TORONTO, July 27 /CNW/ - Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) (the "Company") today provided an update on activities on the Company's three major assets: drilling and exploration of their nickel-copper-PGE properties in the Sudbury mining camp; the ramp-up of activities in Duluth Metals (TSX:DM), of which Wallbridge owns 12%; and, the commencement of work on their British Columbia copper-gold-molybdenum properties being spun-out into Miocene Metals Limited.
Sudbury Properties:
Drilling and exploration work is underway on Wallbridge's properties in Sudbury. Wallbridge currently has four drills working on a 9,000 metre summer drilling program on projects in Sudbury, funded by joint venture partners Impala Platinum Holdings Ltd. ("Impala") and Lonmin Plc ("Lonmin"), the world's second and third largest primary platinum producers, respectively.
Two rigs are currently drilling on the Parkin Offset Dyke property package as part of a $1.3 million, 4,900 metre program funded by Impala. The first drill is following up on Wallbridge's recent precious metal-rich, nickel-copper-platinum-palladium-gold Milnet 1500 zone discovery on the Parkin Offset Dyke on the Milnet Mine property. The second drill is testing nearby geophysical responses beneath the Brady showing on adjacent claims which are also subject to a joint venture with Champion Bear Resources Ltd. A more detailed description of the drill targets is included in the Wallbridge Press Release dated June 23, 2010.
Two other rigs are currently drilling as part of a 3,900 metre program testing targets on several properties under the Sudbury Camp Joint Venture ("SCJV") with Lonmin. The approved 2010 SCJV budget totals $1.25 million, to which Lonmin has contributed US$1.0 million (see Wallbridge Press Release dated November 24, 2009). Currently, the two rigs are drilling on the Skynner Lake property, testing borehole and airborne electromagnetic conductors within the East Range Sudbury breccia structure. Following this, drilling on the Cascaden property will test a strong chargeability geophysics anomaly that occurs within a Sudbury breccia structure near Ni-Cu-PGE mineralization along the contact at the base of the Sudbury Igneous Complex. Drilling is also scheduled in August to test for deeper mineralization below the high grade Ni-Cu-PGE zone in the Trill offset dyke on the Trill property.
Smaller drill programs are also planned on several other Wallbridge properties for the fall of 2010. Geophysics, geological mapping, and prospecting continues on Wallbridge's other Sudbury properties with the goal of developing future drill targets.
Investment in Duluth Metals
Duluth Metals Limited ("Duluth") is a company that was spun out of Wallbridge in 2005 to finance the exploration of Wallbridge's Minnesota properties. Wallbridge currently retains 12% of the Company and is the largest shareholder of Duluth. Duluth has just announced the signing of a formal definitive participation agreement with Antofagasta plc, one of the world's premier copper producers. This agreement calls for the expenditure of US$130 million over the next three years and will result in the acceleration of activities on the Nokomis Deposit, which will rapidly advance the project towards bankable feasibility.
Alar Soever, President and CEO of Wallbridge Mining stated, "Wallbridge would like to congratulate Duluth Metals on the signing of this agreement, which will see the advancement of one of the world's largest undeveloped copper-nickel-platinum-palladium-gold deposits towards development. Our shareholding in Duluth remains a core asset for Wallbridge with considerable upside."
British Columbia: Miocene Metals Limited
Work has commenced on the Company's seven British Columbia copper-gold-molybdenum properties which are being spun out into Miocene Metals Limited. A 1,500 metre drill program is underway on the Rogers Creek property to follow-up a first round of drilling completed late in the fall of 2009. The initial drilling discovered scattered copper-gold-molybdenum mineralization in what is interpreted as the pyritic shell of a buried porphyry system underlying the Target I area. The current 2010 drilling is targeting the central part of this system, as well as highly prospective IP, soil and geological targets in the vicinity of Target II.
In addition, detailed prospecting programs will begin shortly on the Salal and Mackenzie properties and will be followed by up to 2,000 metres of drilling that will drill test molybdenum and gold-copper mineralization identified on surface on these properties.
About the Company
Wallbridge Mining Company Limited's primary focus is the exploration for platinum group element ("PGE"), nickel, and copper deposits in the Sudbury area of Ontario. The Sudbury area hosts the world's largest concentration of nickel deposits and is currently the most active mining camp in North America. Major joint venture partners in Sudbury include Vale, Xstrata Nickel, Lonmin Plc and Impala Platinum Holdings Limited. Wallbridge also has a major shareholding in Duluth Metals Limited, which has defined a large copper-nickel-PGE resource in the rapidly emerging Duluth Complex base metal camp in Minnesota and recently announced a joint venture with Antofagasta plc, which will see the project financed through feasibility. Wallbridge also holds a portfolio of porphyry copper-gold-molybdenum properties in southwestern BC, which is currently being spun-out into a new company, Miocene Metals Limited, which was formed to finance the exploration of these properties.
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.