Press ReleasesJuly 21, 2011
Wallbridge Mining Announces $1.6M, 5,000m Drill Program with Implala Platinum on Parkin Offset Joint Venture Properties
Toronto, Ontario - July 21, 2011 - Wallbridge Mining Company Limited (TSX:WM; FWB:WC7) ("Wallbridge") today announced a $1.6 million, 5,000 meter drill program with partner Impala Platinum Holdings PLC ("Impala") to extend the platinum, palladium, gold, copper and nickel mineralization at the Milnet 1500 zone , and test targets on other parts of the property package, which covers a 9.4 kilometre strike length of the Parkin Offset dyke in Sudbury.
"We are very pleased to have the continued support of Impala as we resume drilling on the Milnet 1500 Zone", stated Alar Soever, President and CEO of Wallbridge. "We look forward to being able to delineate the true size potential of this zone. Offset dyke hosted deposits are very attractive, high value, exploration targets."
Drilling will target borehole electromagnetic conductors extending up-plunge from the Milnet 1500 zone discovered in 2009 beneath the past producing Milnet Mine:
- The Milnet Mine reported historic production of 157,130 tons grading 2.25 g/t platinum, 2.98 g/t palladium, 0.33 g/t gold, 1.54 % copper and 1.49 % nickel;
- In late 2009, Wallbridge drill hole WMM-014 intersected 14.24 metres containing 1.50 g/t platinum, 2.52 g/t palladium, 3.99 g/t gold, 2.57 % copper and 0.78 % nickel (see Wallbridge press release dated November 13, 2009);
- Follow-up wedge-cut WMM-014-W1 intersected 12.66 metres containing 0.88 g/t platinum, 1.23 g/t palladium, 0.35 g/t gold, 0.96 % copper, and 0.44 % nickel (see Wallbridge press release dated February 23, 2010);
- Most recently, Wedge cut hole WMM-014-W2, intersected a first zone with 8.00 metres containing 0.78 g/t platinum, 1.01 g/t palladium, 0.32 g/t gold, 1.05 % copper and 0.72 % nickel from 1521.00 to 1529.00 metres; and a second zone returned a 1.47 metre section of 4.61 g/t TPM (1.50 g/t platinum + 3.05 g/t palladium + 0.07 g/t gold), 0.42 % copper and 1.55 % nickel from 1549.80 to 1551.27 metres (see Wallbridge press release dated November 25th, 2010).
Platinum, palladium, gold, copper and nickel mineralisation on the Parkin Offset Dyke properties is typical of that hosted by quartz diorite offset dykes in the Sudbury area. These types of deposits account for greater than one third of the prolific production in Sudbury over the last 125 years. Examples include the deposits at Vale's North and South Mines hosted by the Copper Cliff offset dyke; Vale's Totten deposit under development in the Worthington offset dyke and Quadra FNX's recent discovery on its Victoria project, also hosted in the Worthington offset dyke.
Under terms of an amended Option and Joint Venture agreement, Impala, the world's second largest primary platinum producer, will contribute $1.2 million to the 2011 program with $0.4 million contributed by Wallbridge.
Upon completion of the current program, Impala Platinum Holdings ("Impala") will have earned a 50% interest in the Parkin Offset Dyke Joint Venture. Impala may then increase its interest to 65 % by funding a Feasibility Study. Wallbridge may in future request that Impala fund its portion of development costs through to commercial production on a project loan bases.
The property package optioned to Impala covers a 9.4 kilometer strike length of the Parkin Offset Dyke and includes the Milnet Mine property owned 100 % by Wallbridge, a southern block of claims held 98.5 % by Wallbridge and 1.5 % by Xstrata Nickel, and two blocks of claims on either side of the Milnet Mine property which are 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 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 elements ("PGE"), nickel and copper deposits in the Sudbury area of Ontario. The Sudbury area hosts one of the world's largest concentrations of nickel deposits and is currently the most active mining camp in North America. Major joint venture partners in Sudbury include 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. Duluth Metals is advancing this resource through feasibility in joint venture with Antofagasta plc, one of the world's major copper producers. Wallbridge also holds a significant shareholding Miocene Metals Limited, which was formed to finance the exploration of a portfolio of 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
Vice-President, Investor Relations
Tel: (416) 369-1500 ext 222
Email: [email protected]
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.