TORONTO, May 8, 2013 /CNW/ - Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) (the "Company") announces that their Annual General Meeting of Shareholders will be held at the Strathcona Hotel, Wellington Room, in Toronto on Thursday, May 9th at 4:30 p.m. The Strathcona Hotel is located at 60 York Street, in Toronto.
The agenda includes a formal shareholder meeting followed by a presentation from management on the Company's progress over the past year, including:
- An update on the progress on the Company's Broken Hammer deposit in Sudbury, see Wallbridge Press Release of May 7, 2013
- An update on the progress on the Company's Sudbury Camp Joint Venture with Lonmin Plc
- An update on the progress on the Company's North Range Joint Venture with Lonmin Plc
- An update on the progress on the Company's Parkin Offset Joint Venture with Impala Platinum Holdings Limited
- Status of the Company's investment in Duluth Metals (TSX:DM) of 10.1M shares (8.1%)
- Status of the Company's investment in Miocene Metals (TSXV:MII) of 28.4M shares (40.5%)
"Wallbridge's exploration effort in 2013 is focused on joint venture partner-funded projects in Sudbury while we work to advance the Broken Hammer development project towards production to generate revenue", stated Marz Kord, President and CEO of Wallbridge, "Longer term, we continue to work to attract new partnerships and are actively reviewing new opportunities to invest our assets for growth."
Drilling is expected to start soon on the Wallbridge's Sudbury Camp Joint Venture ("SCJV") with Lonmin Plc which was formed in 2002 to explore for PGEs, nickel and copper on Wallbridge properties in Sudbury, Ontario. Currently, the SCJV covers seven properties including Skynner Lake, Foy, Windy, Cascaden, Trill, Trill West and Creighton South. Under the terms of the SCJV agreement, Lonmin is required to fund a minimum of US $1.0 million expenditures each year and will earn a 50% interest in any project where an indicated resource is defined.
The 2013 SCJV program follows Lonmin's October through September fiscal year and includes US $1.0 million funded by Lonmin and is focused on drilling on Wallbridge's Skynner Lake property on the east range of the Sudbury basin. Recent work on the property includes detailed geological modelling of Sudbury breccia structures similar to those hosting Cu-PGE "footwall" mineralization at Vale's Victor and Capre deposits and Xstrata Nickel's Nickel Rim South mine several kilometres to the south. Re-processing of previously collected DCIP geophysical data has defined several compelling targets and drilling is underway to test for copper-PGE sulfide mineralization.
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 kilometres.
The 2013 NRJV program coincides with Lonmin's October through September fiscal year and has an approved budget of CAD $1.1 million funded by Lonmin. Recent work includes completion of a 900 km airborne electromagnetic (EM) survey and a 9 km surface EM survey. Drilling is planned for late May to test several of the numerous conductive anomalies that were identified and which may represent massive nickel-copper-PGE sulfide in an offset dyke environment.
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.
The Parkin Offset Joint Venture ("POJV") between Wallbridge and Impala Platinum Holdings Limited ("Impala") is exploring for PGEs, nickel and copper on the 9.4 km strike length of the Parkin Offset Dyke in Sudbury, Ontario.
Drilling completed last December was successful in extending the massive sulfide Milnet 1500 Zone and associated conductors over total minimum dimensions of 400 by 50-60 m and unknown thickness. Since then, very detailed geological and geophysical modelling has been ongoing to better define and prioritize the many exploration targets on the property to determine the next phase of work.
The POJV property includes the past-producing Milnet mine, the NI 43-101 compliant Parkin Resource, the recently discovered Milnet 1500 Zone, several very high grade surface showings and numerous drilling targets. Impala completed $6.2 million expenditure to earn a 50% interest in the POJV in 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.
Detailed geological and geophysical modelling to better define and prioritize targets is being completed on Wallbridge's other projects in Sudbury including its Wisner Area Properties, its East Range Properties, and its Drury and Worthington Properties. All of these include mineralized structures and numerous geophysical drilling targets which are being reviewed.
For an update on Wallbridge's Broken Hammer project, please refer to the recent press release dated May 7, 2013.
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 pre-feasibility stage Broken Hammer development project and significant exploration joint ventures with partners Lonmin Plc, Impala Platinum Holdings Limited and Xstrata Nickel.
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 2010, Wallbridge created Miocene Metals Limited (TSXV:MII) to explore and develop seven 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 (40.5%).
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