TORONTO, Sept. 9 /CNW/ - Wallbridge Mining Company Limited (TSX: WM, FWB:
WC7) is pleased to announce that it has entered into a joint venture agreement
with Tanqueray Resources Ltd. (TQY-TSX-V) whereby Tanqueray may earn a 50%
interest in Wallbridge's gold properties in the Kirkland Lake gold camp. The
properties include the Mesima Lake and the Verna Lake Claims located 36
kilometres northeast of Kirkland Lake and 10 km north of Highway 101.
Wallbridge will also work with Tanqueray to acquire other properties of
interest identified by Wallbridge for the benefit of the joint venture.
Commenting on the transaction Alar Soever, President of Wallbridge
stated, "This agreement will see significant exploration dollars spent on
these very attractive properties, while allowing Wallbridge to focus on our
core Sudbury area properties. It is in keeping with our philosophy of pursuing
an aggressive exploration strategy, while minimizing dilution."
Tanqueray will be the operator of the joint venture, while Wallbridge
will provide exploration services to the joint venture on a contract basis as
The Mesima Lake Claims consist of 19 claims totaling 3,136 hectares. This
property is north of and contiguous with Queenston Mining's gold discovery in
the Upper Beaver Syenite Zone. A recent high resolution airborne magnetic and
VLF survey completed by Wallbridge in 2008 highlighted a 4 km long magnetic
feature that has similar geology to Queenston's gold discovery. Recent surface
sampling of strongly altered syenite within this feature returned 128 g/t Au.
The Verna Lake Claims consist of 7 claims totaling 1,168 hectares.
Previous shallow exploration by Wallbridge identified high-grade gold
intersections, including 121.7 g/t Au over 1.22 meters, and longer anomalous
intervals including 41.61 meters averaging 0.373 g/t Au. This property also
was recently flown using a high-resolution magnetic and VLF system.
Under the terms of the agreement, Tanqueray may earn a 50% interest in
these properties by spending $3,000,000 in work commitments, and $1 million in
cash payments and/or Tanqueray Shares, over a three year period. Tanqueray may
increase its interest to 70% by spending an additional $3 million in work
commitments and $0.75 million in cash and/or Tanqueray Shares. The work
commitment can be applied to any or all of the properties at Tanqueray's
The agreement is subject to the necessary regulatory approvals.
The Qualified Person responsible for the technical content of this press
release is Bruce Jago, PhD. P.Geo, Vice-President, Exploration of Wallbridge
Mining Company Limited.
About Wallbridge Mining Company Limited
Wallbridge Mining Company Limited primarily 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.
Wallbridge is also exploring volcanic-hosted copper-zinc and gold properties
in Ontario and a large porphyry copper-molybdenum-gold property in
south-western British Columbia.
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 Wallbridge website at
www.wallbridgemining.com, or contact; Wallbridge Mining Company Limited, Alar
Soever, President, 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