Press ReleasesOctober 03, 2006
Wallbridge Mining and Lonmin Approve $2.1 million for 2007 Sudbury Camp Joint Venture Exploration Program
Toronto, Ontario -- October 3, 2006 -- Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) today announced that Wallbridge and its joint venture partner Lonmin Plc have approved C$2.1 million of funding to carry out the 2007 work program on the Wallbridge/Lonmin Sudbury Camp Joint Venture ("SCJV") properties. The funding provides for approximately 8,000 metres of diamond drilling and other exploration work for the period from October 1st, 2006 to September 30th, 2007.
The SCJV properties cover 230 square kilometres of strategic land holdings in the immediate footwall to the Sudbury Igneous Complex ("SIC").
2007 exploration is focused on areas in the footwall rocks to the SIC on the Skynner Lake, Trill, Foy and Windy Lake properties which have favourable geology coincident with geophysical targets. Drilling planned for the 2007 program includes:
• Testing AMT conductors associated with geochemically anomalous Sudbury Breccia on the Skynner Lake Property;
• Offset Dyke and Breccia Belt geological and geophysical targets on the Trill Property;
• Testing PGE-enriched zones of Sudbury Breccia flanked by coincident IP anomalies on the Foy Property;
• Extending a drill hole through an unexplored portion of the SIC and the footwall on the Windy Lake property; and
• Testing potential targets on the Trill West claims acquired in 2006;
Lonmin and Wallbridge will both contribute funds to the exploration program, with Lonmin contributing C$1.22 million, and Wallbridge contributing C$0.88 million.
"We look forward to the 2007 program, which builds on several years of exploration work, which have generated a number of promising targets.", stated Alar Soever, President of Wallbridge. "This new funding in the SCJV allows us to proceed with testing these targets. We look forward to a very productive 2007."
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 Complex base metal camp in Minnesota.
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, B.Sc. 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.