Press ReleasesJune 11, 2009
Wallbridge Mining Initiates $1.6 million 2009 Exploration Program on Parkin Offset Dyke
Toronto, Ontario - June 11, 2009 - Wallbridge Mining Company Limited (TSX:WM; FWB: WC7) ("Wallbridge") today announced that its joint venture partner Impala Platinum Holdings Limited ("Impala"), the world's second largest primary platinum producer, has allocated $1.6 million dollars for the 2009 exploration program on the Parkin Offset dyke properties in Sudbury. The program includes 6,300 metres of diamond drilling.
"We appreciate the support of our joint venture partner Impala", stated Alar Soever, President of Wallbridge. "Their continued contribution to this project allows us to continue to aggressively explore these properties in spite of the difficult economic times."
The first two holes of the new program will target two highly conductive targets defined by geophysical surveys during the winter 2008/2009 program (see Wallbridge press release dated May 27, 2009). Drilling is being initiated this week on the following two targets:
- Target 1, the highest priority target is a highly conductive, minimum 5000 siemens conductor identified by a UTEM-4 down-hole electromagnetic survey within the down-plunge projection of the Number 2 Zone sulphide lenses of the Milnet Mine. Production at the Milnet Mine in 1950's reportedly totaled 157,130 tons at a grade of 1.49% copper (Cu), 1.54% nickel (Ni), 2.25 g/t platinum (Pt), 2.98 g/t palladium (Pd) and 0.33 g/t gold (Au).
- Target 2, the second conductive zone is located at a vertical depth of about 740 metres on the portion of the property which Wallbridge has under option from Champion Bear Resources. This conductive zone is located down-dip of the Brady Showing, a high grade lense of surface mineralization located about halfway between the past producing Milnet Mine and Wallbridge's Parkin resource. Historic channel sampling of the Brady showing has returned values of up to 2.7 metres of 11.2% Cu, 0.6% Ni, 9.2 g/t Pt, 4.3 g/t Pd and 1.6 g/t Au.
The Parkin Properties comprise a southern block of claims held 98.5% by Wallbridge and 1.5% by Xstrata Nickel, a central block of claims covering the historic Milnet Mine workings owned 100% by Wallbridge, and a northern block of claims and three claims between Wallbridge's southern and Milnet claim blocks covering the Brady Showing, which are subject to an option and joint venture agreement between Wallbridge and Champion Bear Resources.
The Parkin Properties are being explored in joint venture with Impala Platinum Holdings Limited, the world's second largest primary platinum producer. Impala can earn a 50% interest in the Parkin Property by spending $5 million over a three year period. 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 (See Wallbridge press release dated August 26, 2008). Wallbridge can earn a 50% interest in Champion Bear's blocks of claims by spending $2 million prior to August 19, 2011. Wallbridge may then increase its interest in the property to 75% by completing a definitive feasibility study on a deposit, which is in whole or in part on the property and funding Champion Bear's portion of development expenditures as a loan against Champion Bear's portion of the proceeds of production. (See Wallbridge press release dated April 28, 2008).
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'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.
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.