TORONTO, Aug. 7 /CNW/ - Wallbridge Mining Company Limited (TSX: WM, FWB:
WC7) today announced that it has received a progress memo for the Scoping
Study or Preliminary Economic Assessment ("PEA") of its Broken Hammer
Platinum-Palladium-Gold-Copper project located in the North Range of the
Sudbury Basin. The progress memo recommended that Wallbridge conduct an
economic evaluation of a higher mining rate and proceed with a bulk sampling
Wardrop Engineering Inc. (Wardrop), an internationally recognized
multidisciplinary engineering company, has provided Wallbridge with a progress
memo on the Broken Hammer preliminary economic assessment (or scoping study).
Wardrop led the study and prepared the mining, geotechnical and financial
evaluation. AMEC, an international project management, engineering and
consulting company prepared the environmental and waste management component.
DRA Americas (DRA), an international Engineering company prepared the milling
and smelting terms component.
SGS Mineral Services (SGS) was retained under the direction of DRA to
conduct confirmatory metallurgy test work. Positive metallurgical results
predicted total metal recoveries at 91.9% of the copper, 89.4% of the
platinum, 77.8% of the palladium, 83.7% of the gold, and 81.0% of the silver.
The progress memo provided a number of recommendations to improve the
technical risks and economics of the project:
- A bulk sample is recommended to validate the Inferred Resources and
confirm grades, especially platinum which occurs mainly in coarse
sperrylite. This reduction in the geological risk (of Inferred
categorization) ultimately will reduce project and economic risk.
- Following the extraction of the bulk sample, a geotechnical
investigation should be completed in the area of the proposed bulk
sample excavation to improve the confidence in the analysis of the
pit slope. The initial pit slope analysis is based on core analysis
only and further analysis in the field could potentially lead to an
increased pit slope which would enhance project economics by reducing
the overall strip ratio.
- A production rate higher than 325 t/d should be investigated as this
would lower mining and general and administration unit costs through
a shorter mine life.
Once operating and capital costs have been validated and optimized
through the negotiation of a third party mill agreement and a higher
production rate, a production and investment decision should be completed.
About Wallbridge Mining
Wallbridge Mining Company Limited explores for and develops nickel,
copper and platinum group element ("PGE") deposits. The Company's principal
properties are located in the Sudbury Basin in Ontario. The Sudbury area hosts
the world's largest concentration of nickel deposits and is currently the most
active mining camp in North America. Wallbridge also has a major shareholding
in Duluth Metals Limited, which has a significant property position in the
rapidly emerging Duluth Complex base metal camp in Minnesota.
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.
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, Tel: (705) 682-9297, Email: email@example.com;
Mara Strazdins, Vice-President, Investor Relations, Tel: (416) 369-1500 ext
222, Email: firstname.lastname@example.org