Press ReleasesDecember 22, 2008
Wallbridge Announces New Channel Sample Results from Their Frost Lake Property
Toronto, Ontario - December 22, 2008 - Wallbridge Mining Company Limited (TSX:WM; FWB: WC7) today is pleased to announce significant new channel sample results from the Amy Lake PGE zone, which occurs on the Frost Lake property on the East Range of the Sudbury Igneous Complex ("SIC"). The new channel sample results include 9.078 grams per tonne (g/t) Total Precious Metals (TPM = Platinum+Palladium+Gold) over 1.0 metre and 4.474 g/t TPM over 0.8 metres. The channel samples were collected this fall from previously unsampled veins identified by mapping ensuing from a new interpretation of the structural controls on mineralization within the zone.
The Amy Lake PGE zone is located 600 metres to the north of the Capre 3000 Zone, a copper-platinum-palladium-gold (Cu-PGE) discovery announced in a press release by the Vale Inco/Lonmin joint venture on January 23, 2007. The Amy Lake PGE zone occurs within the same zone of altered and mineralized footwall rocks as the Capre 3000 discovery.
Channel sample assays with results greater than 1.0 g/t TPM (Platinum+Palladium+Gold) are given in the table below:
Channel samples are concentrated within the South Trench (Channels 1, 2, 5, 6, 7, 8 and 10) and North Trench (Channel 12) excavations, which lie approximately 400 metres apart within the north-northwest-trending Amy Lake Zone. Channels were oriented to sample mineralized veins at right angles but do not, in all cases, represent true widths due to their occurrence in sometimes complex structures.
The 2008 channel sample program represents the beginning of a new direction for exploration on the Amy Lake Platinum Group Element (PGE) zone where previous surface grab samples and diamond drilling defined a roughly 100 metre wide by 600 metre long zone of low-sulphide Copper-PGE mineralization centred on a geophysical anomaly (four line IP chargeability). Within this zone, Copper-PGE mineralization was associated with disseminated to stringer chalcopyrite-millerite-pyrrhotite-pyrite veins hosted by irregular zones of partially melted Sudbury Breccia (see press releases dated September 29, 2005 and December 6, 2005).
New channel sample results are highly significant in that channel sample locations were planned to test low-sulphide mineralization hosted primarily in veins and zones of "partial melt" and gneissic-textured mafic rocks, both not previously recognized as having Copper-PGE potential and therefore not sampled. Mapping and prospecting during the summer of 2008 showed that this style of mineral occurrence is widespread within the Amy Lake Zone and may be a more important host to mineralization than previously sampled zones of sulphide stringers and disseminations in Sudbury Breccia (see press releases above). On-going studies are determining structural controls on mineralization and will help to focus future drilling programs.
Samples were prepared at ALS Chemex Ltd. Laboratories in Sudbury and then shipped to their analytical facilities in Vancouver. Samples were analyzed for Au, Pt, and Pd by standard lead collection fire assay fusion followed by a combination of inductively coupled plasma mass spectrometry (ICP-MS) and atomic emission spectrometry (ICP-AES). Samples were also analyzed for 33 base metal and trace elements using a four acid (HNO3-HCIO4-HF and HCI) near total digestion and a combination of ICP-MS and ICP-AES.
The Qualified Person responsible for the technical content of this press release is Bruce Jago, PhD. P.Geo, Vice-President, Exploration of Wallbridge.
The Frost Lake Property is a joint venture between Wallbridge and Xstrata Nickel, with each company holding a 50% interest and with Wallbridge as the Operator.
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 north-eastern Ontario.
About Xstrata Nickel
Xstrata Nickel, headquartered in Toronto, Canada, is one of Xstrata Group's global commodity businesses, comprising five mines and processing facilities in Ontario and Quebec, Canada; a ferronickel mine and processing facility in Bonao, Dominican Republic; high-grade sulphide mines and a processing facility in Western Australia and a refinery in Kristiansand, Norway. Xstrata Nickel has a significant portfolio of growth projects, including Koniambo in New Caledonia, Nickel Rim South in Canada, Kabanga in Tanzania and Araguaia in Brazil. Xstrata Nickel is the world's fourth largest nickel producer, with annual managed production of more than 116,000 tonnes of refined nickel.
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.