Wallbridge Mining Signs $5M Joint Venture with Impala Platinum on Parkin Offset Dyke Properties in Sudburyadmin
Tuesday, August 26th 2008
Wallbridge Mining Company Limited announced that it signed a joint venture agreement with Impala Platinum Holdings Limited (“Impala”), the world’s second largest primary platinum producer, on its Parkin Offset Dyke Properties in Sudbury, Ontario.
Under the terms of the joint venture agreement, Impala will spend $5M over three years to earn a 50% interest in the properties. Impala can then increase its interest to 65% by funding a Feasibility Study and securing Wallbridge’s portion of the development funding through to commercial production on a project loan basis. The joint venture agreement is still subject to the necessary South African Reserve Bank approvals.
Commenting on the agreement with Impala, Alar Soever, President of Wallbridge, stated: “This agreement provides the funding necessary to aggressively explore this very attractive property package during an under-valued junior mining market. It is in keeping with our strategy of funding an aggressive exploration program, while minimizing dilution to our existing shareholders. We look forward to initiating a drilling program in the near future.”
Offset dykes are very attractive exploration targets in Sudbury as demonstrated by recently announced mine development projects at Totten and Copper Cliff by Vale Inco.
The Parkin Offset Dyke Properties encompass 2,150 hectares covering 9.4 kilometres of strike length of the Parkin Offset Dyke and include:
– Wallbridge’s Parkin Property (98.5% Wallbridge, 1.5% Xstrata Nickel), which hosts the Parkin Resource (43-101 Indicated Resources of 290,928 tons (at) 0.70% Cu, 0.65% Ni, 0.03% Co, 0.62 g/t Pt, 0.80 g/t Pd, 0.23 g/t Au and 6.3 g/t Ag; resource calculated in 2002 by A. Soever of Watts, Griffis and McOuat) – Wallbridge’s 100% owned Milnet Property, which hosts the past producing Milnet Mine (Reportedly produced 157,130 tons (at) 1.54% Ni, 1.49% Cu, 2.25 g/t Pt, 2.98 g/t and 0.33 g/t Au)
– Wallbridge’s Champion Bear JV Property, which hosts the Brady Showing and several other targets on the Northern Block
The Qualified Person responsible for the technical content of this press release is Bruce Jago, PhD. P.Geo, Vice-President, Exploration of Wallbridge Mining Company Limited.
Wallbridge Mining Company Limited’s primary focus is the exploration of nickel, copper and platinum group element (“PGE”) deposits in the Sudbury area of Ontario. The Sudbury area hosts the world’s largest concentration of nickel deposits and is currently the most active mining camp in North America. Major joint venture partners in Sudbury include Vale Inco, Xstrata Nickel, Lonmin Plc. and Impala Platinum Holdings Limited. Wallbridge also has a major shareholding in Duluth Metals Limited, which has defined a large copper-nickel-PGE resource in the rapidly emerging Duluth Complex base metal camp in Minnesota. Wallbridge is also exploring a large porphyry copper-gold-molybdenum property in south-western British Columbia and has interests in copper-zinc and gold properties in northeastern Ontario.
This document may contain forward-looking statements relating to Wallbridge’s operations or to the environment in which it operates. 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. Website: http://www.wallbridgemining.com/