Press ReleasesJuly 11, 2006
Wallbridge Adds Key Sudbury North Range Property
Toronto, Ontario -- July 11, 2006 -- Wallbridge Mining Company Limited (TSX: WM) announced today that it had acquired another key piece of property for its Sudbury North Range exploration strategy, by signing a joint venture agreement with Pele Mountain Resources Inc.
This latest in a series of acquisitions, brings Wallbridge's total acquisitions for its North Range Project to 33,000 hectares. As a result Wallbridge now controls over 61,000 hectares in the Sudbury area, the third largest land holding after only Inco and Falconbridge.
Commenting on the Joint Venture, Alar Soever, President of Wallbridge stated, "This Joint Venture adds a key piece of property to our North Range Project. Our experience in Sudbury indicated to us that there is a lot of potential for discovery beyond what has been traditionally explored in the proximal footwall of the North Range and this was confirmed by the identification by Pele of a new offset dyke in this environment. The potential of this area is also highlighted by the fact that Falconbridge has recently staked over 600 claim units immediately west of the Pele property, the largest single land acquisition by one of the majors in the camp in many years. The Pele acquisition adds to Wallbridge's already dominant land position in the Sudbury North Range, which was acquired by staking and the joint venture with Crowflight announced two weeks ago. (see Press Release dated June 28, 2006) Our recent acquisitions give us a considerable strategic advantage in the new very exciting exploration play in the Sudbury North Range. "
The Pele Offset Property consists of 353 claim units (5,648 hectares) located north of the Levack area on the North Range of the Sudbury Igneous Complex ("SIC"). The Levack area hosts a number of nickel-copper deposits at the contact of the SIC. It is also particularly well known for the number of copper-nickel-PGE deposits that have been found in the footwall rocks in this area. The Pele Offset Property covers the discovery outcrop and approximately four kilometers of the potential strike extension of the Pele Offset dyke, which was discovered in 2005. The property has potential to host offset dyke related nickel-copper-PGE mineralization as well as footwall copper-PGE mineralization related to major structures which cross the property.
Wallbridge will operate the Project during the option period and can earn a 60-percent interest by issuing 1.05 million of its common shares to Pele and by making $1.2-million in work expenditures by year-end 2009, as detailed below.
2006: 150,000 shares upon signing; an additional 200,000 shares and $100,000 work commitment by year-end. 2007: An additional 300,000 shares and an additional $300,000 work commitment by year-end. 2008: An additional 400,000 shares and an additional $300,000 work commitment by year- end. 2009: An additional $500,000 work commitment by year-end.The common shares issued to Pele will all be subject to a statutory hold period expiring four (4) months and one (1) day from the respective dates of issuance. Wallbridge can increase its interest to 72.5 percent by completing a bankable feasibility study and arranging the financing for the project through to commercial production.
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.