TORONTO, Dec. 14 /PRNewswire/ - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) (the "Company") today announced that it had signed a Letter of Intent to enter into an agreement with Technica Group Inc. for the purpose of extracting a bulk sample from the Broken Hammer platinumpalladium-gold-copper Resource on its Broken Hammer Property in Sudbury. The purpose of the bulk sample is to confirm the grades and metal recoveries and establish the economic viability of the deposit for potential mining.
Under the agreement, Technica Mining, a Division of Technica Group Inc., will advance the financing required for extraction of the bulk sample, and will be responsible for extraction of the bulk sample and the delivery of the bulk sample to a milling facility. The agreement also provides Technica with a right of first refusal on the mining contract for the eventual mining of the Broken Hammer resource.
"This agreement represents an important step in the development of our Company as it combines Technica's operating experience with Wallbridge's geological expertise, and provides the financing required for the extraction of the bulk sample.", stated Alar Soever, President and CEO of Wallbridge, "While we will initially be applying Wallbridge's and Technica's combined skill sets to the Broken Hammer resource, our most advanced property, this endeavor puts us in an extremely strong position to pursue new mining ventures for future growth.
"Technica Mining is very excited about the new opportunities that our agreement with Wallbridge Mining presents within the Sudbury basin. Commented Mario Grossi, President of Technica Mining, "Our combined skill sets will demonstrate the necessary experience needed to develop near surface deposits such as Wallbridge's Broken Hammer property."
The Broken Hammer Resource is located on the Broken Hammer Property on the Northern Rim of the Sudbury Mining Camp. It forms a surface zone of vein-and vein stockwork-hosted copper-PGE mineralization. In November 2005, David Rennie P.Geo. of Roscoe Postle Associates Inc. completed a NI 43-101 compliant mineral resource estimate that defined an Inferred Mineral Resource of 251,000 tonnes averaging 3.80 g/t total precious metals (1.56 g/t Pd, 1.62 g/t Pt, and 0.61 g/t Au), 1.00% copper, and 0.10% nickel. Formerly part of the Wisner Property within the 4X Joint Venture with Falconbridge; Wallbridge re -negotiated ownership in 2006 and currently holds a 98.5% interest in the Broken Hammer Property; Xstrata Nickel retains a 1.5 % carried interest with some buy back options.
The Qualified Person responsible for the technical content of this press release is Alar Soever, P.Geo, President and CEO of Wallbridge Mining Company Limited.
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, 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 has a major shareholding in Miocene Metals Limited, a private company spun-out from Wallbridge, to finance the exploration of a portfolio of porphyry coppergold- molybdenum properties in southwestern BC.
Technica Mining is a Sudbury based underground Mining and Construction Contractor serving the local mining industry over the past 10 years. During this time, Technica has successfully provided all facets of underground service, from development and construction to full production services for its valued clients. In addition to their mining contracting services, Technica Mining is expanding their focus to assist in the development of small volume, near surface deposits. Their construction, development and operational experience coupled with their strong entrepreneurial management will make previously considered uneconomical ore bodies much more attractive when approached on a micro or small scale.
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 forwardlooking 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