Press ReleasesFebruary 14, 2005
Wallbridge Mining and Seymour Exploration to Explore and Develop Lynn Lake Nickel Mine
Toronto, Ontario - February 14, 2005 - Wallbridge Mining Company Limited (TSX: WM) today announced that its Strategic Alliance partner, Seymour Exploration Corporation ("Seymour") has successfully arranged the purchase of the historic Lynn Lake Nickel Mine property in northern Manitoba.
The property covers the past producing Lynn Lake Nickel Mine, and includes the highly productive "A plug" intrusion, which hosted 10 orebodies. The Lynn Lake Nickel Mine was operated by Sherritt Gordon Mines Ltd. continuously from 1953 to 1976, when a total of 20.1 million tonnes of ore was mined at an average grade of 1.023% nickel and 0.535% copper.
An historical estimate based on extensive records from the mine office of un-mined mineralization in the partially developed 'N' and 'O' orebodies on the property includes 5.76 million tons grading 0.80% nickel and 0.32% copper including a higher grade portion of 2.32 million tons grading 0.92% nickel and 0.34% copper. The cobalt, platinum, palladium and gold content of this material are not known. This historical estimate was prepared long before the adoption of National Instrument 43-101 and therefore may not comply with current filing regulations. In this regard, Wardrop Engineering of Winnipeg has been retained to prepare a NI 43-101-compliant technical report on the property.
Previous exploration of the A plug was focussed on the developed levels, leaving large areas between levels with excellent exploration potential. Following completion of the technical report, diamond drilling combined with modern geophysical and geochemical exploration techniques will be employed for the first time on the property, in a search for new mineralization. These new techniques which are now industry standard, were not available to the original operators in the 1950's and 60's when the property was last explored.
A company called Lynn Lake Nickel Mining Company Ltd. has been incorporated to develop the property. Under the terms of Wallbridge's Strategic Alliance agreement with Seymour, Wallbridge has the right to earn a 50% interest in Lynn Lake Nickel Mining Company Ltd.
In addition to the nickel assets referred to above, Lynn Lake Nickel Mining Company Ltd. is acquiring three base metal exploration properties in the Lynn Lake greenstone belt. Two of these base metal properties (the Lar and Wellmet properties) host significant copper-zinc-gold mineralization. All data from the Lar and Wellmet base metal properties will be compiled and evaluated with a view to reinitiating exploration around the known VMS style copper-zinc-gold mineralization.
The Qualified Person responsible for the technical content of this press release is Richard Murphy, P.Geo, Vice President Corporate Development of Wallbridge Mining Company Limited and a Director of Seymour Exploration Corporation.
About the Company
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.
FOR FURTHER INFORMATION please visit the Company's website at www.wallbridgemining.com, or contact:
Wallbridge Mining Company Limited
Richard Murphy, Vice President Corporate Development
Tel: (705) 682-9297
Email: [email protected]
Cavalcanti Hume Funfer Inc., Investor Relations
Nick Kohlmann, Vice President
Tel: (416) 868-1079 ext. 222
Email: [email protected]
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.