Wallbridge Mining Initiates Drilling on Parkin Offset Dyke
Wallbridge Mining Company Limited announced that its $5 million joint venture with Impala Platinum Holdings Limited has received the necessary South African Reserve Bank approvals and drilling has been initiated on the Parkin Offset Dyke Properties in Sudbury, Ontario.
Drilling has been started with two drills, and a total of over 8,000 metres of diamond drilling is planned between now and March 2009. The drilling will test for down plunge extensions of both the past producing Milnet Mine and mineralization previously defined by Wallbridge on its Parkin Property, as well as targets on Wallbridge’s newly acquired Champion Bear Resources Joint Venture.
Under terms of the joint venture 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.
Commenting on the joint venture Alar Soever, President of Wallbridge stated, “It is our portfolio of high quality properties and joint ventures with strong partners like Impala that allow us to maintain a high level of activity in spite of the current investment climate.”
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.
