Press ReleasesSeptember 09, 2008
Wallbridge Mining Vends Kirkland Lake Gold Properties to Tanqueray
Toronto, Ontario - September 9, 2008 - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) is pleased to announce that it has entered into a joint venture agreement with Tanqueray Resources Ltd. (TQY-TSX-V) whereby Tanqueray may earn a 50% interest in Wallbridge's gold properties in the Kirkland Lake gold camp. The properties include the Mesima Lake and the Verna Lake Claims located 36 kilometres northeast of Kirkland Lake and 10 km north of Highway 101. Wallbridge will also work with Tanqueray to acquire other properties of interest identified by Wallbridge for the benefit of the joint venture.
Commenting on the transaction Alar Soever, President of Wallbridge stated, "This agreement will see significant exploration dollars spent on these very attractive properties, while allowing Wallbridge to focus on our core Sudbury area properties. It is in keeping with our philosophy of pursuing an aggressive exploration strategy, while minimizing dilution."
Tanqueray will be the operator of the joint venture, while Wallbridge will provide exploration services to the joint venture on a contract basis as required.
The Mesima Lake Claims consist of 19 claims totaling 3,136 hectares. This property is north of and contiguous with Queenston Mining's gold discovery in the Upper Beaver Syenite Zone. A recent high resolution airborne magnetic and VLF survey completed by Wallbridge in 2008 highlighted a 4 km long magnetic feature that has similar geology to Queenston's gold discovery. Recent surface sampling of strongly altered syenite within this feature returned 128 g/t Au.
The Verna Lake Claims consist of 7 claims totaling 1,168 hectares. Previous shallow exploration by Wallbridge identified high-grade gold intersections, including 121.7 g/t Au over 1.22 meters, and longer anomalous intervals including 41.61 meters averaging 0.373 g/t Au. This property also was recently flown using a high-resolution magnetic and VLF system.
Under the terms of the agreement, Tanqueray may earn a 50% interest in these properties by spending $3,000,000 in work commitments, and $1 million in cash payments and/or Tanqueray Shares, over a three year period. Tanqueray may increase its interest to 70% by spending an additional $3 million in work commitments and $0.75 million in cash and/or Tanqueray Shares. The work commitment can be applied to any or all of the properties at Tanqueray's discretion.
The agreement is subject to the necessary regulatory approvals.
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 Company Limited
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 is also exploring 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 Wallbridge 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.