Press ReleasesFebruary 08, 2007
Wallbridge Announces $1.4 Million Program for Frost Lake Property
Toronto, Ontario -- February 8, 2007 -- Wallbridge Mining Company Limited (TSX:WM; FWB: WC7) today announced that a 2007 exploration budget of $1.4 million dollars has been approved for the Frost Lake property by the Wallbridge/Xstrata Nickel Joint Venture Technical Committee. The Frost Lake Property is located in the East Range of the Sudbury Igneous Complex ("SIC") adjacent to the new CVRD Inco/Lonmin PGE-copper-nickel discovery announced January 23, 2007.
The 2007 work program makes provision for deep penetrating Titan 24 (21.6 line-kilometres) and surface UTEM (12 line-kilometres) geophysical surveys plus approximately 5200 metres of diamond drilling.
A major focus will be follow-up drilling on the Amy Lake PGE-copper-nickel zone, which is located within a belt of Sudbury Breccia in the northwestern part of the property. The Amy Lake zone is located in the same breccia belt which hosts CVRD Inco and Lonmin's new PGE-copper-nickel discovery. Follow-up drilling is also planned for nickel mineralization intersected in hole WC-24 last year about 800 metres to the northeast of Amy Lake. Hole WC-24 intersected 16.00 metres averaging 0.482% Ni and 0.272% Cu including 2.36 metres of 1.472% Ni and 0.632% Cu and 1.10 metres of 1.620% Ni and 0.292% Cu. (see press release dated April 5, 2006).
"We look forward to a very active year on the Frost Lake Property," stated Alar Soever, President of Wallbridge. "With the PGE-copper-nickel mineralization at Amy Lake, our nickel intercept in WC-24, and now CVRD Inco and Lonmin's new PGE-copper-nickel discovery, this portion of the East Range is starting to show its true potential."
The Frost Lake Property is a joint venture between Wallbridge and Xstrata Nickel, with each company holding a 50% interest. Wallbridge is the Operator. Under terms of the Joint Venture agreement, Xstrata Nickel has 60 days to commit to the 2007 expenditures or be diluted.
About Wallbridge Mining
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.