Press ReleasesMarch 24, 2011
Wallbridge Mining Starts Drill Program to Expand Broken Hammer Copper-Platinum Group Metals Zone
Toronto, Ontario -- March 24, 2011 -- Wallbridge Mining Company Limited (TSX:WM, FWB:WC7) (the "Company") today announced that it has initiated a 1,600 metre drill program at its Broken Hammer copper-platinum group metals project in Sudbury. The drilling program will initially focus on expanding the resource to the east of where it is exposed in the recently excavated bulk sample pit, into an area which is outside the current resource estimate. Drilling is also planned to expand the resource in the west end of the zone, based on the better understanding of the mineralization gained during the excavation of the bulk sample.
This drilling program is designed to expand the limits of the existing resource, and to provide additional information for the new resource estimate, which is expected to be initiated this summer after the results of the processing of the bulk sample become available.
"The mineralization we see in the bulk sample pit, demonstrated to us that we definitely have potential to expand the zone to the east", stated Alar Soever, President and CEO of Wallbridge. "The better understanding of the structure we now have, indicates that it may also be possible to add tonnes at in the western end of the zone."
Wallbridge discovered the Broken Hammer Zone as a result of an ongoing grass roots exploration program on the North Range of the Sudbury Basin. In November 2005, Roscoe Postle Associates Inc. estimated the NI 43-101 compliant, inferred mineral resource to be 251,000 tonnes at a grade of 3.80 g/t total precious metals (1.56 g/t palladium, 1.62 g/t platinum and 0.61 g/t gold), 1.00% copper and 0.10% nickel. This resource estimate was prepared using a cut-off value of $CAN40/t, and the then prevailing, long-term metal price projections of $US800/oz for platinum, $US180/oz for palladium, $US400/oz for gold, $US 1.40/lb for copper, and $US5.00 for nickel. A new resource estimate and feasibility study will be prepared using current metal prices, once results of the current drilling and the bulk sampling program are available.
Wallbridge currently holds a 98.5% interest in the Broken Hammer Property while Xstrata Nickel retains a 1.5% carried interest with some buy back provisions.
The Qualified Person responsible for the technical content of this press release is Mark Croteau P.Geo., Operations Manager for Wallbridge Mining Company Limited.
About the Company
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 and recently announced a joint venture with Antofagasta plc, which will see the project financed through feasibility. Wallbridge also holds a portfolio of porphyry copper-gold-molybdenum properties in southwestern British Columbia, which is currently being spun-out into a new company, Miocene Metals Limited, which was formed to finance the exploration of these properties.
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.