Press ReleasesJune 28, 2006
Wallbridge Accelerates Sudbury North Range Exploration
Toronto, Ontario -- June 28, 2006 -- Wallbridge Mining Company Limited (TSX: WM) announced today it has significantly increased the scope of its Sudbury-area exploration by entering into a Joint Venture Agreement with Crowflight Minerals Inc. on its Peter's Roost Property. The Joint Venture covers an area of 500 square kilometers and is strategically located in the North Range of the Sudbury Igneous Complex ("SIC"). In this area, Crowflight and Wallbridge have staked a total of 492 claim units covering 26 conductive targets that were identified by Crowflight's 2004 Megatem airborne EM survey.
Commenting on the Joint Venture, Alar Soever, President of Wallbridge stated, "This Joint Venture adds a large number of high quality exploration targets to our already large Sudbury area portfolio. As the nickel-copper-PGE mineralization found on the Trill Offset last year, and the nickel mineralization we intersected this year on the East Range attest, conductors in the Sudbury footwall environment are attractive exploration targets. The combination of these newly defined conductive targets with our demonstrated success in finding mineralization in this environment makes this Joint Venture a very good fit for Wallbridge, with an excellent opportunity for early exploration success."
The Peter's Roost Property consists of 38 claims (6,994 ha). Under the terms of the Joint Venture Agreement between Crowflight and Wallbridge, Wallbridge has the right to earn a conditional 50% interest in the Joint Venture Property by expending $700,000 prior to the end of 2007. Wallbridge can increase this interest to a 70% vested interest in any of four specific Project Areas within the Joint Venture Property by spending an additional $1,000,000 on each project area it wishes to vest in prior to the end of 2010. In April, Wallbridge acquired 12 additional claims (approximately 927 hectares) in the Area of Common Interest as defined under the Agreement. For any new properties Wallbridge acquires within the Joint Venture Area (a 500 square kilometre area within the North Range of the SIC), Crowflight will have the right to acquire a 25% participating interest by reimbursing Wallbridge 50% of its exploration costs to that point at such time as an Indicated Resource is identified.
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 major shareholding in Duluth Metals 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
Mara Strazdins, P.Geo., 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.