TORONTO, July 7, 2014 /CNW/ - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) ("Wallbridge") today announced that it is extremely pleased that Duluth Metals Limited ("Duluth Metals") has regained control of its Twin Metals Minnesota ("TMM") project from its joint venture partner Antofagasta plc. ("Antofagasta") (See Duluth Metals press release dated July 3rd, 2014).
"We believe this is an extremely positive development for both Duluth Metals and Wallbridge as a major shareholder of Duluth Metals", stated Marz Kord, President and CEO of Wallbridge. "Antofagasta's decision to drop its option to purchase an additional 25% of the project cements Duluth Metals position as majority (60%) owner of this world class asset, and puts Duluth Metals in control of the development of the project. Even more importantly, it also gives Duluth Metals the option for 180 days to buy back Antofagasta's 40% interest for Antofagasta's sunk costs of $220 million. Clearly, this opens the door to a variety of potential new investors who might want to own a significant portion of one of the world's largest undeveloped copper-nickel-platinum group element deposits in a politically stable portion of the world. We look forward to the release of the PFS later this month, and offer our encouragement and support to the Duluth Metals team as they work to move the TMM project forward."
Duluth Metals was founded by Wallbridge in 2005 to finance the exploration and development of its Minnesota properties. Wallbridge currently owns 10,150,121 shares of Duluth and is currently Duluth Metal's second largest shareholder after only Antofagasta plc.
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
Vice President Corporate Communications
Tel: (705) 682-9297 ext. 263