Press ReleasesMay 03, 2006
Wallbridge Secures Dominant Position in Northwest Sudbury Footwall Copper-Nickel-PGE Exploration
Toronto, Ontario -- May 3, 2006 -- Wallbridge Mining Company Limited (TSX:WM) today announced that it has reached agreement in principle regarding an option and joint venture agreement with Crowflight Minerals Inc. on a package of properties in the footwall rocks to the North Range of the Sudbury Igneous Complex ("SIC"). This acquisition complements the recent staking by Wallbridge of an additional 1052 claim units covering approximately 168 square kilometres of footwall rocks north and west of the SIC.
With these recent acquisitions Wallbridge has increased its total land holdings in Sudbury to approximately 590 square kilometres.
The new properties are an extension outward from the basin of Wallbridge's existing land position. Exploration by Wallbridge over the past several years has been successful in identifying new mineralization in several settings in the footwall environment. These include the breccia hosted Broken Hammer copper-PGE deposit (Inferred Resources of 251,000 tonnes at a grade of 3.80 g TPM/t (1.56 g/t Pd, 1.62 g/t Pt, and 0.61 g/t Au), 1.00% copper, and 0.10% nickel, see Press Release of November 29, 2005), high grade mineralization on the previously unrecognised Trill Offset (average grade of intercepts 1.61% nickel, 1.03% copper, 2.41 grams platinum, 5.92 grams palladium, and 0.77 grams gold (or 9.09 grams total precious metals) per tonne, see Press Release of September 2, 2005), and the Wallbridge's new East Range nickel discovery (16.00 metres averaging 0.482% Ni and 0.272% Cu, including 2.36 metres containing 1.472% Ni and 0.630 % Cu, and 1.10 metres containing 1.620% Ni and 0.292 % Cu , see Press Release of April 5, 2006).
The area has become the focus of renewed exploration interest due to the discovery of Wallbridge's Trill Offset and the Pele Offset last summer, as well as FNX's recent deep footwall discoveries behind the Levack Embayment. Exploration activity in the area includes a 606 claim unit claim block recently staked by Falconbridge Limited northwest of Levack.
"We acted quickly and aggressively and are very fortunate to have secured this extensive land package", said Alar Soever, President of Wallbridge. "It gives us the ground necessary to assess the new potential indicated by our own work over the past few years, as well as recent discoveries by ourselves and others. Our work over the past few years has generated a number of new ideas as to how far out in the footwall rocks we should be looking. Obviously, as demonstrated by the recent land acquisitions by others in this area, we were not alone in re-evaluating the exploration potential. We believe these acquisitions by others and ourselves signal the beginning of a new chapter in the camp's history."
The area of influence of the Crowflight Joint Venture consists of the 495 square kilometer area covered by Crowflight's 2004 MegaTEM survey. Within the Joint Venture Area there are 39 mining claims covering approximately 70 square kilometers, which Crowflight staked as follow-up to the MegaTEM survey ("the Property Package"). Limited surface work has been completed on these claims to date which cover 14 MegaTEM conductors. The Joint Venture also includes 41 claim units (approximately 6.5 square kilometers) recently staked by Wallbridge within the Joint Venture Area, covering an additional 12 MegaTEM conductors. These conductors represent targets which could very quickly be ready for drill testing.
An aggressive exploration program is planned for the properties this summer.
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 large 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.