Press ReleasesMarch 27, 2008
Wallbridge Mining Announces JV with Vale Inco and Xstrata Nickel
Toronto, Ontario -- March 27, 2008 -- Wallbridge Mining Company Limited (TSX:WM; FWB: WC7) today announced that it has executed a joint venture agreement with global nickel producers Vale Inco Limited and Xstrata Nickel to form a three way joint venture on a mining claim located adjacent to its Frost Lake Property in Sudbury, Ontario. The claim is immediately adjacent to the Capre 3000 discovery announced by Vale Inco and Lonmin Plc in January, 2007. The Capre 3000 discovery is a zone of copper, platinum-palladium-gold (PGE) mineralization. It is located in an extension of the same rocks, which hosts Wallbridge's Amy Lake copper-PGE zone which is located 600 metres to the north on the Frost Lake property.
"This is highly prospective ground in the Sudbury Mining camp as indicated by the impressive assays released by Vale Inco and Lonmin Plc from their discovery next door", stated Alar Soever, P. Geo., President of Wallbridge, " This joint venture between Wallbridge and two of the major companies in the Sudbury area will bring a lot of knowledge and experience to our exploration efforts."
Wallbridge will have a 50% interest in the joint venture, with Xstrata Nickel and Vale Inco each holding a 25% interest. Wallbridge will be the operator, and the joint venture will be jointly funded by the three partners pro-rata to their interests.
"We look forward to starting exploration immediately after the formal agreement is signed", stated Bruce Jago, Vice President Exploration for Wallbridge. "The discovery of the Capre 3000 zone further validates Wallbridge's approach to copper and platinum group element exploration in footwall rocks to the Sudbury Basin and the accumulation of our strategic land position particularly on the East Range and North Range.
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.
About Vale Inco Limited
Vale Inco Limited is a leading producer of nickel, copper, cobalt and precious metals, based in Toronto, Canada. Vale Inco is a wholly-owned subsidiary of Companhia Vale do Rio Doce (NYSE: RIO), one of the world's largest mining companies. Vale Inco has more than 12,000 employees worldwide and had net sales of over US$10 billion in 2007. Vale Inco is committed to the pursuit of sustainable growth by operating with respect for the natural environment and being an ethically and socially responsible company.
About Xstrata Nickel
Xstrata Nickel, headquartered in Toronto, Canada, is one of Xstrata Group's global commodity businesses, comprising five mines and processing facilities in Ontario and Quebec, Canada; a ferronickel mine and processing facility in Bonao, Dominican Republic; a high-grade sulphide mine and processing facility in Western Australia and a refinery in Kristiansand, Norway. Xstrata Nickel has a significant portfolio of growth projects, including Koniambo in New Caledonia, Nickel Rim South in Canada, Kabanga in Tanzania, Araguaia in Brazil and Sinclair in Australia. Xstrata Nickel is the world's fourth largest nickel producer, with annual managed production of more than 116,000 tonnes of refined nickel.
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.