TORONTO, March 26, 2013 /CNW/ - Wallbridge Mining Company Limited (TSX: WM) (FWB: WC7) ("Wallbridge") today announced that it has received written notice from the Ontario
Ministry of Northern Development & Mines that the certified Broken
Hammer Project mine closure plan has been considered filed pursuant to
section 143.(8) of the Mining Act, R.S.O. 1990, Chapter M14.
"We are very pleased to have received the formal acceptance and filing
of the Broken Hammer Mine Closure Plan. The Closure Plan is a major
regulatory requirement and this acceptance and filing has brought
Wallbridge's management and board of directors a major step closer to
the production decision on this project", stated Marz Kord, President
and CEO of Wallbridge. "We will continue our efforts to secure the
remaining necessary permits as well as milling and mining contracts, in
order to be able to make a final production decision".
Based on the success of a 30,000 tonne bulk sample from the Broken
Hammer Zone, excavated and processed in 2011, Wallbridge completed an
updated mineral resource estimate and subsequently completed a
prefeasibility study in 2012 to determine the economics of the project.
The prefeasibility highlights include:
-
Estimated Earnings Before Interest, Taxes, Depreciation, and
Amortization (EBITDA) of $8.4 million or $42.60 per tonne of ore
-
Estimated total capital costs (CAPEX) for the project of $1.9 million
-
Estimated pre-tax Net Present Value (NPV) of $6.0 million using an 8%
discount factor
-
production rate of 750 tonnes of Cu- PGE ore per day similar to the 2011
bulk sample production rate with an estimated mine life of 12 months
The prefeasibility study recommended that the project proceed to
feasibility study. The feasibility study components include securing
the necessary permits, a milling contract as well as securing the
mining contracts before a final decision is made by Wallbridge's board
of directors to proceed with the production of the Broken Hammer
project.
The Broken Hammer Mine Closure Plan was prepared for Wallbridge Mining
by AMEC Consultants. In Ontario, an accepted, certified Closure Plan is
required before starting advanced exploration or mine production. The
Closure Plan is an environmental review of the project by the
regulatory authorities including public and First Nation groups and it
describes measures to rehabilitate the site, and provides financial
assurance for the rehabilitation. Pursuant to the Closure Plan,
Wallbridge Mining has placed a bond for the rehabilitation of the
Broken Hammer Mine with the Ministry of Northern Development & Mines.
Other environmental permit applications have also been submitted and
are being reviewed by the various governmental agencies and are
expected in the second quarter of 2013.
The Qualified Person responsible for the technical content of this press
release is Marz Kord, P. Eng., M. SC., MBA, President & CEO For
Wallbridge Mining Company Limited.
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 permitting stage Broken Hammer mine development project and
significant exploration joint ventures with partners Lonmin Plc, Impala
Platinum Holdings Limited.
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 2011, Wallbridge created Miocene Metals Limited (TSXV:MII) to explore
and develop 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 (40.8%).
Wallbridge has a record of successfully generating high potential
mineral projects and structuring partnerships and new companies to
create value for its shareholders and its partners.
This press release may contain forward-looking statements (including
"forward-looking information" within the meaning of applicable Canadian
securities legislation and "forward-looking statements" within the
meaning of the US Private Securities Litigation Reform Act of 1995)
relating to, among other things, the operations of Wallbridge and the
environment in which it operates. Generally, forward-looking
statements can be identified by the use of words such as "plans",
"expects" or "does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases or
statements that certain actions, events or results "may", "could",
"would", "might" or "will be taken", "occur" or "be achieved".
Wallbridge has relied on a number of assumptions and estimates in
making such forward-looking statements, including, without limitation,
the costs associated with the development and operation of its
properties. Such assumptions and estimates are made in light of the
trends and conditions that are considered to be relevant and reasonable
based on information available and the circumstances existing at this
time. A number of risk factors may cause actual results, level of
activity, performance or outcomes of such exploration and/or mine
development to be materially different from those expressed or implied
by such forward-looking statements including, without limitation,
whether such discoveries will result in commercially viable quantities
of such mineralized materials, the possibility of changes to project
parameters as plans continue to be refined, the ability to execute
planned exploration and future drilling programs, the need for
additional funding to continue exploration and development efforts,
changes in general economic, market and business conditions, and those
other risks set forth in Wallbridge's most recent annual information
form under the heading "Risk Factors" and in its other public filings.
Forward-looking statements are not guarantees of future performance and
such information is inherently subject to known and unknown risks,
uncertainties and other factors that are difficult to predict and may
be beyond the control of Wallbridge. Although Wallbridge has attempted
to identify important risks and factors that could cause actual
actions, events or results to differ materially from those described in
forward-looking statements, there may be other factors and risks that
cause actions, events or results not to be as anticipated, estimated or
intended. Consequently, undue reliance should not be placed on such
forward-looking statements. In addition, all forward-looking statements
in this press release are given as of the date hereof.
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. The forward-looking statements contained
herein are expressly qualified by this disclaimer.
SOURCE: Wallbridge Mining Company Limited
