Press ReleasesDecember 19, 2007
Wallbridge Mining Discovers Zones of Platinum Group Enrichment on the Pele Property
Toronto, Ontario -- December 19, 2007 -- Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) today announced that work on its Pele Mountain Resources (TSX VENTURE: GEM) property has discovered extensive zones of platinum group element ("PGE"), chlorine and pathfinder element enrichment within favourable rocks known as Sudbury Breccia, which occur within an eight kilometre long belt on the Property. Exploration work has also extended the second Pele Offset Dyke, discovered in September 2006, approximately three kilometres northward to near the northern property boundary. Sudbury Breccia rocks showing elevated chlorine, PGE, copper, nickel and silver +/- arsenic, bismuth and tellurium levels are known host to copper-nickel-PGE orebodies in Sudbury. The Pele Property is located in the northern sector of the Sudbury Mining Camp.
"We are extremely pleased to have located such an extensive area of these favourable host rocks on what is a very large grass roots exploration property. Linecutting is currently underway and with an IP geophysical survey contracted to begin in January, we expect to be drill testing targets by the end of the first quarter of 2008." commented Alar Soever, President of Wallbridge.
The Sudbury Breccia belt has been mapped across the southern third of the property over a strike length of approximately 8 kilometres and within a corridor up to two kilometres wide. (A detailed property map can be viewed on our web site at www.wallbridgemining.com under News Releases.) Sampling of breccias has discovered discrete zones that have been altered, are highly enriched in chlorine, and contain weakly anomalous concentrations of platinum and palladium as well as pathfinder elements (As, Bi, Te). These favourable rocks are indicative of the passage of mineralizing fluids similar to breccia rocks hosting copper-PGE mineralization at Xstrata's Strathcona Mine and FNX's McCreedy West Mine in the Levack Trough about 8 kilometres to the south.
Mapping on the eastern portion of the property late in the season extended the second Pele Offset Dyke about three kilometres northward to its termination just south of the northern property boundary. This dyke was found late in the 2006 exploration season (see press release dated November 23, 2006) and is located approximately one kilometre west of the main Pele Offset Dyke discovered by prospectors in 2005.
A 120 line-kilometre grid is being established across the southern third of the property to further explore the belt of Sudbury Breccia by an induced polarization survey that is to commence after the New Year and a detailed mapping campaign that is slated to begin in May 2008. Drilling of an isolated two-line AeroTEM III anomaly situated near one of the discrete zones of Chlorine, PGE and pathfinder element enrichments is scheduled to begin before year's end.
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Samples were prepared at ALS Chemex Ltd. Laboratories in Sudbury and then shipped to their analytical facilities in Vancouver. Samples were analyzed for Au, Pt, and Pd by standard lead collection fire assay fusion followed by a combination of inductively coupled plasma mass spectrometry (ICP-MS) and atomic emission spectrometry (ICP-AES). Samples were also analyzed for 33 base metal and trace elements using a four acid (HNO3-HCIO4-HF and HCI) near total digestion and a combination of ICP-MS and ICP-AES.
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.
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.
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