mining in the Sudbury area... TORONTO, March 24, 2014 /CNW/ - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) ("Wallbridge") today announced that it has entered into a definitive custom milling agreement with Northern Sun Mining Corp. (TSX:NSC) to provide for the custom milling of Wallbridge's Broken Hammer project at NSC's Redstone Mill in Timmins, Ontario. Pursuant to the terms of the agreement, Northern Sun will be responsible for the handling and milling of such ore. The agreement is for approximately a one year term based on a minimum of 800 tonnes per day and milling is expected to begin on or about June 30, 2014. The Redstone mill will generate both a gravity concentrate and a floatation concentrate which will then be conveyed to copper smelters or refinery for further treatment.
Wallbridge has now drawn the remaining $1.25M of its $2.0M Line of Credit facility with Callinan and will use those proceeds for the initial capital requirements of Broken Hammer project. Mining contractor is expected to mobilize within the next two weeks and construction is expected shortly thereafter.
About Wallbridge Mining
Wallbridge Mining Company Limited (WM:TSX) is an established junior company, formed in 1996, whose mission is to explore and develop platinum group elements (PGE's) in mining friendly jurisdictions of North America.
Wallbridge is currently exploring and developing a large package of properties in Sudbury, Ontario, Canada's premier mining district. These include the pre-feasibility stage Broken Hammer development project and significant exploration joint ventures with partners Lonmin Plc, Impala Platinum Holdings Limited and Glencore.
In 2005, Wallbridge created Duluth Metals Limited (TSX:DM) to explore and develop projects in Minnesota, USA. Duluth Metals has since defined the world's largest undeveloped sulfide PGEs, copper and nickel deposit which it is developing through Twin Metals Limited, a joint venture with copper producer Antofagasta Plc. Wallbridge currently retains 10.1 million shares of Duluth Metals (8.1%).
In 2010, Wallbridge created Miocene Metals Limited (TSXV:MII) to explore and develop seven porphyry copper-gold-molybdenum projects in British Columbia, Canada, within a previously under-recognized belt of Miocene-age intrusions. These projects are early stage with large mineralized structures and alteration zones that are ready for drilling with potential for large tonnage deposits. Wallbridge currently retains 28.4 million shares of Miocene Metals (40.5%).
Fire up Shakespeare in 2014