million shares (8.1%) of Duluth Metals Limited (TSX:DM) which is advancing its very large copper-nickel-platinum-palladium-gold deposit in northern Minnesota through feasibility in joint venture with Antofagasta plc, one of the world's major copper producers, and 28.4 million shares (43%) of Miocene Metals Limited (TSX.V:MII), which was formed to finance the exploration of a portfolio of copper-gold-molybdenum properties in southwestern BC. Wallbridge is also continuously reviewing new project development opportunities in the Sudbury area and elsewhere.
For Further Information
Please visit the Company's website at www.wallbridgemining.com, or contact:
Wallbridge Mining Company Limited
Mara Strazdins, Vice-President, Investor Relations
Tel: (416) 369-1500 ext 222
Tel: (416) 553-4001
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.