More NewsWallbridge Mining Announces JV with Vale Inco and Xstrata Nickel
TORONTO, March 27 /CNW/ - Wallbridge Mining Company Limited (TSX:WM; FWB:
WC7) today announced that it has executed a joint venture agreement with
global nickel producers Vale Inco Limited and Xstrata Nickel to form a three
way joint venture on a mining claim located adjacent to its Frost Lake
Property in Sudbury, Ontario. The claim is immediately adjacent to the Capre
3000 discovery announced by Vale Inco and Lonmin Plc in January, 2007. The
Capre 3000 discovery is a zone of copper, platinum-palladium-gold (PGE)
mineralization. It is located in an extension of the same rocks, which hosts
Wallbridge's Amy Lake copper-PGE zone which is located 600 metres to the north
on the Frost Lake property.
"This is highly prospective ground in the Sudbury Mining camp as
indicated by the impressive assays released by Vale Inco and Lonmin Plc from
their discovery next door", stated Alar Soever, P. Geo., President of
Wallbridge. "This joint venture between Wallbridge and two of the major
companies in the Sudbury area will bring a lot of knowledge and experience to
our exploration efforts."
Wallbridge will have a 50% interest in the joint venture, with Xstrata
Nickel and Vale Inco each holding a 25% interest. Wallbridge will be the
operator, and the joint venture will be jointly funded by the three partners
pro-rata to their interests.
"We look forward to starting exploration immediately after the formal
agreement is signed", stated Bruce Jago, Vice President Exploration for
Wallbridge. "The discovery of the Capre 3000 zone further validates
Wallbridge's approach to copper and platinum group element exploration in
footwall rocks to the Sudbury Basin and the accumulation of our strategic land
position particularly on the East Range and North Range.
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.
About Vale Inco Limited
Vale Inco Limited is a leading producer of nickel, copper, cobalt and
precious metals, based in Toronto, Canada. Vale Inco is a wholly-owned
subsidiary of Companhia Vale do Rio Doce (NYSE: RIO), one of the world's
largest mining companies. Vale Inco has more than 12,000 employees worldwide
and had net sales of over US$10 billion in 2007. Vale Inco is committed to the
pursuit of sustainable growth by operating with respect for the natural
environment and being an ethically and socially responsible company.
About Xstrata Nickel
Xstrata Nickel, headquartered in Toronto, Canada, is one of Xstrata
Group's global commodity businesses, comprising five mines and processing
facilities in Ontario and Quebec, Canada; a ferronickel mine and processing
facility in Bonao, Dominican Republic; a high-grade sulphide mine and
processing facility in Western Australia and a refinery in Kristiansand,
Norway. Xstrata Nickel has a significant portfolio of growth projects,
including Koniambo in New Caledonia, Nickel Rim South in Canada, Kabanga in
Tanzania, Araguaia in Brazil and Sinclair in Australia. Xstrata Nickel is the
world's fourth largest nickel producer, with annual managed production of more
than 116,000 tonnes of refined nickel.
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.
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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: asoever@wallbridgemining.com;
Mara Strazdins, Vice-President, Investor Relations, Tel: (416) 369-1500 ext
222, Email: mstrazdins@wallbridgemining.com
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