Press ReleasesJuly 21, 2011
Wallbridge Mining Sells 950,000 shares of Duluth Metals to Raise $2.53 million
Toronto, Ontario - July 21, 2011 - Wallbridge Mining Company Limited (TSX:WM, FWB:WC7) (the "Company") today announced that it has completed the sale of 950,000 shares of its Duluth Metals Limited , raising $2.53 million.
This new funding will be used for an investment in the Miocene Metals Limited's ("Miocene Metals") Initial Public Offering ("IPO") as well as other corporate initiatives.
Commenting on the sale, W. Warren Holmes, Chairman of Wallbridge stated, "The Duluth shares remain a core asset for Wallbridge and with 10,150,121 shares we remain Duluth's second largest shareholder, behind only Antofagasta plc., which is earning a 40% interest in Duluth's Twin Metals project in Minnesota. We are also however, very excited about the prospects for Miocene Metals, in which we hold 21.3 million shares. This new funding will allow us to ensure the success of their IPO, thereby unlocking the value in our investment in that company."
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 concentration 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
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.