Press ReleasesApril 22, 2004
Monster Copper and Wallbridge Commence Ground Follow up After Completion of Airborne Survey
Toronto, Ontario, April 22, 2004 - Wallbridge Mining Company Limited ("Wallbridge") (TSX: WM) and Monster Copper Corporation ("Monster Copper") are pleased to announce that analysis of existing data and the results of a recently completed aeromagnetic survey have identified a total of 15 high priority targets for immediate ground follow up on their Nova Scotia Iron Oxide Copper Gold ("IOCG") properties.
Four of these are on the Lansdowne property, three on the North Ogden property, six on the Copper Lake property and two on the Bass River property. The targets are characterized by aeromagnetic anomalies which occur in association with the Cobequid-Chedabucto Fault Zone or splays off the fault zone under thin glacial till cover. Many targets have associated showings of copper-gold or prospective high-iron hydrothermal breccias.
The anomalies were identified by a detailed aeromagnetic survey totaling 2,281 line km over the Lansdowne (165 sq km) and North Ogden (67 sq km) properties completed by Fugro Airborne Surveys last month.
In addition to the Fugro survey, additional data has been compiled from previous surveys along with government records of assessment files and from relogging, by Monster Copper, of diamond drill core relating to previous exploration activities on properties owned by the joint venture.
Prospecting and geological field checking of all of the high priority target areas has commenced. Two geochemical surveys are due to commence shortly, one is a soil geochemistry program with 200 metre lines and 100 metre station spacing over part of the Lansdowne property, and the other is a 100-sample water geochemistry program over part of the Copper Lake property.
A program of three 1 km long lines of IP is scheduled to commence shortly over the Copper Lake target. Additional soil geochemical surveying and IP surveying will be carried out on other top priority targets following the results of prospecting and geological field work. The geochemical and IP programs will assist in providing drill targets, with drilling anticipated to commence on the first target by the end of June.
The properties are considered to be highly prospective for the discovery of copper-gold deposits commonly referred to as "Olympic Dam" or "IOCG" style deposits. Monster Copper is the operator in the joint venture with Wallbridge, in which each company each contributes 50% to ongoing exploration for IOCG deposits within the joint venture area in Nova Scotia.
The Qualified Person responsible for the technical content of this press release for Wallbridge is Douglas Hunter, P.Geo, Vice President Exploration of Wallbridge Mining Company Limited.
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. To find out more about Wallbridge Mining Company Limited (TSX: WM), visit our website at www.wallbridgemining.com.
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.