This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Wallbridge Mining Receives Notice Of Acceptance And Filing Of Closure Plan For Broken Hammer In Sudbury, Ontario

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

The prefeasibility study recommended that the project proceed to feasibility study. The feasibility study components include securing the necessary permits, a milling contract as well as securing the mining contracts before a final decision is made by Wallbridge's board of directors to proceed with the production of the Broken Hammer project.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.18 1.64%
FB $117.43 -0.96%
GOOG $692.36 -0.84%
TSLA $232.32 -3.92%
YHOO $36.01 -1.42%


Chart of I:DJI
DOW 17,750.91 -140.25 -0.78%
S&P 500 2,063.37 -18.06 -0.87%
NASDAQ 4,763.2240 -54.37 -1.13%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs