TORONTO, May 8, 2013 /CNW/ - Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) (the "Company") announces that their Annual General Meeting of Shareholders will be held at the Strathcona Hotel, Wellington Room, in Toronto on Thursday, May 9 th at 4:30 p.m. The Strathcona Hotel is located at 60 York Street, in Toronto.
The agenda includes a formal shareholder meeting followed by a presentation from management on the Company's progress over the past year, including:
- An update on the progress on the Company's Broken Hammer deposit in Sudbury, see Wallbridge Press Release of May 7, 2013
- An update on the progress on the Company's Sudbury Camp Joint Venture with Lonmin Plc
- An update on the progress on the Company's North Range Joint Venture with Lonmin Plc
- An update on the progress on the Company's Parkin Offset Joint Venture with Impala Platinum Holdings Limited
- Status of the Company's investment in Duluth Metals (TSX:DM) of 10.1M shares (8.1%)
- Status of the Company's investment in Miocene Metals (TSXV:MII) of 28.4M shares (40.5%)
"Wallbridge's exploration effort in 2013 is focused on joint venture partner-funded projects in Sudbury while we work to advance the Broken Hammer development project towards production to generate revenue", stated Marz Kord, President and CEO of Wallbridge, "Longer term, we continue to work to attract new partnerships and are actively reviewing new opportunities to invest our assets for growth."
Drilling is expected to start soon on the Wallbridge's Sudbury Camp Joint Venture ("SCJV") with Lonmin Plc which was formed in 2002 to explore for PGEs, nickel and copper on Wallbridge properties in Sudbury, Ontario. Currently, the SCJV covers seven properties including Skynner Lake, Foy, Windy, Cascaden, Trill, Trill West and Creighton South. Under the terms of the SCJV agreement, Lonmin is required to fund a minimum of US $1.0 million expenditures each year and will earn a 50% interest in any project where an indicated resource is defined.The 2013 SCJV program follows Lonmin's October through September fiscal year and includes US $1.0 million funded by Lonmin and is focused on drilling on Wallbridge's Skynner Lake property on the east range of the Sudbury basin. Recent work on the property includes detailed geological modelling of Sudbury breccia structures similar to those hosting Cu-PGE "footwall" mineralization at Vale's Victor and Capre deposits and Xstrata Nickel's Nickel Rim South mine several kilometres to the south. Re-processing of previously collected DCIP geophysical data has defined several compelling targets and drilling is underway to test for copper-PGE sulfide mineralization. The new North Range Joint Venture ("NRJV") with Lonmin was finalized in 2012 to explore for PGEs, nickel and copper on Wallbridge properties on the North Range of the Sudbury basin. Currently the NRJV includes 15 properties covering 417 square kilometres. The 2013 NRJV program coincides with Lonmin's October through September fiscal year and has an approved budget of CAD $1.1 million funded by Lonmin. Recent work includes completion of a 900 km airborne electromagnetic (EM) survey and a 9 km surface EM survey. Drilling is planned for late May to test several of the numerous conductive anomalies that were identified and which may represent massive nickel-copper-PGE sulfide in an offset dyke environment. Prior to work by Wallbridge, the North Range Properties were largely unexplored. The properties include a strike length of over 56 kms of offset dykes, mostly discovered by Wallbridge since 2007. Disseminated nickel, copper and PGE sulfide mineralization exposed at surface within inclusion bearing phases of the quartz diorite offset dykes has been discovered in areas with little previous drilling.