Press ReleasesJuly 16, 2008
Wallbridge Mining to Form $5M Joint Venture with Impala Platinum on Parkin Offset Properties in Sudbury
Toronto, Ontario - July 16, 2008 - Wallbridge Mining Company Limited (TSX:WM; FWB: WC7) today announced that it has entered into a letter of intent with Impala Platinum Holdings Limited ("Impala"), the world's second largest primary platinum producer on its Parkin Offset Dyke Properties in Sudbury, Ontario. Under terms of the proposed joint venture Impala will spend $5M over three years to earn a 50% interest in the properties. Impala can then increase its interest to 65% by funding a Feasibility Study and securing Wallbridge's portion of the development funding through to commercial production on a project loan basis. The Joint Venture is pending finalization of formal agreements and the necessary South African Reserve Bank approvals.
Commenting on the agreement with Impala, Alar Soever, President of Wallbridge stated, "Offset dykes are very attractive exploration targets in Sudbury as demonstrated by recently announced mine development projects at Totten and Copper Cliff. This acquisition will allow the exploration of a large mineralized section of the Parkin Offset to depth. We look forward to initiating an aggressive exploration program as soon as the formal agreement is finalized".
The Parkin Offset Properties encompass 2,150 hectares covering 9.4 kilometres of strike length of the Parkin Offset dyke and include:
- Wallbridge's Parkin Property (98.5% Wallbridge, 1.5% Xstrata Nickel), which hosts the Parkin Resource (43-101 Indicated Resources of 290,928 tons @ 0.70% Cu, 0.65% Ni, 0.03% Co, 0.62 g/t Pt, 0.80 g/t Pd, 0.23 g/t Au and 6.3 g/t Ag; resource calculated in 2002 by A. Soever of Watts, Griffis and McOuat)
- Wallbridge's 100% owned Milnet Property, which hosts the past producing Milnet Mine (Reportedly produced 157,130 tons @ 1.54% Ni, 1.49% Cu, 2.25 g/t Pt, 2.98 g/t and 0.33 g/t Au)
- Wallbridge's Champion Bear JV Property, which hosts the Brady Showing and several other targets on the Northern Block.
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 primary focus is the exploration for nickel, copper and platinum group element ("PGE") deposits in the Sudbury area of Ontario. The Sudbury area hosts the world's largest concentration of nickel deposits and is currently the most active mining camp in North America. Major joint venture partners in Sudbury include Vale Inco, Xstrata Nickel, Lonmin Plc. and Impala Platinum Holdings Limited. Wallbridge also has a major shareholding in Duluth Metals Limited, which has defined a large copper-nickel-PGE resource in the rapidly emerging Duluth Complex base metal camp in Minnesota. Wallbridge is also exploring a large porphyry copper-molybdenum-gold property in south-western British Columbia and has interests in copper-zinc and gold properties in northeastern Ontario.
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.