NRWallbridge Mining Sells 500,000 shares of Duluth Metals to Raise $1.47 million
TORONTO, Jan. 20 /PRNewswire/ - Wallbridge Mining Company Limited (TSX:WM, FWB:WC7) (the "Company") today announced that it has completed the sale of 500,000 shares of itsDuluth Metals Limited shareholding, raising $1.47 million. This newfunding provides the Company with working capital to advance its keyprojects in Sudbury.
"Our Duluth Metals shares remain a core asset for Wallbridge, and wecontinue to be Duluth's largest shareholder holding 11.1 million sharesor 10.7% of Duluth," stated Alar Soever, President and CEO ofWallbridge. "While the Duluth shares provide us with a degree offinancial stability not enjoyed by most junior companies, our corebusiness remains the discovery of a major copper-nickel-platinum groupmetals deposit in Sudbury. This new funding provides us with theworking capital to pursue a very active 2011 exploration program."
About the Company
Wallbridge Mining Company Limited's primary focus is the exploration forplatinum group elements ("PGE"), nickel and copper deposits in theSudbury area of Ontario. The Sudbury area hosts the world's largestconcentration of nickel deposits and is currently the most activemining camp in North America. Major joint venture partners in Sudburyinclude Vale, Xstrata Nickel, Lonmin Plc and Impala Platinum HoldingsLimited. Wallbridge also has a major shareholding in Duluth MetalsLimited, which has defined a large copper-nickel-PGE resource in therapidly emerging Duluth Complex base metal camp in Minnesota andrecently announced a joint venture with Antofagasta plc, which will seethe project financed through feasibility. Wallbridge also holds aportfolio of porphyry copper-gold-molybdenum properties in southwesternBritish Columbia, which is currently being spun-out into a new company,Miocene Metals Limited, which was formed to finance the exploration ofthese properties.
This document 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