TORONTO, Nov. 24 /CNW/ - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) today announced that Wallbridge and major platinum producer Lonmin Plc have approved CDN$1.25 million to carry out the 2010 work program on Wallbridge and Lonmin's Sudbury Camp Joint Venture ("SCJV") properties. The funding provides for up to approximately 4,500 metres of diamond drilling and other exploration work for the period from October 1st, 2009 to September 30th, 2010 and will focus mainly on platinum and palladium exploration as well as copper and nickel.
"We appreciate the support and confidence Lonmin has again showed in our exploration efforts in Sudbury", stated Alar Soever, President and CEO of Wallbridge. "We look forward to a successful 2010 program."
The SCJV comprises seven properties covering approximately 220 square kilometres around the Sudbury Basin. Wallbridge and Lonmin formed the SCJV in January 2002 to explore these properties for platinum group metals, copper and nickel. The 2010 Exploration Program is focussed on target areas on the Trill, Windy Lake, Skynner Lake, and Cascaden properties, which have geophysical targets coincident with favourable geology. Lonmin and Wallbridge will both contribute funds to the exploration program, with Lonmin contributing US$1.0 million, and Wallbridge contributing CDN$0.25 million for a Canadian dollar equivalent of approximately CDN$1.25 million depending on exchange rate fluctuations during the budget year.
Under terms of the SCJV agreement Lonmin can earn a 50% interest in any property within the joint venture at the point at which an Indicated Resource is established on that property with 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 Wallbridge Mining
Wallbridge Mining Company Limited's primary focus is the exploration for platinum group element ("PGE"), nickel, and copper deposits in the Sudbury area of Ontario. The Sudbury area hosts the world's largest concentration of nickel deposits and is currently the most active mining camp in North America. Major joint venture partners in Sudbury include Vale Inco, Xstrata Nickel, Lonmin Plc and Impala Platinum Holdings Limited. Wallbridge also has a major shareholding in Duluth Metals Limited, which has defined a large copper-nickel-PGE resource in the rapidly emerging Duluth Complex base metal camp in Minnesota. Wallbridge is also exploring a large porphyry copper-gold-molybdenum property in south-western British Columbia and has interests in copper-zinc and gold properties in north-eastern Ontario.
This document may contain forward-looking statements relating to Wallbridge's operations or to the environment in which it operates. 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.
SOURCE Wallbridge Mining Company Limited
For further information: For further information: Please visit the Company's website at www.wallbridgemining.com, or contact: Wallbridge Mining Company Limited, Alar Soever, President and CEO, Tel: (705) 682-9297, Email: firstname.lastname@example.org; Mara Strazdins, Vice-President, Investor Relations, Tel: (416) 369-1500 ext 222, Email: email@example.com