Press ReleasesDecember 01, 2005
Wallbridge and Champion Bear Enter into Option and Joint Venture Agreement Covering the Hess Offset
Toronto, Ontario and Calgary, Alberta, December 1, 2005 - Wallbridge Mining Company Limited (TSX: WM) ("Wallbridge") and Champion Bear Resources Ltd. (TSXV: CBA) ("Champion Bear") are pleased to announce that they have entered into an option and joint venture agreement covering 117 claim units (approximately 1,872 hectares) of the 19 claims comprising the northeastern portion of Champion Bear's Iron Mask claims situated in Harty and Hess townships in Sudbury, Ontario. These claims cover approximately 14 kilometres of strike length of the Hess Offset dyke, on either side of Inco's Rivers Option Property, which hosts a small lens of mineralization reportedly containing approximately 20,900 tonnes grading 0.82% Cu and 1.45% Ni.
Under the terms of the agreement, Wallbridge has the exclusive right to earn a 50% interest in these claim units by expending $250,000 over a period of three years. Wallbridge must spend a minimum of $45,000 of assessable expenditures during the first year, and sufficient amounts during the second and third years to cover the assessment expenditure requirements for the subject claim units. Upon expending $250,000 on or before the third anniversary date, Wallbridge and Champion Bear will automatically enter into a 50:50 joint venture agreement subject to a 1% NSR payable to the other party if either party becomes a 100% owner under the terms of the joint venture agreement.
"The Hess Property adds additional exploration potential to our large Sudbury land holdings on reasonable terms," stated Alar Soever, President of Wallbridge. "As our recent discovery on the Trill Property has shown, there is a lot of exploration potential left within the offset dykes in Sudbury. We look forward to applying the methods we used to find the new sulphide lens at Trill to this large under-explored property."
Wallbridge Mining Company Limited was established to explore for and develop nickel, copper and platinum group element (PGE) deposits. Wallbridge'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.
About Champion Bear
Champion Bear is a mineral exploration company focused exclusively on the historically prospective regions of Ontario. Champion Bear's primary target is platinum group and precious metals and to a lesser extent polymetallic base metal and pegmatite-hosted tantalum deposits. Champion Bear's aim is to create shareholder value through selective property acquisition and joint venture followed by focused exploration emphasizing drilling. Champion Bear has assembled a large land position in the Dryden and Sudbury areas, totaling over 16,000 hectares.
For further information, please contact:
Wallbridge Mining Company Limited
Ph.: (705) 682-9297
Email: [email protected]
Richard D. Kantor
Chairman and President
Champion Bear Resources Ltd.
Ph.: (403) 229-9522
Fax: (403) 229-9518
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.