Press ReleasesNovember 02, 2009
Wallbridge Mining Intersects 17.8 metres of Suphides on Parkin Property in Sudbury
Toronto, Ontario -- November 2, 2009 -- Wallbridge Mining Company Limited (TSX:WM; FWB: WC7) ("Wallbridge") today announced that copper-nickel sulphide mineralization has been intersected in diamond drill hole WMM-014 on its Parkin Joint Venture property in Sudbury. The 17.8 metre intersection was made while targeting an off-hole UTEM-4 electromagnetic survey anomaly detected in diamond drill hole WMM -010 and confirmed by a survey in WMM-010W1, the first wedge-cut from WMM-010 (see Wallbridge press release dated July 30, 2009).
Sulphide mineralization was intersected across a continuous zone between 1496 metres and 1514 metres down hole. The true width of the intercept can not be determined at this time, but due to the steep dip of the hole is expected to be significantly less than the core length.
The intersection was obtained near the up-dip end of the interpreted UTEM-4 conductor. Further geophysics and drilling will be required to define the full extent and geometry of the mineralized zone.
The mineralized zone, as intersected in WMM-014, consists of a polymict breccia termed "inclusion quartz diorite" that has been cemented by massive chalcopyrite-pyrrhotite-pentlandite stringers comprising up to an estimated 25 volume percent of the core over the entire intersection. Breccia clasts are partially replaced by fine-grained disseminated chalcopyrite and lesser pyrrhotite and pentlandite.
The intersection was made on Wallbridge's 100% owned Milnet Mine property, which is under joint venture to Impala Platinum Holdings Limited ("Impala"), the world's second largest primary platinum producer, which is earning an interest in the property.
Impala Platinum Holdings ("Impala") can earn a 50% interest in the Parkin Offset Dyke property package 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).
The property package optioned to Impala covers a 9.4 kilometre strike length of the Parkin Offset Dyke and includes a southern block of claims held 98.5% by Wallbridge and 1.5% by Xstrata Nickel, a northern block of claims, which is subject to an option and joint venture agreement between Wallbridge and Champion Bear Resources (See map on Wallbridge's website at www.wallbridgemining.com
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 & CEO
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.