TORONTO, March 26, 2013 /CNW/ - Wallbridge Mining Company Limited (TSX: WM) (FWB: WC7) ("Wallbridge") today announced that it has received written notice from the Ontario Ministry of Northern Development & Mines that the certified Broken Hammer Project mine closure plan has been considered filed pursuant to section 143.(8) of the Mining Act, R.S.O. 1990, Chapter M14.
"We are very pleased to have received the formal acceptance and filing of the Broken Hammer Mine Closure Plan. The Closure Plan is a major regulatory requirement and this acceptance and filing has brought Wallbridge's management and board of directors a major step closer to the production decision on this project", stated Marz Kord, President and CEO of Wallbridge. "We will continue our efforts to secure the remaining necessary permits as well as milling and mining contracts, in order to be able to make a final production decision".
Based on the success of a 30,000 tonne bulk sample from the Broken Hammer Zone, excavated and processed in 2011, Wallbridge completed an updated mineral resource estimate and subsequently completed a prefeasibility study in 2012 to determine the economics of the project.
The prefeasibility highlights include:
- Estimated Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of $8.4 million or $42.60 per tonne of ore
- Estimated total capital costs (CAPEX) for the project of $1.9 million
- Estimated pre-tax Net Present Value (NPV) of $6.0 million using an 8% discount factor
- production rate of 750 tonnes of Cu- PGE ore per day similar to the 2011 bulk sample production rate with an estimated mine life of 12 months
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV