Press ReleasesOctober 11, 2007
Wallbridge Mining and Lonmin Approve $2.5 million for 2008 Sudbury Camp Joint Venture Exploration Program
Toronto, Ontario -- October 11, 2007 -- Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) today announced that Wallbridge and its joint venture partner major platinum producer Lonmin Plc have approved C$2.5 million of funding to carry out the 2008 work program on the Wallbridge/Lonmin Sudbury Camp Joint Venture ("SCJV") properties. The funding provides for approximately 8,000 metres of diamond drilling and other exploration work for the period from October 1st, 2007 to September 30th, 2008.
Wallbridge and Lonmin formed the SCJV in January 2002 to explore a number of properties in the Sudbury area for platinum group metals, as well as copper and nickel. The SCJV properties cover some 220 square kilometres of Wallbridge's approximately 680 square kilometre land package in the Sudbury area.
The 2008 Exploration Program is focussed on target areas on the Skynner Lake, Trill, Foy, Cascaden, Trill West and Windy Lake properties which have geophysical targets coincident with favourable geology. The approximately 8,000 metre 2008 Drill Program includes testing high priority DCIP anomalies and AMT conductors defined by the 2007 Titan-24 surveys on the Skynner Lake Property and Trill properties.
Lonmin and Wallbridge will both contribute funds to the exploration program, with Lonmin contributing C$1.5 million, and Wallbridge contributing C$1.0 million.
"The 2008 program is aimed primarily at drill testing some very high quality targets generated by several years of extensive exploration work", stated Alar Soever, President of Wallbridge. "This new funding in the SCJV demonstrates the confidence we have in these targets and allows us to proceed with drilling. We look forward to a very productive 2008."
About Wallbridge Mining
Wallbridge Mining Company Limited explores for and develops nickel, copper and platinum group element 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.