Press ReleasesSeptember 22, 2008
Wallbridge Mining Initiates Drilling on Parkin Offset Dyke
Toronto, Ontario -- September 22, 2008 -- Wallbridge Mining Company Limited (TSX:WM; FWB: WC7) today announced that its $5 million joint venture with Impala Platinum Holdings Limited ("Impala") has received the necessary South African Reserve Bank approvals and drilling has been initiated on the Parkin Offset Dyke Properties in Sudbury, Ontario.
Drilling has been started with two drills, and a total of over 8,000 metres of diamond drilling is planned between now and March 2009. The drilling will test for down plunge extensions of both the past producing Milnet Mine and mineralization previously defined by Wallbridge on its Parkin Property, as well as targets on Wallbridge's newly acquired Champion Bear Resources Joint Venture.
Under terms of the 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.
Commenting on the joint venture Alar Soever, President of Wallbridge stated, "It is our portfolio of high quality properties and joint ventures with strong partners like Impala that allow us to maintain a high level of activity in spite of the current investment climate."
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's primary focus is the exploration of 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-gold-molybdenum 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.