Wallbridge Repays Its Debts to Its Major Creditors
TORONTO, Jan. 27, 2015 (GLOBE NEWSWIRE) -- Wallbridge Mining Company Ltd. (TSX:WM) (FWB:WC7) ("Wallbridge") is pleased to announce that pursuant to the acquisition of Duluth Metals Ltd. ("Duluth") by Antofagasta Investment Company Limited ("Antofagasta") which was completed on January 20, 2015, Wallbridge received cash proceeds of $2,283,777 ("Proceeds") from the sale of its then remaining 5,075,060 shares in the capital of Duluth. From those Proceeds, Wallbridge has fully repaid its remaining $1M debt owing to Callinan Royalties Corp. ("Callinan") pursuant to a line of credit (the "LOC") entered into with Callinan on December 12, 2012 ("LOC Obligations"). Wallbridge has also prepaid, without penalty, the US $750,000 remaining balance of its US $1.5 million bridge loan provided by Auramet International LLC ("Auramet") on August 26, 2014. For further details please refer to press releases dated November 20, 2014 and November 12, 2014.
Wallbridge continues to generate positive cash flow from its Broken Hammer open pit operation and expects the mining operations to continue to the second half of 2015.
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 28.4 million shares (40.5%) in its second spin-out company, Miocene Resources Limited (TSX-V:MII). Miocene is currently completing a Reverse Takeover transaction with CaruBE Resources Inc., a private Canadian company, which has six copper-gold exploration licences in Jamaica with active exploration joint venture funding supplied by OZ Minerals.
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 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.
