Press ReleasesAugust 13, 2007
Wallbridge Mining Continues $5.3 M Exploration Program in Sudbury
Toronto, Ontario -- August 13, 2007 -- Wallbridge Mining Company Limited (TSX:WM; FWB: WC7) today updated the Company's exploration progress on its Sudbury area properties. Wallbridge's aggressive $5.3 million summer 2007 exploration program is well underway with eight mapping crews in the field. Titan-24 geophysical surveys have been completed on four properties and drill testing of targets has begun. The Company is targeting copper, nickel and platinum group element ("PGE") mineralization in the Sudbury Basin, host to the world's largest nickel mining camp. A total of approximately 9,000 metres of drilling is planned in the Sudbury area before year end.
Frost Lake, Skynner Lake, Trill and Hess Properties
A 4,800 metre drill program is underway on Frost Lake which is a high priority drill target as the property is located directly adjacent to the Capre 3000 copper-nickel PGE discovery announced by Lonmin Plc/CVRD Inco in January 2007. Drilling will commence by month's end on the Skynner Lake property, once targets have been prioritized.
A total of some 90 kilometres of Titan-24 surveying has been completed on the Frost Lake, Skynner Lake, Trill and Hess properties. Titan-24 is a deep penetrating IP/MT survey, which is capable of detecting sulphide mineralization at greater depths than conventional IP surveys. A number of targets were delineated on the Frost Lake and Skynner Lake properties. Final, interpreted results for the Titan-24 survey completed on the Trill and Hess properties are expected by month's end at which time drill targets will be selected for fall 2007 drilling. Contracts have been signed for two additional drills to begin testing targets on these, as well as other properties.
Foy and North Range Properties
Mapping and geochemical sampling on the Foy property has discovered mineralized outcrops coincident with an IP chargeability anomaly over mafic and felsic gneisses in the south-central portion of the property. MMI soil sampling has delineated a modest contrast Cu-Pd-Au anomaly that overlaps with the IP anomaly and is within an area that returned two bedrock samples anomalous in Cu, Pt, Pd, and Au.
Exploration on Wallbridge's earlier stage North Range properties has been accelerated in response to the private placement funding agreement with Lonmin Plc ("Lonmin") announced June 6, 2007. Under this agreement $3.9 million is earmarked for exploration of these properties over approximately the next 30 months.
Crowflight, Wisner and Creighton South Properties
During the early part of the summer, drill programs were completed on the Crowflight and Wisner properties.
Drill testing of airborne conductors on the Crowflight JV Project intersected minor zinc mineralization at one of the 10 targets tested. The summer mapping program is focused on exploring east/west trending structures that may host the eastward strike extension of the Hess offset dyke and locating potentially mineralized zones of Sudbury Breccia.
Two holes were drilled in the Southwest Area of the Wisner Property to test a moderate depth Titan-24 IP anomaly, which is spatially associated with copper-nickel-PGE mineralization exposed by trenching, and intersected in drilling last year (see Press Release dated May 30, 2006). Minor mineralization was intersected in quartz-epidote-amphibole veinlets and as disseminations within felsic and mafic gneiss and irregular zones of Sudbury Breccia. Sudbury Breccia in both drill holes was enriched in pathfinder elements typical of Sudbury Breccia associated with footwall mineralization elsewhere in the Sudbury Basin.
Titan-24 IP anomalies were drill-tested by two holes on the Creighton South property. Both holes intersected weakly disseminated and fracture-controlled quartz-chalcopyrite mineralization in mafic metavolcanics, metasediments and Sudbury Breccia. These results are being interpreted in relation to the on-going mapping program being conducted in the same area, which has extended previously recognised east/west trending zones of Sudbury Breccia, northward towards the Creighton embayment. The Creighton embayment hosts CVRD Inco's Creighton Mine, which has been in production for greater than 100 years.
The Frost Lake property is part of a 50/50 joint venture with Xstrata Nickel. The Trill, Skynner Lake, Foy and Creighton South properties comprise part of the Sudbury Camp Joint Venture ("SCJV") with Lonmin which earns a 50% interest in any property on which a resource is established and can increase its interest to 65% by taking that property through feasibility and funding work through to commercial production. The Hess property is a joint venture with Champion Bear Resources.
The Qualified Person responsible for the technical content of this press release is Bruce Jago, PhD. P.Geo, Vice-President, Exploration of Wallbridge Mining Company Limited.
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. Lonmin Plc is a shareholder of Wallbridge and will hold approximately 18% of the fully diluted share capital of Wallbridge if it exercises all of the warrants granted pursuant to the private placement.
Lonmin Plc is incorporated in England and Wales and registered as company number 103002. Registered office : 4 Grosvenor Place, London, SW1X 7YL, United Kingdom
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.