Press ReleasesDecember 22, 2006
Wallbridge Completes First Tranche Private Placement Financing
Toronto, Ontario -- December 22, 2006 -- Wallbridge Mining Company Limited (TSX:WM; FWB: WC7) announces that it has today completed the first tranche of a non-brokered private placement. The first tranche of the private placement comprised over 3,600,000 Flow-Through Common Shares and over 1,200,000 Units, each Unit comprising one common share and one-half of one common share purchase warrant exercisable for a period of 2 years following the closing, at $0.75 per share. Both the Flow-Through Common Shares and Units are offered at the purchase price of $0.50. The Company plans to complete the second and final tranche of the flow-through placement on December 29, 2006. The Unit offering is anticipated to be completed in January.
The funds from the flow-through private placement will be used to accelerate the pace of exploration on Wallbridge's Sudbury-area properties. Drilling on the Frost Lake Property will target possible extensions of the Amy Lake PGE zone. The focus of the Trill Property drilling is on the massive sulphide lens discovered on the property last year. Drilling on Pele Mountain and Crowflight Joint Venture properties will test targets generated by this past summer's field work. These drill programs are scheduled to start in January and total approximately 2800 metres.
Wallbridge currently has interests in 34 exploration properties covering in excess of 650 square kilometres of footwall rocks to the Sudbury Igneous Complex. The Company is the third largest landholder in the Sudbury camp, after CVRD Inco Limited and Xstrata Nickel. Wallbridge holds a 100% interest in 14 of the properties. Seven other properties are part of the Company's Sudbury Camp Joint Venture with Lonmin Plc. Another six properties are held in joint venture with Xstrata Nickel.
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 Basin 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.