Press ReleasesNovember 03, 2006
Wallbridge Announces Private Placement Financing
Toronto, Ontario -- November 3, 2006 -- Wallbridge Mining Company Limited (TSX:WM; FWB: WC7) announces that it has today completed a non-brokered private placement. The private placement comprised the placement of 2,800,000 flow-through common shares issued at $0.27 per share.
The funds from the flow-through private placement will be used to accelerate the pace of exploration on its Sudbury-area properties. Drilling is scheduled this fall for the Frost Lake, Trill, Skynner, Pele, and Crowflight Joint Venture properties to follow-up on the results of the summer exploration program.
Wallbridge currently has interests in 33 exploration properties covering in excess of 610 square kilometres of footwall rocks to the Sudbury Igneous Complex. The Company is the third largest landholder in the Sudbury camp, after only CVRD Inco Limited and Xstrata Nickel.
Wallbridge holds a 100% interest in 19 of the properties. Nine other properties are part of the Company's Sudbury Camp Joint Venture with Lonmin Plc. Another five properties are held in joint venture with Xstrata Nickel.
Drilling on the Frost Lake Property will target possible extensions of the Amy Lake PGE zone. Focus of the Trill drilling is the massive sulphide lens discovered on the property last year. Drilling on the Pele and Crowflight JV's will test targets generated by this past summer's field work. A total of approximately 2800 metres of drilling is planned.
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]
Mara Strazdins, Vice-President, Investor Relations
Tel: (416) 710-0646
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.