TORONTO, Oct. 1, 2014 /CNW/ - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) ("Wallbridge") today announced that it has signed agreements to vend its Ben Nevis, Misema, and Shipley mineral projects in northeast Ontario.
"These transactions will allow Wallbridge to maintain its focus on platinum group metals, copper and nickel properties in Sudbury while retaining exposure to the long term discovery potential of these promising early stage base and precious metal projects in the Abitibi and Swayze greenstone belts," stated Marz Kord, Wallbridge President and CEO.
A 100% interest in the Ben Nevis project, located in the Abitibi Greenstone Belt north of Larder Lake, will be transferred to Ben Nevis Resources Inc. A 100% interest in the Misema project, located adjacent to and contiguous with the Upper Beaver project in Larder Lake, has been transferred to Ashley Gold Mines Limited. Lastly, a 100% interest in the Shipley project, located in the Swayze Greenstone Belt southeast of Chapleau, has also been transferred to Ashley Gold Mines Limited.
In each case, the vendee is required to fund exploration on the projects and to maintain them in good standing. For each project, Wallbridge retains a 1% net smelter return royalty, a right to re-purchase a 100% interest by making cash payments totalling two times the vendee's exploration expenditures, and a right of first refusal to purchase all or any part of the vendee's interest.
About Wallbridge Mining
Wallbridge Mining Company Limited (WM:TSX) is currently operating its first polymetallic mine, producing copper, platinum, palladium, and gold from the Broken Hammer open pit mine in Sudbury, Ontario, Canada's premier mining district.
Wallbridge is also actively exploring a large package of properties in Sudbury, including operating several significant exploration joint ventures with partners Lonmin Plc, Impala Platinum Holdings Limited and Glencore in Sudbury.
Wallbridge has a record of successfully generating high potential mineral projects and structuring partnerships and new companies to create value for its shareholders and its partners. As such, Wallbridge currently retains its founding stake in its first spin-out company, Duluth Metals Limited (TSX:DM), at 10.1 million shares (7.4%) as well as 28.4 million shares (40.5%) in its second spin-out company, Miocene Metals Limited (TSXV:MII).
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, Email: [email protected]; Linda Zubal, Vice President Corporate Communications, Tel: (705) 682-9297 ext. 263, Email: [email protected]