Press ReleasesAugust 01, 2012
Wallbridge Files Technical Report on the Broken Hammer Project
Toronto, Ontario - August 1, 2012 - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) ("Wallbridge") today announced the filing on SEDAR of independent NI 43-101 technical report completed by Rosco Postle Associates Inc. ("RPA") entitled "Technical Report on the Broken Hammer Project, Sudbury, Ontario, Canada" and dated July 27, 2012. This filing follows press release of June 19, 2012, which referenced the summary highlights of the new resource estimate.
Highlights of the technical report as previously announced in the Wallbridge's June 19, 2012 press release are as follows:
- The total Indicated Mineral Resource is 231,100 tonnes at a grade of 4.62 g TPM/t (1.90 g/t Pd, 2.01 g/t Pt, and 0.71 g/t Au), 0.92% copper, and 0.10% nickel and 6.35 g/t Ag.
- The deposit is open at depth with very little drilling below a depth of 100m.
The mineral resource estimate was prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") definition standards for Mineral Resources and Mineral Reserves. The resource model was prepared based on drill section interpretations using a cut-off of 1.00% copper equivalent (CuEq). 3D solids were constructed cooperatively between Wallbridge and RPA geologists, then reviewed and revised as necessary by RPA. The estimation employed statistical analysis and variography of metal values with construction of block models by domain. Block cell size was 5X5X5 metres with level 3 sub-celling and then re-blocked to 3X3X3 metres for the pit optimization runs. Grade interpolation to assign grade values to cells used Ordinary Kriging. No minimum mining width was used. The resource classification considered geological and grade continuity and was based on drill hole spacing.
Preliminary pits used to constrain the mineral resources reported were constructed using Whittle software based on the metallurgical and cost assumptions provided by Wallbridge and based on the 30,000 tonne bulk sample mined and processed in 2011. Mineral Resources are reported at a pit discard cut-off value of C$11 per tonne NSR value. NSR values were calculated based on metal prices, metallurgical recoveries, and all off-site payment terms and charges (including ore processing). The resulting NSR value in each block is then compared to operating costs for crushing and administration, within the pit shell (which includes consideration for the mining costs).
Mineral Resources were estimated using average long-term metal prices of US$3.00/lb Cu, US$9.00/lb Ni, US$750/oz Pd, US$1,600/oz Pt, US$ 1,300/oz Au, and US$ 20.00/oz Ag and a US$:C$ exchange rate of 1:1.
All aspects of the core sampling, assay procedures, and QA/QC program have been reviewed by RPA and were judged to be of industry standard and suitable for use in the estimation of Mineral Resources. Specific gravity determinations were completed by ALS Chemex on 300 sample pulps. Where data was not available, values were assigned based on a regression of specific gravity versus sulphur.
RPA is not aware of any environmental, permitting, legal, title, taxation, socio-political or marketing issues that are material to the statement of the mineral resource estimate.
Bruce Churchill, P. Geo. is the independent qualified person who prepared the mineral resource estimate. Marz Kord, President & CEO of Wallbridge has reviewed and approved the technical content of this press release.
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
Joshua Bailey, M.Sc., P.Geo
Vice President Exploration
Tel: (705) 682-9297 ext. 240
Email: [email protected]
Director of 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.