Wallbridge Provides Update on Broken Hammer
TORONTO, Jan. 13, 2015 (GLOBE NEWSWIRE) -- Wallbridge Mining Company Ltd. (TSX:WM) (FWB:WC7) ("Wallbridge") is pleased to announce that its Broken Hammer open pit operation in Sudbury, Ontario, is progressing well. Ongoing mining has produced significant additional tonnes and contained metals compared to the 2013 Mineral Reserve Estimate which was used in the 2013 Prefeasibility Study (See Wallbridge press releases November 29, 2012 and July 15, 2014).
Production at Broken Hammer commenced in July 2014. During 2014, approximately 120,000 tonnes of ore were mined at Broken Hammer and processed at the Redstone Mill operated by Northern Sun Mining Corp.
Approximately 40% of the original mine plan has been completed and Wallbridge has realized a 75% increase in tonnes of ore relative to the 2013 Mineral Reserve Estimate. Increased tonnage is a result of the copper-PGM veins on every bench to date being thicker and more continuous than estimated in the 2013 Mineral Reserve Estimate as well as mining dilution. Wallbridge will continue to mine the balance of the deposit during fiscal 2015 and the deposit is still open at depth and to the west.
Since the commencement of production in July 2014, approximately 4,600 tonnes of copper concentrates have been delivered to a nearby copper smelter with average grade of 23.5% copper and 60 grams per tonne PGM (19 g/t platinum, 33 g/t palladium and 9 g/t gold).
In addition, more than 60 tonnes of high grade gravity concentrates have been produced and shipped to a PGM smelter in Europe with average PGM grade of 1,600 grams per tonne (1,300 g/t platinum, 90 g/t palladium and 210 g/t gold).
The Broken Hammer open pit project is currently expected to continue to June, 2015, and provide Wallbridge with more than $6 million in net cash flow amid the current low metal prices.
The Broken Hammer deposit is open to depth beneath the open pit, and mineralised trends have been identified extending to the west, the east and the northeast. Exploration is ongoing on the adjacent Wisner joint venture with Lonmin Plc to test these mineralised trends (see Wallbridge press release September 30, 2014).
Table 1 below compares the mined tonnes and contained metals against the 2013 mineral reserve estimate used in the PFS:
| Table 1: Delivered Tonnes, and Contained Metal (to bench 379 as at December 31, 2014) | ||||||||||
| Tonnes | Copper (lbs) | Platinum (ounces) | Palladium (ounces) | Gold (ounces) | ||||||
| 2013 Mineral Reserve to bench 379 | 68,841 | 1,481,428 | 5,157 | 4,268 | 1,169 | |||||
| Mined in 2014 to bench 379 | 120,656 | 2,566,358 | 7,303 | 5,995 | 2,055 | |||||
| Variance | +75.2% | +73.2% | +41.6% | +40.4% | +75.8% | |||||
| Remaining 2013 Mineral Reserve (below bench 379) | 126,927 | 2,516,557 | 8,082 | 7,728 | 2,850 | |||||
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 from a Bulk Sample program carried out in 2011, Wallbridge completed a Pre-Feasibility Study ("PFS") of Broken Hammer in 2013 and commenced construction of an open pit mine in April 2014.
Wallbridge currently holds a 98.5% interest in the Broken Hammer Property while Glencore retains a 1.5% carried interest.
The Qualified Person responsible for the technical content of this press release is Marz Kord, P. Eng., President & CEO for Wallbridge Mining Company Ltd..
About Wallbridge Mining
Wallbridge Mining Company Ltd. (TSX:WM) is currently operating its first polymetallic mine, producing copper, platinum, palladium, and gold from the Broken Hammer open pit mine in Sudbury, Ontario, Canada's premier mining district.
Wallbridge is also actively exploring a large package of properties in Sudbury, including operating several significant exploration joint ventures with partners Lonmin Plc, Impala Platinum Holdings Ltd. and Glencore in Sudbury.
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. As such, Wallbridge currently retains its stake in its first spin-out company, Duluth Metals Ltd. (TSX:DM), at 5.05 million shares as well as 28.4 million shares (40.5%) in its second spin-out company, Miocene Metals Limited (TSX-V:MII), which is currently in the process of completing a Reverse Takeover transaction with CaruBE Resources Inc.
For Further Information
Please visit the Company's website at www.wallbridgemining.com, or contact:
Linda Zubal
Vice President, Corporate Communications
Tel: (705) 682-9297 ext. 263
Email: lzubal@wallbridgemining.com
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 the Antofagasta acquisition of Duluth is completed, 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.
