Press ReleasesSeptember 24, 2014
Wallbridge's Broken Hammer project generates US$4.7 million smelter revenue to date
Toronto, Ontario - September 24, 2014 - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) ("Wallbridge") is pleased to provide an update on its Broken Hammer open pit Cu-PGM mine located in the Sudbury area of Ontario.
- Achieved full production rate of 800 tpd at the mine and at Redstone Mill in August 2014
- Have delivered to the copper smelter, over 1,000 tonnes of copper concentrate containing net payable metals of more than 750,000 lbs. of copper, 1,400 ounces of palladium, 750 ounces of platinum, 4,000 ounces of silver, and 400 ounces of gold
- 12 tonnes of high grade gravity concentrate has been shipped to a European smelter for refining PGMs averaging more than 700 grams per tonne of platinum, palladium and gold
- Using a combination of current metal prices and hedged prices, Wallbridge estimates smelter revenues of US$4.7 million net of all smelting & refining charges.
"As is typical with every start-up project, we faced some challenges in the first couple of months with achieving mining rates due to unusually wet weather and with milling due to lower than expected platinum and gold recoveries," stated Marz Kord, President and CEO of Wallbridge. "Our copper and palladium recoveries are now better than expected and the platinum and gold recoveries are closer to the expected range. The project production rate is now on budget and additional modifications are being implemented to further improve platinum and gold recoveries."
Broken Hammer Mine Description
The Broken Hammer project was discovered by Wallbridge's exploration team, with the first identification of mineralization in 2003. Wallbridge commenced construction in March of this year and has advanced the project into an open pit operation. An in-pit Cu-PGM-Ni mineable reserve of approximately 193,000 tonnes will be mined utilizing the services of William Day Construction Limited, a local mining contractor. Mining is expected to be maintained at an average of approximately 800 tonnes of ore per day. The ore is being transported to Northern Sun's Redstone facility in Timmins, Ontario where two types of concentrates are produced namely a gravity concentrate (a high grade platinum, palladium, and gold concentrate) and a copper concentrate. The gravity concentrate will be sold to a PGM smelter in Europe and the copper concentrate will be sold to a nearby copper smelter.
Summary of the Broken Hammer Updated Mineral Reserve Estimate
Wallbridge has prepared an updated in-pit mineral reserve estimate incorporating results from initial mining, the 2011 bulk sample at the Broken Hammer Project as well as mining, milling, smelting and refining contracts. This in-pit mineral reserve update builds upon previous NI 43-101 reports, including the independent prefeasibility report prepared by Genivar Inc. ("GENIVAR") entitled "Prefeasibility Report on the Broken Hammer Project, Sudbury, Ontario, Canada" according to CIM Standards that was filed on November 29, 2012 (refer to November 29, 2012 press release).
A global mining recovery of 95% and 5% dilution (at zero grade) was used in the calculation. Table 1 below summarizes the in-pit reserve estimate.
Table 1: Mineral Reserve estimate, with an effective date of June 24, 2014
|Category||Tonnes||Copper %||Nickel %||Gold (gpt)||Silver (gpt)||Platinum (gpt)||Palladium (gpt)|
Cautionary Notes regarding Forward Looking Statements
The achievability of life of mine plans, budgets and forecasts are inherently uncertain. There can be no assurance that the results from our production estimates will be realized. Readers are cautioned that, although our assumptions are considered reasonable at this time, they may prove to be imprecise and, as such, undue reliance should not be placed on them.
The Qualified Person responsible for the technical content of this press release is Mr. Marz Kord, P. Eng., MBA, President & CEO for Wallbridge Mining. The in-pit reserve estimate is based on current economic inputs and does not represent a material difference from the previous prefeasibility report prepared by Genivar Inc. ("GENIVAR"). (see Press Release dated November 29, 2012).
About Wallbridge Mining
Wallbridge Mining Company Limited (WM:TSX) is currently operating its first polymetallic mine, producing copper, platinum, palladium, and gold from the Broken Hammer open pit mine in Sudbury, Ontario, Canada's premier mining district.
Wallbridge is also actively exploring a large package of properties in Sudbury, including operating several significant exploration joint ventures with partners Lonmin Plc, Impala Platinum Holdings Limited and Glencore in Sudbury.
Wallbridge has a record of successfully generating high potential mineral projects and structuring partnerships and new companies to create value for its shareholders and its partners. As such, Wallbridge currently retains its founding stake in its first spin-out company, Duluth Metals Limited (TSX:DM), at 10.1 million shares (7.4%) as well as 28.4 million shares (40.5%) in its second spin-out company, Miocene Metals Limited (TSXV:MII).
For Further Information
Please visit the Company's website at www.wallbridgemining.com, or contact:
Wallbridge Mining Company Limited
Marz Kord, P. Eng., M.Sc., MBA
President & CEO
Tel: (705) 682-9297 ext. 251
Email: [email protected]
Vice President Corporate Communications
Tel: (705) 682-9297 ext. 263
Email: [email protected]
This press release may contain forward-looking statements (including "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995) relating to, among other things, the operations of Wallbridge and the environment in which it operates. Generally, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Wallbridge has relied on a number of assumptions and estimates in making such forward-looking statements, including, without limitation, the costs associated with the development and operation of its properties. Such assumptions and estimates are made in light of the trends and conditions that are considered to be relevant and reasonable based on information available and the circumstances existing at this time. A number of risk factors may cause actual results, level of activity, performance or outcomes of such exploration and/or mine development to be materially different from those expressed or implied by such forward-looking statements including, without limitation, whether such discoveries will result in commercially viable quantities of such mineralized materials, the possibility of changes to project parameters as plans continue to be refined, the ability to execute planned exploration and future drilling programs, the need for additional funding to continue exploration and development efforts, changes in general economic, market and business conditions, and those other risks set forth in Wallbridge's most recent annual information form under the heading "Risk Factors" and in its other public filings. Forward-looking statements are not guarantees of future performance and such information is inherently subject to known and unknown risks, uncertainties and other factors that are difficult to predict and may be beyond the control of Wallbridge. Although Wallbridge has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. Consequently, undue reliance should not be placed on such forward-looking statements. In addition, all forward-looking statements in this press release are given as of the date hereof.
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. The forward-looking statements contained herein are expressly qualified by this disclaimer.