Press ReleasesAugust 07, 2007
Wallbridge Mining Reports Progress of Broken Hammer Scoping Study
Toronto, Ontario -- August 7, 2007 -- Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) today announced that it has received a progress memo for the Scoping Study or Preliminary Economic Assessment ("PEA") of its Broken Hammer Platinum-Palladium-Gold-Copper project located in the North Range of the Sudbury Basin. The progress memo recommended that Wallbridge conduct an economic evaluation of a higher mining rate and proceed with a bulk sampling program.
Wardrop Engineering Inc. (Wardrop), an internationally recognized multidisciplinary engineering company, has provided Wallbridge with a progress memo on the Broken Hammer preliminary economic assessment (or scoping study). Wardrop led the study and prepared the mining, geotechnical and financial evaluation. AMEC, an international project management, engineering and consulting company prepared the environmental and waste management component. DRA Americas (DRA), an international Engineering company prepared the milling and smelting terms component.
SGS Mineral Services (SGS) was retained under the direction of DRA to conduct confirmatory metallurgy test work. Positive metallurgical results predicted total metal recoveries at 91.9% of the copper, 89.4% of the platinum, 77.8% of the palladium, 83.7% of the gold, and 81.0% of the silver.
The progress memo provided a number of recommendations to improve the technical risks and economics of the project:
• A bulk sample is recommended to validate the Inferred Resources and confirm grades, especially platinum which occurs mainly in coarse sperrylite. This reduction in the geological risk (of Inferred categorization) ultimately will reduce project and economic risk.
• Following the extraction of the bulk sample, a geotechnical investigation should be completed in the area of the proposed bulk sample excavation to improve the confidence in the analysis of the pit slope. The initial pit slope analysis is based on core analysis only and further analysis in the field could potentially lead to an increased pit slope which would enhance project economics by reducing the overall strip ratio.
• A production rate higher than 325 t/d should be investigated as this would lower mining and general and administration unit costs through a shorter mine life.
Once operating and capital costs have been validated and optimized through the negotiation of a third party mill agreement and a higher production rate, a production and investment decision should be completed.
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 Mara Strazdins, Vice-President, Investor Relations
Tel: (705) 682-9297 Tel: (416) 369-1500 ext 222
Email: [email protected]
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.