TORONTO, March 29, 2012 /CNW/ - Wallbridge Mining Company Limited (TSX: WM) (FWB: WC7) ("Wallbridge") is pleased to announce that it received funds on March 15, 2012 as final payment for copper, nickel and cobalt contained in the Broken Hammer Bulk Sample. The second and third payments are expected to be received in June and July 2012 respectively, representing the final amounts payable for the balance of metals.
As of March 15, 2012 Wallbridge has received USD$2.4M. Wallbridge has now paid CAN$1.6M to Technica Mining for payment in full for services rendered in extraction of the bulk sample. The net proceeds from the Broken Hammer bulk sample after mining, processing and treatment charges are now forecast to be $3.1M.
Wallbridge delivered approximately 30,000 tonnes of ore in July, 2011 from its Broken Hammer bulk sample program. Under the bulk sample agreement, Technica Mining, a Division of Technica Group Inc., advanced the financing required for extraction of the bulk sample and was responsible for the extraction and delivery of the bulk sample to the processing facility.
Wallbridge discovered Broken Hammer as a result of an ongoing grass roots exploration program on the North Range of the Sudbury Basin. Based on the positive results of the Bulk Sample, Wallbridge commissioned the Pre-Feasibility ("PFS") and Feasibility study ("FS") of Broken Hammer in October, 2011. The results of the bulk sample program as well as additional drilling since 2005 will be incorporated into the new NI-43-101 resource estimate which is expected to be completed in Q2, 2012 as part of the PFS.
Wallbridge currently holds a 98.5% interest in the Broken Hammer Property while Xstrata Nickel retains a 1.5% carried interest with some buy back provisions.
The Qualified Person responsible for the technical content of this press release is Marz Kord, P. Eng., President for Wallbridge Mining Company Limited.
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 nickel, copper, platinum, palladium and gold projects in mining friendly jurisdictions of North America, with a particular focus on Sudbury, Ontario.
Wallbridge's position in Sudbury offers 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 48 exploration to pre-feasibility stage mineral projects. These include 12 joint ventures with partners such as Impala Platinum Holdings Limited, Lonmin Plc, 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 document may contain forward-looking statements relating to operations of Wallbridge or its subsidiaries or to the environment in which they operate. 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.
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 Corporate Development
Tel: (705) 682-9297 ext. 240