Press ReleasesJuly 23, 2008
Wallbridge Mining Begins Exploration on Copper-Zinc and Nickel Targets in North-eastern Ontario
Toronto, Ontario - July 23, 2008 - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) is pleased to announce exploration plans for copper-zinc and nickel targets on two claim groups located in north-eastern Ontario. The copper-zinc and nickel properties are located within Wallbridge's Shipley and Hong Kong Township claim groups, approximately 10 kilometres southeast of Sultan, and about 100 kilometres north-west of Sudbury, Ontario. Both properties lay within a poorly explored portion of the southern Abitibi Greenstone Belt described by the Ontario Geological Survey as one of the "largest, best preserved and most economically productive greenstone belts in the world".
Shipley Township Copper-Zinc Target
Copper-zinc mineralization (2.36% zinc, 0.2% copper, 17 ppm Ag) was found in outcrop and float in 2006 as a result of prospecting an isolated group of airborne electro-magnetic (AEM) anomalies along the western boundary of Shipley Township. The surface showings were associated with a one kilometre long string of airborne EM conductors within felsic, pyroclastic metavolcanic rocks in an area with strong, multi-element anomalies in soil, till and lake sediments. The area has no record of any relevant previous exploration. Wallbridge has since completed staking 20 additional claims in 2007 and currently controls a total of 74 claims covering 150 square kilometres.
A 98.5 line-kilometre airborne magnetic and electro-magnetic survey was completed early in 2008, defining a folded, 4 kilometre long string of moderate to strong AEM responses with a flanking magnetic association in the immediate vicinity of the AEM responses related to surface and float occurrences of copper-zinc mineralization found in 2006. The 2008 exploration program commenced in late May. Trenching of two, isolated strings of conductors (KJ and K4 targets) is in progress concurrent with mapping and prospecting along the anomalous trends. Up to 800 metres of initial diamond drilling is planned for mid-to-late summer.
Hong Kong Township Nickel Target
Wallbridge's Hong Kong claim group was staked as part of a 50/50 joint venture with Mountain Lake Resources, which focused on nickel-copper-platinum group element exploration in the southern portion of the Abitibi Greenstone Belt in north-eastern Ontario. The property hosts the historic Beith showing and a small sulphide lens discovered by Wallbridge following the drilling of an AEM conductor in 2005, which intersected nickel-copper-sulphide mineralization grading up to 2.02% nickel and 0.91% copper over a core length of 2.25 metres. Work on the Hong Kong project in 2007 consisted of data compilation and interpretation and planning for a 226 line kilometre airborne magnetic and electro-magnetic survey in conjunction with Wallbridge's Shipley Township survey located immediately to the west.
The recent 2008 airborne survey was designed to target the northwest-ward and northern extension of high-magnesium to komatiitic basalts that host the nickel mineralization. A number of similar responses were successfully identified in the area. The 2008 exploration program will run in tandem with the Shipley program. Mapping and prospecting of these anomalies are planned, with up to 200 metres of initial drilling to start later in the year.
Alar Sover, President of Wallbridge commented "The Shipley and Hong Kong properties are situated in a portion of the Southern Abitibi Greenstone Belt that has seen very little historical work. The success of our prospecting results in 2006 indicates the potential for a volcanic-hosted, massive copper-zinc sulphide deposit on the property and this optimism is supported by the results of our high-definition airborne magnetic and electro-magnetic survey that was completed this spring. We eagerly anticipate the results of our summer mapping, trenching and drilling programs on both properties."
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 primarily 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. Wallbridge has volcanic-hosted copper-zinc and gold properties in Ontario and a large porphyry copper-molybdenum-gold property in south-western British Columbia.
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.