news property dealWallbridge Mining and Lonmin Plc Approve $1.25 million 2011 Program for Sudbury Camp Joint Venture11/8/2010 7:30 AM - Canada NewsWire
TORONTO, Nov. 8, 2010 (Canada NewsWire via COMTEX News Network) --
WallbridgeMining Company Limited (TSX: WM, FWB: WC7) today announced thatWallbridge and major platinum producer Lonmin Plc have approvedCDN$1.25 million to explore for platinum and palladium, as well ascopper and nickel, on their Sudbury Camp Joint Venture ("SCJV")properties. The funding provides for up to 4,100 metres of diamonddrilling and other exploration from October 1st, 2010 through September30th, 2011.
"We appreciate the support and confidence thatLonmin continues to demonstrate in our Sudbury properties", stated AlarSoever, President and CEO of Wallbridge, "We look forward to asuccessful 2011 program".
Exploration in 2011 will focus ontesting geological and geophysical targets within mineralizedstructures on the large Trill, Windy Lake, Skynner Lake and CreightonSouth Properties. Lonmin and Wallbridge will both contribute funds tothe exploration program, with Lonmin contributing US$1.0 million, andWallbridge contributing CDN
.25 million for a Canadian dollarequivalent of approximately CDN$1.25 million, depending on exchangerate fluctuations during the budget year.
The SCJV comprisesseven properties covering approximately 163 square kilometres in theSudbury Mining Camp. Wallbridge and Lonmin formed the SCJV in January2002 to explore these properties for platinum group metals, copper andnickel.
Under terms of the SCJV agreement Lonmin can earn a 50%interest in any property within the joint venture at the point at whichan Indicated Resource is established on that property with the optionto earn an additional 15% interest by funding work through completionof a feasibility study and securing the Wallbridge portion of financingthrough to commercial production.
About Wallbridge Mining
WallbridgeMining Company Limited's primary focus is the exploration for platinumgroup element ("PGE"), nickel, and copper deposits in the Sudbury areaof Ontario. The Sudbury area hosts the world's largest concentrationof nickel deposits and is currently the most active mining camp inNorth America. Major joint venture partners in Sudbury include Vale,Xstrata Nickel, Lonmin Plc and Impala Platinum Holdings Limited.
Wallbridgealso has a major shareholding in Duluth Metals Limited, which hasdefined a large copper-nickel-PGE resource in the rapidly emergingDuluth Complex base metal camp in Minnesota, as well as a shareholdingin Miocene Metals Limited, a private company which is exploring anunderexplored belt of Miocene age intrusions with porphyrycopper-gold-molybdenum potential in south-western British Columbia.
Thisdocument may contain forward-looking statements relating toWallbridge's operations or to the environment in which it operates.Such statements are based on operations, estimates, forecasts andprojections. They are not guarantees of future performance and involverisks and uncertainties that are difficult to predict and may be beyondWallbridge's control. A number of important factors could cause actualoutcomes and results to differ materially from those expressed inforward-looking statements, including those set forth in other publicfilings. In addition, such statements relate to the date on which theyare made. Consequently, undue reliance should not be placed on suchforward-looking statements. Wallbridge disclaims any intention orobligation to update or revise any forward-looking statements, whetheras a result of new information, future events or otherwise, save andexcept as may be required by applicable securities laws.
SOURCE: Wallbridge Mining Company Limited
Copyright (C) 2010 CNW Group. All rights reserved.