Press ReleasesNovember 08, 2010
Wallbridge Mining and Lonmin Plc Approve $1.25 million 2011 Program for Sudbury Camp Joint Venture
Toronto, Ontario - November 8, 2010 - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) today announced that Wallbridge and major platinum producer Lonmin Plc have approved CDN$1.25 million to explore for platinum and palladium, as well as copper and nickel, on their Sudbury Camp Joint Venture ("SCJV") properties. The funding provides for up to 4,100 metres of diamond drilling and other exploration from October 1st, 2010 through September 30th, 2011.
"We appreciate the support and confidence that Lonmin continues to demonstrate in our Sudbury properties", stated Alar Soever, President and CEO of Wallbridge, "We look forward to a successful 2011 program".
Exploration in 2011 will focus on testing geological and geophysical targets within mineralized structures on the large Trill, Windy Lake, Skynner Lake and Creighton South Properties. Lonmin and Wallbridge will both contribute funds to the exploration program, with Lonmin contributing US$1.0 million, and Wallbridge contributing CDN$0.25 million for a Canadian dollar equivalent of approximately CDN$1.25 million, depending on exchange rate fluctuations during the budget year.
The SCJV comprises seven properties covering approximately 163 square kilometres in the Sudbury Mining Camp. Wallbridge and Lonmin formed the SCJV in January 2002 to explore these properties for platinum group metals, copper and nickel.
Under terms of the SCJV agreement Lonmin can earn a 50% interest in any property within the joint venture at the point at which an Indicated Resource is established on that property with the option to earn an additional 15% interest by funding work through completion of a feasibility study and securing the Wallbridge portion of financing through to commercial production.
About Wallbridge Mining
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, 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, as well as a shareholding in Miocene Metals Limited, a private company which is exploring an underexplored belt of Miocene age intrusions with porphyry copper-gold-molybdenum potential 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 and 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.