Press ReleasesMay 08, 2007
Wallbridge Partner Xstrata Nickel Commits $700,000 to Frost Lake Program
Toronto, Ontario -- May 8, 2007 -- Wallbridge Mining Company Limited (TSX:WM; FWB: WC7) today announced that its joint venture partner Xstrata Nickel has committed its $700,000 share to the $1.4 million 2007 exploration program on the Frost Lake Property.
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 Property is part of Wallbridge's large East Range land holdings in the Sudbury area. The East Range properties cover an area of about 2,821 hectares of footwall rocks to the SIC between Xstrata Nickel's Nickel Rim South Mine project in the south and FNX's Podolsky project in the north.
The 2007 summer program will concentrate on up to 5,000 metres of diamond drilling to test targets in the area of the Amy Lake PGE-copper zone and the nickel intercept in hole WC-24, both of which were covered by the recently completed Titan 24 survey.
The Amy Lake PGE-copper-nickel zone is located within the same favourable breccia belt which hosts CVRD Inco and Lonmin's new Capre 3000 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).
The Frost Lake Property is a joint venture between Wallbridge and Xstrata Nickel, with each company holding a 50% interest. Wallbridge is the Operator.
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) 369-1500 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.