Press ReleasesJune 14, 2012
Wallbridge Mining Announces Final Broken Hammer Bulk Sample Results
Toronto, Ontario --June 14, 2012 -- Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) ("Wallbridge") is pleased to announce that it has now received the final statement of accounts for the Broken Hammer Bulk Sample proceeds. The second payment, representing proceeds for platinum and gold contained in the bulk sample material, will be received on June 15, 2012, and the third and final payment is expected to be received in July, 2012, representing the final amounts payable for the balance of metals.
The total Net Smelter Return for the bulk sample is US$4.1M or US$143 per tonne of ore processed. The Net Cash Flow from the bulk sample after all costs was US$2.9M or US$98 per tonne of ore processed.
The bulk sample provided confidence in the grade continuity and metallurgical recoveries based on the comparison of actual versus model results in grade, contained metal, and in Net Smelter Returns.
There was a 21% increase in tonnes, which can be attributed to mining dilution and an unexpected bulge in one of the veins. The more significant increase in contained metal and NSR can be attributed to the relatively few tonnes of very high grade material encountered in this bulge. This kind of local feature is difficult to model by resource modeling techniques.
The tonnes, grade and contained metal within the bulk sample pit as predicted by the 2005 Resource Estimate by Roscoe Postle and Associates Inc. ("RPA") are shown in Table 1 below
Table 1: Predicted Tonnage and Grade within the Bulk Sample Pit
|24,611||1.01 %||0.10 %||1.34 gpt||1.23 gpt||0.35 gpt||$ 83/t|
|547,990 lbs||54,256 lbs||1,060 ozs||973 ozs||277 ozs|
Table 2 shows the tonnes of material delivered to the mill, the contained metal within the mill feed, the calculated head grade, and NSR per tonne based on the tonnage delivered and the contained metal, as well as the variance to the contained metal predicted by the resource model.
Table 2: Delivered Tonnes, and Contained Metal in Mill Feed
|29,791||1.52 %||0.17 %||1.63 gpt||2.26 gpt||0.63 gpt||$143/t|
|995,828 lbs||110.077 lbs||1,561 ozs||2,169 ozs||605 ozs|
2005 resource model
Wallbridge discovered Broken Hammer as a result of an ongoing grass roots exploration program on the North Range of the Sudbury Basin. Based on the positive results of the Bulk Sample, Wallbridge commissioned the Pre-Feasibility ("PFS") and Feasibility study ("FS") of Broken Hammer in October, 2011. The results of the bulk sample program as well as additional drilling since 2005 will be incorporated into the new NI-43-101 resource estimate which is expected to be completed in June, 2012, as part of the PFS. The PFS is expected to be completed in Q3, 2012.
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 Marz Kord, P. Eng., President & CEO for Wallbridge Mining Company Limited.
About Wallbridge Mining
Wallbridge Mining Company Limited (WM:TSX) is an established metals company working to build sustainable growth for investors through discovery and development of mineral resources.
Wallbridge specializes in nickel, copper, platinum, palladium and gold projects in mining friendly jurisdictions of North America, with a particular focus on Sudbury, Ontario. Wallbridge's position in Sudbury offers unique large-scale discovery upside in Canada's premier mining district.
Wallbridge has a record of generating high potential projects and financing exploration through joint ventures or spin-out companies. Wallbridge has 48 exploration to pre-feasibility stage mineral projects. These include 12 joint ventures with partners Impala Platinum Holdings Limited, Lonmin Plc, Xstrata Nickel and a number of junior mining companies.
Wallbridge also holds significant equity interests in spin-out companies Duluth Metals Limited (DM:TSX) and Miocene Metals Limited (MII:TSV).
For Further Information
Please visit the Company's website at www.wallbridgemining.com, or contact:
Wallbridge Mining Company Limited
Vice President, Exploration
Tel: (705) 682-9297 ext 240
Email: [email protected]
Director, Corporate Communications
Tel: (705) 682-9297 ext. 263
Email: [email protected]
This document may contain forward-looking statements relating to operations of Wallbridge or its subsidiaries or to the environment in which they operate. 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.