Press ReleasesSeptember 24, 2010
Wallbridge Mining Sells 683,800 of its 12.3 M shares of Duluth Metals to Raise $1.9 million
Toronto, Ontario -- September 24, 2010 -- Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) (the "Company") today announced that it has completed the sale of 683,800 shares of its Duluth Metals Limited , raising $1.9 million. This new funding provides the Company with working capital to advance bulk sampling of its Broken Hammer resource in Sudbury and other corporate projects.
"Our Duluth Metals shares remain a core asset for Wallbridge, and we continue to be Duluth's largest shareholder holding 11.6 million shares or 11.3% of Duluth," stated Warren Holmes, Chairman of Wallbridge. "The Duluth shares are an important component of the underlying value in Wallbridge, however there is also considerable value to be generated by advancing our Sudbury assets. As Wallbridge was currently trading at a significant discount to the value of its Duluth shares, not to mention our significant shareholding in Miocene Metals Limited, it made financial sense to sell a small piece of our Duluth position, rather than issue Wallbridge shares at a significant discount to the value of the underlying assets."
Wallbridge Mining Company Limited's primary focus is the exploration for platinum group element ("PGE"), nickel, and copper 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 and recently announced a joint venture with Antofagasta Plc., which will see the project financed through feasibility. Wallbridge also has a major shareholding in Miocene Metals Limited, a private company spun-out from Wallbridge, to finance the exploration of a portfolio of porphyry copper-gold-molybdenum properties in southwestern BC.
For Further Information
Please visit the Company's website at www.wallbridgemining.com, or contact:
Wallbridge Mining Company Limited
Mara Strazdins, Vice-President, Investor Relations
Tel: (416) 369-1500 ext 222
Email: [email protected]
Ron Poirier, Investor Relations
Tel: (705) 682-9297 ext 263
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.