Press ReleasesMarch 14, 2006
Wallbridge America Commences Drilling on Copper-Nickel-PGE
Toronto, Ontario -- March 14, 2006 -- Wallbridge Mining Company Limited (TSX:WM) today announced that Wallbridge America Limited ("WMA") has commenced an 8,000 metre drilling program in the Duluth Complex located in Minnesota.
WMA is a private company that was formed to develop the copper-nickel-PGE property on Wallbridge's Maturi Extension Project in Minnesota.
"We are extremely pleased with all that WMA has accomplished in the short time, since it was formed in November 2005, and the special warrants were issued to our shareholders", said Risto Laamanen, Chairman and CEO of Wallbridge. "Chris Dundas, Chairman and CEO of the new company and Doug Hunter, President, are to be congratulated on their hard work over the last few months. Their pre-IPO financing of the company was increased from $1.5M to $1.8M. Permits are in place for this year's drilling program and this initial drilling program will build value for Wallbridge and WMA shareholders as the company proceeds towards its IPO".
The current WMA private placement of approximately CDN$1,800,000 is based on $0.30 per unit providing one common share and ½ a warrant at $0.40 expiring on June 30, 2007. WM currently holds 10 million shares in WMA, with Wallbridge shareholders holding approximately 11,840,000 Special Warrants convertible for no additional consideration into free trading shares on completion of the IPO and the listing of its shares on a Canadian Stock Exchange, which is being targeted for June of this year.
The Maturi Extension property of WMA covers 3 ½ miles of favourable geology and the initial drilling program is designed to confirm grade and continuity between the existing widely-spaced holes on the property. Average grade of these holes was 0.86% copper, 0.28% nickel and 1.12 g/t platinum, palladium and gold (0.30 g Pt/t, 0.65 g Pd/t and 0.17 g Au/t) over an average core length of 32.96 metres (estimated true thickness of 28 to 30 metres). The grade and thickness of the drill core intersections is very consistent from hole to hole.
Douglas Hunter, P.Geo, President of WMA is the Qualified Person for Wallbridge Mining Company Limited, in accordance with NI 43-101 of the Canadian Securities Administrators, and is responsible for the technical content of this press release and quality assurance of Wallbridge's exploration data and analytical results.
Wallbridge Mining Company Limited explores for and develops nickel, copper and platinum group element (PGE) 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 a significant shareholding in Wallbridge America Limited, which has a significant property position in the rapidly emerging Duluth base metal camp.
For Further Information
Please visit the Company's website at www.wallbridgemining.com, or contact:
Wallbridge Mining Company Limited
Alar Soever, President
Tel: (705) 682-9297
Email: [email protected]
CHF Investor Relations
Nick Kohlmann, M.Sc., 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.