Press ReleasesApril 23, 2008
Wallbridge Announces $2.7 Million Program for Xstrata Nickel JV Properties
Toronto, Ontario -- April 23, 2008 -- Wallbridge Mining Company Limited (TSX:WM; FWB: WC7) today announced that a budget of $2.7 million has been approved for 2008 for work on three properties held in joint venture with the world's fourth largest refined nickel producer, Xstrata Nickel. The Wisner, Frost Lake and Graham Joint Venture Properties are located in Sudbury, part of the largest nickel-copper producing district in the world.
"We are pleased to continue Joint Venture exploration on these strategically located properties and have a solid partnership with Xstrata Nickel. The monies allocated will allow us to continue copper-nickel-PGE exploration on three properties that have previous mineralization discoveries." stated Alar Soever, President of Wallbridge Mining. "The majority of the funds will be spent on 6250 metres drilling targets on these properties."
Frost Lake Property:
A $1.8 million budget has been approved for the Frost Lake property. The property is strategically located in the footwall on the East Range of the Sudbury Basin, adjacent to the Capre 3000 Cu-Ni-PGE Zone discovery announced by the Vale Inco/Lonmin Plc joint venture in January 23, 2007. The 2008 exploration program includes up to 2800 metres of drilling to test the belt of Sudbury Breccia that hosts an extensive zone of low-sulphide PGE mineralization discovered by Wallbridge in 2005 called the Amy Lake PGE Zone (see Press Release dated December 6, 2005). The Amy Lake Zone is in the same belt of rocks, which hosts the Capre 3000 Discovery Zone located just 600 metres south of Wallbridge's property boundary.
The footwall to the Capre Lake Embayment will be drill tested with a 1200m borehole and surveyed with downhole (BHUTEM) and between hole (RIM) geophysical surveys. The Capre Lake embayment hosts Vale Inco Limited's Capre Lake occurrence, a zone of contact-style Ni-Cu-sulphide mineralization, which lies immediately west of the Capre 3000 Zone, a Cu-Ni-PGE discovery announced by the Vale Inco/Lonmin Plc joint venture in January 2007. Within the same area, Wallbridge recently announced a three-way joint venture (see Press Release dated March 27, 2008) with Vale Inco and Xstrata Nickel that will explore prospective ground immediately adjacent to the Capre 3000 Zone.
A 20 line kilometre surface electro-magnetic survey will be completed to guide drilling on the nickel-copper mineralization discovered in 2006 by Wallbridge (see press release dated April 5, 2006) in an ultramafic body 800 metres north of the Amy Lake PGE Zone.
The Frost Lake Property is a joint venture between Wallbridge and Xstrata Nickel, with each company holding a 50% interest with Wallbridge as the Operator.
A $0.7 million program has been approved for up to 2250 metres of drilling to test geophysical Titan 24 DCIP/MT and conventional IP as well as geological targets on the Wisner property. The Wisner property is located on the North Range of the Sudbury Basin and covers in excess of nine kilometres of highly prospective ground in the footwall to the Wisner Embayment. Mineralization occurs as stringers and irregular pods of Cu-Ni-PGE-rich sulphides hosted in irregular, altered zones of Sudbury Breccia at the South and Southwest Area showings (see press release dated May 30, 2006). The majority of drilling will test deep targets in the area of the Southwest Zone, which is located approximately 2.3 kilometres west of Wallbridge's Broken Hammer deposit. Shallow drilling of targets 700 metres southeast and 1.7 kilometres east of the Broken Hammer deposit will test coincident geophysical and rock geochemical anomalies.
At present Wallbridge has a 73.4% interest in the Wisner joint venture property, with Xstrata Nickel owning the remaining 26.6% with Wallbridge continuing as operator.
The Graham property is located in the South Range of the Sudbury Basin about 3.2 kilometres south of Vale Inco's Creighton Mine, which has been in production for over 100 years. The approved $149,000 summer exploration program will be aimed at developing drill targets in hydrothermally altered zones of Sudbury Breccia and melt pods similar to those that host large tonnage Ni-Cu-sulphide bodies at Vale Inco's Frood Stobie Mine complex located 18 kilometres to the east. In addition, a number of airborne electro-magnetic targets remain to be ground-truthed on the property to the north of Nickel Hill. Previous recent exploration on the Graham property by Wallbridge discovered extensive zones of Sudbury Breccia up to 70 metres wide and 1.2 kilometres in strike length and drill-tested deep AMT geophysical targets.
Wallbridge has a 66.8% interest in the Graham joint venture property, with Xstrata Nickel owning the remaining 33.2%; Wallbridge is operator.
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 of 10 million shares in Duluth Metals Limited, which has a significant property position including the Nokomis Deposit in the rapidly emerging Duluth Complex base metal camp in Minnesota.
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
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. 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.