Wallbridge Mining Announces the Results of the Broken Hammer Bulk Sample
TORONTO, Nov. 22, 2011 /CNW/ - Wallbridge Mining Company Limited
(FWB: WC7) ('Wallbridge') is pleased to announce that it has received the metal balance results of its Broken Hammer bulk sample program.Wallbridge delivered more than 30,000 tonnes of ore in July of this year as part of their 2011 bulk sample program to Xstrata Nickel's Strathcona mill in Sudbury. The metallurgical performance was favourable with metal recoveries similar to or better than typical Sudbury Basin Cu-Ni-Pt-Pd-Au footwall-type deposits. The assay results were provided by XPS Laboratories in Sudbury, Ontario.
The first payment, representing an advance payment for a portion of the payable metal revenue was received and the balance of payment is anticipated to be received in 2012, subsequent to the smelting of the concentrate at the Xstrata Nickel smelter in Sudbury. The Net Smelter Return, based on October monthly average prices for Cu, Ni, Pt, Pd, Au, and Ag, is approximately $4M with estimated net proceeds of $2.6M after mining, milling, refining and treatment charges.
Wallbridge discovered Broken Hammer as a result of an ongoing grass roots exploration program on the North Range of the Sudbury Basin. Based on the positive results of the Bulk Sample, Wallbridge commissioned the Pre-Feasibility ('PFS') and Feasibility study ('FS') of Broken Hammer in October 2011. The results of the bulk sample program as well as additional drilling since 2005 will be incorporated into the new NI-43-101 resource estimate which is currently being completed as part of the PFS.
Wallbridge currently holds a 98.5% interest in the Broken Hammer Property while Xstrata Nickel retains a 1.5% carried interest with some buy back provisions.
The Qualified Person responsible for the technical content of this press release is Marz Kord, President, for Wallbridge Mining Company Limited.
About the Company
Wallbridge Mining Company Limited's primary focus is the exploration for platinum group elements ('PGE'), nickel and copper deposits in the Sudbury area of Ontario. The Sudbury area hosts one of the world's largest concentrations of nickel deposits and is currently the most active mining camp in North America. Major joint venture partners in Sudbury include Xstrata Nickel, Lonmin Plc and Impala Platinum Holdings Limited. Wallbridge also has a significant shareholding in its spin out company, Duluth Metals Limited which is advancing its very large copper-nickel-platinum-palladium-gold deposit in northern Minnesota through feasibility in joint venture with Antofagasta plc, one of the world's major copper producers. Wallbridge also holds a major shareholding its latest spin out company, Miocene Metals Limited
, which was formed to finance the exploration of a portfolio of copper-gold-molybdenum properties in southwestern BC.This document may contain forward-looking statements relating to operations of Wallbridge or its subsidiaries or to the environment in which they operate. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and may be beyond Wallbridge's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in other public filings. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not be placed on such forward-looking statements. 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.
Wallbridge Mining Company Limited
CONTACT: Please visit the Company's website at www.wallbridgemining.com ,
or
contact:
Wallbridge Mining Company Limited
Joshua Bailey, M.Sc., P.Geo, Vice President Corporate Development
Tel: (705) 682-9297 ext. 240
Email: jbailey@wallbridgemining.com
Floyd Weiner,
Investor Relations
Tel: (416) 553-4001
Email: fweiner@wallbridgemining.com
Ron Poirier,
Investor Relations
Tel: (705) 682-9297 ext 263
Email: rpoirier@wallbridgemining.com
