Wallbridge Mining Extends Platinum-Palladium-Gold Mineralization at Amy Lake

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Sep 30, 2010, 07:30 ET

TORONTO, Sept. 30 /PRNewswire-FirstCall/ - Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) (the "Company") today announced that recent mapping and sampling on its Frost Lake Property in Sudbury have uncovered a new exposure of platinum-palladium-gold-copper-nickel mineralization that extends the Amy Lake Cu-PGE zone 70 metres further northwest. Importantly, the new exposure provides new insight into the nature of the structures controlling the PGE mineralisation. Surface sampling at the new occurrence returned assays ranging up to 25.15 grams per tonne (g/t) platinum + palladium + gold (TPM) and included a 0.40 meter channel sample returning 17.55 g/t TPM.

"We are continuing to evaluate and explore the Frost Lake property. Discovery of this new mineralization and identification of the structural controls on its distribution represents a major step forward in the exploration of the mineralization at Amy Lake", stated Alar Soever, President and CEO of Wallbridge. "This new information will be very useful in exploring the Amy Lake mineralization at depth."

Full assay results for the surface sampling carried out to date are shown in Table 1 and their location is shown on the map appended to this press release on Wallbridge's website at www.wallbridgemining.com.

    Table 1 Assay Results from 2010 Surface Samples
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                                       Plat-  Pall-               Nic-  Sul-
    Sample     Sample        TPM  Gold  inum  adium Silver Copper kel   phur
                Type         g/t   g/t   g/t    g/t   g/t   wt.%  wt.%  wt.%
    -------------------------------------------------------------------------
    706552  Grab (0.48 kg)  0.97  0.22  0.05   0.70  19.00  2.02  0.14  2.08
    706553  Grab (2.16 kg)  0.75  0.09  0.30   0.36   3.05  0.18  0.08  0.15
    706554  Grab (0.65 kg)  2.90  0.20  1.48   1.22   4.07  0.21  0.06  0.25
    706555  Grab (0.28 kg)  1.58  0.21  0.71   0.66   2.19  0.18  0.07  0.17
    706557  Grab (0.90 kg)  0.08  0.02  0.03   0.02   0.46  0.05  0.01  0.61
    706558  Grab (0.99 kg)  0.86  0.09  0.33   0.44   8.61  0.65  0.05  0.61
    706559  Grab (1.28 kg)  4.35  0.82  1.49   2.05  12.40  0.81  0.26  1.35
    706562  Grab (1.25 kg)  2.06  1.03  0.63   0.41  13.10  1.12  0.09  0.90
    706563 Channel (0.4 m)  2.16  0.15  0.54   1.48  14.55  2.16  0.31  1.97
    706564  Grab (0.96 kg)  1.83  1.06  0.04   0.73  15.90  3.14  0.39  6.13
    706565 Channel (0.4 m)  2.68  1.04  0.57   1.08  13.90  1.58  0.44  2.30
    706566 Channel (0.4 m) 17.55  0.09  9.30   8.16   1.51  0.09  0.25  0.29
    706592  Grab (1.82 kg) 25.15  0.16  3.09  21.90   4.16  0.06  1.41  1.84
    502653 Channel (0.3 m)  3.60  0.56  0.23   2.80  12.25  0.50  0.06  0.61
    502654 Channel (0.3 m)  1.87  0.24  0.91   0.72   4.04  0.46  0.13  0.93
    -------------------------------------------------------------------------
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    *TPM = Total Precious Metals =
       Platinum+Palladium+Gold

The new exposure indicates mineralization at Amy Lake is controlled by southeasterly trending structures and was not fully tested by historic drilling which was at a low angle to these structures. PGE's at Amy Lake occur within the same altered and mineralised Sudbury breccia structure that hosts the Capre 3000 Cu-PGE deposit which is currently being defined 600 meters along strike to the south on the adjacent Vale-Lonmin joint venture (see Lonmin press release January 23, 2007, and presentations posted at www.lonmin.com). PGE mineralisation at Amy Lake is interpreted to represent a primary low-sulfide halo that is typical of that peripheral to producing Cu-PGE "footwall" ore zones in Sudbury such as at Quadra FNX's Morrison deposit, portions of Xstrata Nickel's Ni-Rim South deposit, and Vale's 153 deposit. The new structural information gained from the new exposure will be valuable in following this mineralisation to depth towards an economic target.

Drill testing of this newly discovered mineralization is planned for later this fall.

Samples were prepared at ALS Chemex Ltd. laboratories in Sudbury and then shipped to their analytical facilities in Vancouver. Samples were analyzed for Au, Pt, and Pd by standard lead collection, fire assay fusion with an atomic emission spectrometry (ICP-AES) finish. Samples were analyzed for base metals, silver and trace elements using a four acid (HNO3-HCIO4-HF and HCI) near total digestion and a combination of ICP-MS and ICP-AES finish.

The Qualified Person responsible for the technical content of this press release is Mark Croteau, P.Geo, Manager of Operations for Wallbridge Mining Company Limited.

The Frost Lake Property is a joint venture between Wallbridge and Xstrata Nickel. Wallbridge is Operator and holds a 58 % interest.

About the Company

Wallbridge Mining Company Limited's primary focus is the exploration for platinum group element ("PGE"), nickel, and copper 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 and recently announced a joint venture with Antofagasta Plc., which will see the project financed through feasibility. Wallbridge also holds a portfolio of porphyry copper-gold-molybdenum properties in southwestern BC which is currently being spun-out into a new company, Miocene Metals Limited, which was formed to finance the exploration of these properties.

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.

SOURCE Wallbridge Mining Company Limited