Wallbridge and Lonmin Finalize 2013 Platinum Palladium Exploration Programs in Sudbury
TORONTO, Nov. 29, 2012 /CNW/ - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) ("Wallbridge") today announced that it has finalized the 2013 budgets on two joint ventures with Lonmin Plc ("Lonmin") to explore for platinum, palladium, copper, nickel, and gold mineralization in Sudbury, Ontario. The 2013 budgets include US$1 million for exploration on the Sudbury Camp Joint Venture ("SCJV") and CAN$1.1 million for exploration on the recently finalized North Range Joint Venture ("NRJV") funded solely by Lonmin. Work will include detailed geological modelling, airborne and ground geophysical surveys this winter and up to 4300 metres diamond drilling and borehole geophysics in the spring.
"Wallbridge is very pleased to continue its joint venture partnerships with Lonmin in Sudbury," commented Marz Kord, President and CEO of Wallbridge, "As Wallbridge advances towards production at Broken Hammer, this exploration funded by Lonmin will allow us to also advance these earlier-stage projects towards discovery."
About the Sudbury Camp Joint Venture ("SCJV"):
The SCJV with Lonmin was formed to explore for platinum group metals, nickel and copper on Wallbridge projects in Sudbury, Ontario. Currently, the SCJV covers seven projects including Skynner Lake, Foy, Windy, Cascaden, Trill, Trill West, and Creighton South. These projects cover mineralized structures and favourable geology with geological and geophysical drill targets and are adjacent to the Sudbury Igneous Complex (SIC) contact which hosts many well-known mines and mineral deposits.
Under the terms of the SCJV Agreement, Lonmin must fund a minimum of US$1 million in expenditures each year to maintain the option to earn up to a 50% interest in any property, based on its proportionate spend at the point at which an Indicated Resource is established on that property. Lonmin has the option to earn an additional 15% interest by funding work through completion of a feasibility study and securing the Wallbridge portion of financing through to commercial production.
About the North Range Joint Venture ("NRJV"):
The recently finalized NRJV with Lonmin has been formed to explore for platinum group metals, nickel and copper on 14 of Wallbridge's North Range projects in Sudbury, Ontario.
Under the terms of a private placement subscription agreement (see Wallbridge press release, 28 June 2007) which provided CAN$3.9 million of funding for the initial exploration of these properties, Lonmin earned the right to enter into a joint venture on any of the North Range Properties. On March 27, 2012, Lonmin provided notice of its intention to exercise its right to form the NRJV to earn an interest in 14 properties in the North Range. The terms of the NRJV agreement have now been finalized based on the principles set out in the subscription agreement, which provide for Lonmin to earn up to a 50% interest by spending twice Wallbridge's expenditures on the properties. Lonmin can then earn up to a 65% interest in the properties by making additional expenditures.
Prior to work by Wallbridge, the North Range Properties were largely unexplored. These properties include a strike length of over 56 kilometres of offset dykes, mostly discovered by Wallbridge since 2007. Disseminated nickel, copper and PGE sulfide mineralization exposed at surface within inclusion bearing phases of the quartz diorite offset dykes has been discovered in areas with little previous drilling. The North Range properties offer large-scale discovery upside in Canada's most established mining district.
Joshua Bailey, M.Sc., P.Geo., Vice President, Exploration, is the qualified person responsible for 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 copper, platinum, palladium gold, and nickel projects in mining friendly jurisdictions of North America, with a particular focus on Sudbury, Ontario. Wallbridge's position in Sudbury offers exposure to 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 42 projects in Sudbury, Ontario, including 11 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).
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.
SOURCE: Wallbridge Mining Company LimitedFor 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
Director of Corporate Communications
Tel: (705) 682-9297 ext. 263