TORONTO, May 8, 2013 /CNW/ - Wallbridge Mining Company Limited (TSX:WM,
FWB: WC7) (the "Company") announces that their Annual General Meeting
of Shareholders will be held at the Strathcona Hotel, Wellington Room,
in Toronto on Thursday, May 9th at 4:30 p.m. The Strathcona Hotel is located at 60 York Street, in
Toronto.
The agenda includes a formal shareholder meeting followed by a
presentation from management on the Company's progress over the past
year, including:
-
An update on the progress on the Company's Broken Hammer deposit in
Sudbury, see Wallbridge Press Release of May 7, 2013
-
An update on the progress on the Company's Sudbury Camp Joint Venture
with Lonmin Plc
-
An update on the progress on the Company's North Range Joint Venture
with Lonmin Plc
-
An update on the progress on the Company's Parkin Offset Joint Venture
with Impala Platinum Holdings Limited
-
Status of the Company's investment in Duluth Metals (TSX:DM) of 10.1M
shares (8.1%)
-
Status of the Company's investment in Miocene Metals (TSXV:MII) of 28.4M
shares (40.5%)
"Wallbridge's exploration effort in 2013 is focused on joint venture
partner-funded projects in Sudbury while we work to advance the Broken
Hammer development project towards production to generate revenue",
stated Marz Kord, President and CEO of Wallbridge, "Longer term, we
continue to work to attract new partnerships and are actively reviewing
new opportunities to invest our assets for growth."
Drilling is expected to start soon on the Wallbridge's Sudbury Camp Joint Venture ("SCJV") with Lonmin Plc which was formed in 2002 to explore for PGEs, nickel and copper on
Wallbridge properties in Sudbury, Ontario. Currently, the SCJV covers
seven properties including Skynner Lake, Foy, Windy, Cascaden, Trill,
Trill West and Creighton South. Under the terms of the SCJV agreement,
Lonmin is required to fund a minimum of US $1.0 million expenditures
each year and will earn a 50% interest in any project where an
indicated resource is defined.
The 2013 SCJV program follows Lonmin's October through September fiscal
year and includes US $1.0 million funded by Lonmin and is focused on
drilling on Wallbridge's Skynner Lake property on the east range of the
Sudbury basin. Recent work on the property includes detailed geological
modelling of Sudbury breccia structures similar to those hosting Cu-PGE
"footwall" mineralization at Vale's Victor and Capre deposits and
Xstrata Nickel's Nickel Rim South mine several kilometres to the south.
Re-processing of previously collected DCIP geophysical data has defined
several compelling targets and drilling is underway to test for
copper-PGE sulfide mineralization.
The new North Range Joint Venture ("NRJV") with Lonmin was finalized in 2012 to explore for PGEs, nickel and copper on
Wallbridge properties on the North Range of the Sudbury basin.
Currently the NRJV includes 15 properties covering 417 square
kilometres.
The 2013 NRJV program coincides with Lonmin's October through September
fiscal year and has an approved budget of CAD $1.1 million funded by
Lonmin. Recent work includes completion of a 900 km airborne
electromagnetic (EM) survey and a 9 km surface EM survey. Drilling is
planned for late May to test several of the numerous conductive
anomalies that were identified and which may represent massive
nickel-copper-PGE sulfide in an offset dyke environment.
Prior to work by Wallbridge, the North Range Properties were largely
unexplored. The properties include a strike length of over 56 kms of
offset dykes, mostly discovered by Wallbridge since 2007. Disseminated
nickel, copper and PGE sulfide mineralization exposed at surface within
inclusion bearing phases of the quartz diorite offset dykes has been
discovered in areas with little previous drilling.
The Parkin Offset Joint Venture ("POJV") between Wallbridge and Impala
Platinum Holdings Limited ("Impala") is exploring for PGEs, nickel and copper on the 9.4 km strike length of the Parkin Offset
Dyke in Sudbury, Ontario.
Drilling completed last December was successful in extending the massive
sulfide Milnet 1500 Zone and associated conductors over total minimum
dimensions of 400 by 50-60 m and unknown thickness. Since then, very
detailed geological and geophysical modelling has been ongoing to
better define and prioritize the many exploration targets on the
property to determine the next phase of work.
The POJV property includes the past-producing Milnet mine, the NI 43-101
compliant Parkin Resource, the recently discovered Milnet 1500 Zone,
several very high grade surface showings and numerous drilling targets.
Impala completed $6.2 million expenditure to earn a 50% interest in the
POJV in 2011. Impala may earn an additional 15% interest by funding a
Feasibility Study and securing Wallbridge's portion of development
funding to commercial production on a project loan basis.
Detailed geological and geophysical modelling to better define and
prioritize targets is being completed on Wallbridge's other projects in
Sudbury including its Wisner Area Properties, its East Range Properties, and its Drury and Worthington Properties. All of these include mineralized structures and numerous geophysical
drilling targets which are being reviewed.
For an update on Wallbridge's Broken Hammer project, please refer to the
recent press release dated May 7, 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 pre-feasibility stage Broken Hammer development project and
significant exploration joint ventures with partners Lonmin Plc, Impala
Platinum Holdings Limited and Xstrata Nickel.
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%).
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
