Press ReleasesApril 01, 2008
Victory Nickel Acquires 8.4% of Wallbridge Mining
Toronto, Ontario -- April 1, 2008 -- Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) announces that it has been advised by Victory Nickel Inc. ("Victory Nickel") (TSX:Ni, www.victorynickel.ca), that on March 27, 2008, Victory Nickel had privately purchased from a third party 7,500,000 units of Wallbridge Mining Company Limited ("Wallbridge") (TSX:WM, FWB:WC7) (the "Units"), which Units were comprised of 7,500,000 common shares of Wallbridge (each, a "Share") and 3,750,000 warrants of Wallbridge (each, a "Warrant"). Each Warrant entitles Victory Nickel to purchase one additional common share of Wallbridge at a price of $0.80 per share if the Warrant is exercised prior to March 26, 2009 or $1.00 per share if exercised during the period between March 26, 2009 and March 26, 2010.
Commenting on the acquisition by Victory Nickel, Alar Soever, President of Wallbridge stated "We are very pleased to have Victory Nickel as a major shareholder. Victory Nickel is managed by a well-respected team of experienced mining executives, and this acquisition is a major vote of confidence in our exploration efforts in Sudbury and in the potential increase in value of our investment in Duluth Metals Limited."
Prior to closing the Acquisition, Victory Nickel did not own any securities in Wallbridge. Therefore, following the Acquisition, Victory Nickel now owns 7,500,000 Shares, representing approximately 8.4% of the outstanding Shares, and 3,750,000 Warrants entitling it to purchase an additional 3,750,000 Shares. If Victory Nickel were to exercise all of the Warrants now held by it, Victory Nickel would own an aggregate of 11,250,000 Shares, representing approximately 12.2% of the outstanding Shares, calculated on a partially diluted basis (but not the exercise of any other securities convertible into Shares held by any other holder).
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 Victory Nickel
Recently created from the nickel assets of Nuinsco Resources Limited (TSX:NWI), Victory Nickel Inc. is a growth-oriented Canadian nickel company with over 660 million pounds in-situ nickel in National Instrument 43-101-compliant measured and indicated resources and an additional 530 million pounds of in-situ nickel in inferred resources at its Minago, Mel and Lac Rocher sulphide nickel deposits. Victory Nickel is advancing its 100% owned Minago Project, located 225 kilometres south of Thompson, Manitoba in the Thompson Nickel Belt, toward production with a definitive feasibility study well advanced. NI 43-101 measured and indicated resources total 49,000,000 tonnes grading 0.516% nickel (558,000,000 pounds of in-situ nickel), plus an additional inferred resource of 44,100,000 tonnes grading 0.528% nickel (513,000,000 pounds of in-situ nickel). Victory Nickel is earning a 100% interest from Vale Inco Ltd. in the Mel Project, located in northern Manitoba. The near-surface Mel deposit offers near-term production potential and exploration upside, and hosts 4,279,000 tonnes of NI 43-101-compliant measured and indicated nickel resources grading 0.875% nickel for 83,000,000 pounds of nickel, and an additional 1,010,000 tonnes grading 0.839% nickel for 19,000,000 pounds of contained nickel. Located in northwestern Quebec the high-grade Lac Rocher project is a significant discovery and subsequent drilling has delineated a measured and indicated nickel resource of 1.2 million tonnes grading 0.93% nickel for an in-situ total of 25 million pounds of nickel. Victory Nickel is completing a preliminary economic assessment of Lac Rocher and expects to be in production towards the end of 2008.
For further information, please visit the company's website at www.wallbridgemining.com or contact:
Alar Soever, President
Tel: (705) 682-9297
Email: [email protected]
Mara Strazdins, Vice-President, Investor Relations
Tel: (416) 369-1500 ext 222
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, whether as a result of new information, future events or otherwise, save and except as may be require by applicable securities laws.