Wallbridge and Lonmin finalize 2013 platinum palladium exploration programs in Sudbury
Friday, Nov 30, 2012TORONTO, Nov. 29, 2012 /CNW/ - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) ("Wallbridge") today announced that it has finalized the 2013 budgets on two joint ventures with Lonmin Plc ("Lonmin") to explore for platinum, palladium, copper, nickel, and gold mineralization in Sudbury, Ontario. The 2013 budgets include US$1 million for exploration on the Sudbury Camp Joint Venture ("SCJV") and CAN$1.1 million for exploration on the recently finalized North Range Joint Venture ("NRJV") funded solely by Lonmin. Work will include detailed geological modelling, airborne and ground geophysical surveys this winter and up to 4300 metres diamond drilling and borehole geophysics in the spring.
"Wallbridge is very pleased to continue its joint venture partnerships with
Lonmin in Sudbury," commented Marz Kord, President and CEO of Wallbridge, "As Wallbridge advances towards production at Broken Hammer, this exploration funded by Lonmin will allow us to also advance these earlier-stage projects towards discovery."
About the Sudbury Camp Joint Venture ("SCJV"):
The SCJV with Lonmin was formed to explore for platinum group metals, nickel and copper on Wallbridge projects in Sudbury, Ontario. Currently, the SCJV covers seven projects including Skynner Lake, Foy, Windy, Cascaden, Trill, Trill West, and Creighton South. These projects cover mineralized structures and favourable geology with geological and geophysical drill targets and are adjacent to the Sudbury Igneous Complex (SIC) contact which hosts many well-known mines and
Under the terms of the SCJV Agreement, Lonmin must fund a minimum of US$1 million in expenditures each year to maintain the option to earn up to a 50% interest in any property, based on its proportionate spend at the point at which an Indicated Resource is established on that property. Lonmin has the option to earn an additional 15% interest by funding work through completion of a feasibility study and securing the Wallbridge portion of financing through to commercial production.
About the North Range Joint Venture ("NRJV"):
The recently finalized NRJV with Lonmin has been formed to explore for platinum group metals, nickel and copper on 14 of Wallbridge's North Range projects in Sudbury, Ontario.
Source: Wallbridge Mining Company Limited