Advance the Broken Hammer copper and platinum group elements "PGE"
project to production by securing permits, a milling contract and
Focus exploration on discovery of PGEs on joint venture partner-funded
TORONTO, Jan. 18, 2013 /CNW/ - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) ("Wallbridge") today provided a business update highlighting its direction for 2013.
Immediate plans include advancing the Broken Hammer copper-platinum
group element ("PGE") project to production and focused exploration on
joint venture partner-funded projects.
"Our strategy of generating high-potential projects and funding
exploration through joint ventures, sale of royalties and founding of
spin-outs has been successful and will continue. In 2013, exploration
will focus on partner-funded projects in Sudbury and we will work to
attract new partnerships while advancing our Broken Hammer project into
production to generate revenue", stated Marz Kord, President and CEO of
Wallbridge, "Longer term, we continue to actively review new
opportunities to invest our assets for growth."
At the Broken Hammer copper and PGE project, Wallbridge announced positive results from a
prefeasibility study in October, 2012 (see Wallbridge Press Release
dated October 16, 2012). The project has a 12-month life with an
Earnings Before Taxes, Depreciation, and Amortization ("EBITDA") of
$8.4M generating an NPV of $6.0M. Wallbridge is currently working to
secure permitting as well as processing and mining contracts for
production in 2013.
In addition to the mining project, the mineralization remains open to
depth and is interpreted to be part of a much larger mineralized system
with exploration upside.
At the Parkin Offset Joint Venture (POJV) Wallbridge and Impala completed two deep drill holes and two wedge-cuts totalling 3,412 metres
drilling with borehole geophysical surveys beneath the past producing
Milnet Mine in 2012. This drilling expanded the Milnet 1500 Zone 100
metres to the north, over total minimum dimensions of 400 by 50-60 m
and unknown thickness. Once the current review of the project is
completed, additional drilling may be planned for mid-2013 to coincide
with Impala's July through June fiscal year.
The POJV covers a 9.4 km strike length of the Parkin Offset Dyke which
includes the past-producing Milnet mine, a small indicated resource,
the recently discovered Milnet 1500 Zone and several very high grade
Impala completed the $6.2 million expenditure required for it to earn a
50% interest in the property at the end of 2011. Impala may earn an
additional 15% interest by funding a Feasibility Study and securing
Wallbridge's portion of development funding to commercial production on
a project loan basis.
The Sudbury Camp Joint Venture (SCJV) with Lonmin was formed in 2002 to explore for PGEs, nickel and copper on Wallbridge
properties in Sudbury, Ontario. Currently, the SCJV includes 7
properties including Skynner Lake, Foy, Windy, Cascaden, Trill, Trill
West and Creighton South.
The 2012 SCJV program, which ran from October, 2011, through September,
2012, included eight drill holes totaling 2,545 metres and 30 kms of
ground geophysics. The 2013 SCJV program, which runs from October,
2012, through September, 2013, has an approved budget of US $1.0
million funded solely by Lonmin. The main focus of the 2013 program is
drill testing of targets on the Skynner Lake project.
The new North Range Joint Venture (NRJV) with Lonmin was finalized in 2012 to explore for PGEs, nickel and copper on
Wallbridge properties on the North Range of the Sudbury basin.
Currently the NRJV includes 15 properties covering 417 square kms.
The 2013 NRJV program, which runs from October, 2012, through September,
2013, has an approved budget of US $1.1million funded solely by
Lonmin. Work will include mapping, prospecting, ground and airborne
geophysics as well as drilling to test conductive anomalies.
Prior to work by Wallbridge, the North Range Properties were largely
unexplored. The properties include a strike length of over 56 kms 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.
While the focus of work in 2013 will be on the joint ventures with
Lonmin Plc and Impala Platinum, Wallbridge also has interests in an
additional 12 projects within the Sudbury area.
In 2012, Wallbridge identified new high-grade copper-PGE occurrences on
its 78% owned Wisner joint venture (see Wallbridge press release dated
October 30, 2012) adjacent to and along trend from Wallbridge's Broken
Hammer project. The Wisner joint venture is part of Wallbridge's Wisner Area Properties which also include the 100% owned Wisner East and Bowell properties.
The Wisner Area Properties cover 10 kilometers strike length of
favourable geology with numerous copper and PGE mineral occurrences and
The new mineralization discovered in 2012 extended the Southeast Zone
Cu-PGE trend where previous preliminary drilling had intersected
mineralization, including 1.9 meters containing 7.87% Cu and 2.23 g/t
TPM (Total Precious Metals, platinum + palladium + gold). The new
occurrences extend the mineralized trend over 80 meters along an IP
geophysics anomaly which is untested by drilling for over 400 meters.
The occurrences are part of a one-kilometer long trend of CU-PGE
mineralization and anomalous geophysics which is along strike from
Wallbridge's pre-feasibility stage Broken Hammer Cu-PGE development
Exploration work is planned for 2013 to follow up these results as well
as advance targets on Wallbridge's East Range, Drury, and Worthington
Wallbridge also holds significant equity interests in spin out companies
Duluth Metals Limited (DM:TSX) and Miocene Metals Limited (MII:TSXV).
The Qualified Person responsible for the technical content of this press
release is Marz Kord, P. Eng., M. SC., MBA, President & CEO For
Wallbridge Mining Company Limited.
About Wallbridge Mining
Wallbridge Mining Company Limited (WM:TSX) is an established junior company, formed in 1996, whose mission is to
explore and develop platinum group elements (PGE's) in mining friendly
jurisdictions of North America.
Wallbridge is currently exploring and developing a large package of
properties in Sudbury, Ontario: Canada's premier mining district. These
include the permitting stage Broken Hammer mine development project and
significant exploration joint ventures with partners Lonmin Plc, Impala
Platinum Holdings Limited.
In 2005, Wallbridge created Duluth Metals Limited (TSX:DM) to explore
and develop projects in Minnesota, USA. Duluth Metals has since defined
the world's largest undeveloped sulfide PGEs, copper and nickel deposit
which it is developing through Twin Metals Limited, a joint venture
with copper producer Antofagasta Plc. Wallbridge currently retains 10.1
million shares of Duluth Metals (8.1%).
In 2011, Wallbridge created Miocene Metals Limited (TSXV:MII) to explore
and develop porphyry copper-gold-molybdenum projects in British
Columbia, Canada, within a previously under-recognized belt of
Miocene-age intrusions. These projects are early stage with large
mineralized structures and alteration zones that are ready for drilling
with potential for large tonnage deposits. Wallbridge currently retains
28.4 million shares of Miocene Metals (42.5%).
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.
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 Limited
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
Director of Corporate Communications
Tel: (705) 682-9297 ext. 263