Press ReleasesDecember 08, 2008
Wallbridge Mining and Lonmin Approve $1.5 million for 2009 Sudbury Camp Joint Venture Exploration Program
Toronto, Ontario - December 8, 2008 - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) today announced that Wallbridge and its joint venture partner major platinum producer Lonmin Plc, have approved C$1.5 million of funding to carry out the 2009 work program on the Wallbridge/Lonmin Sudbury Camp Joint Venture ("SCJV") properties. The funding provides for approximately 3,700 metres of diamond drilling and other exploration work for the period from October 1st, 2008 to September 30th, 2009.
"We are very pleased that Lonmin is again participating in our exploration efforts in Sudbury", stated Alar Soever, President of Wallbridge. "This will allow us to further advance these properties, in spite of the current difficult economic environment.".
Wallbridge and Lonmin formed the SCJV in January 2002 to explore a number of properties in the Sudbury area for platinum group metals, as well as copper and nickel. The 2008 Exploration Program is focussed on target areas on the Skynner Lake, Trill, Foy, and Cascaden properties which have geophysical targets coincident with favourable geology. Lonmin and Wallbridge will both contribute funds to the exploration program, with Lonmin contributing C$1.1 million, and Wallbridge contributing C$0.4 million.
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 is also exploring a large porphyry copper-gold-molybdenum 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.