Wallbridge Mining Company Limited (TSX:WM)
(FWB:WC7) ("
Wallbridge") is pleased to announce
that its Broken Hammer open pit operation in Sudbury, Ontario, is
progressing well. Ongoing mining has produced significant
additional tonnes and contained metals compared to the 2013 Mineral
Reserve Estimate which was used in the 2013 Prefeasibility Study
(See Wallbridge press releases November 29, 2012 and July 15,
2014).
Production at Broken Hammer commenced in July 2014. During 2014,
approximately 120,000 tonnes of ore were mined at Broken Hammer and
processed at the Redstone Mill operated by Northern Sun Mining
Corp.
Approximately 40% of the original mine plan has been completed
and Wallbridge has realized a 75% increase in tonnes of ore
relative to the 2013 Mineral Reserve Estimate. Increased tonnage is
a result of the copper-PGM veins on every bench to date being
thicker and more continuous than estimated in the 2013 Mineral
Reserve Estimate as well as mining dilution. Wallbridge will
continue to mine the balance of the deposit during fiscal 2015 and
the deposit is still open at depth and to the west.
Since the commencement of production in July 2014, approximately
4,600 tonnes of copper concentrates have been delivered to a nearby
copper smelter with average grade of 23.5% copper and 60 grams per
tonne PGM (19 g/t platinum, 33 g/t palladium and 9 g/t gold).
In addition, more than 60 tonnes of high grade gravity
concentrates have been produced and shipped to a PGM smelter in
Europe with average PGM grade of 1,600 grams per tonne (1,300 g/t
platinum, 90 g/t palladium and 210 g/t gold).
The Broken Hammer open pit project is currently expected to
continue to June, 2015, and provide Wallbridge with more than $6
million in net cash flow amid the current low metal prices.
The Broken Hammer deposit is open to depth beneath the open pit,
and mineralised trends have been identified extending to the west,
the east and the northeast. Exploration is ongoing on the adjacent
Wisner joint venture with Lonmin Plc to test these mineralised
trends (see Wallbridge press release September 30, 2014). Table 1
below compares the mined tonnes and contained metals against the
2013 mineral reserve estimate used in the PFS:
Table 1:
Delivered Tonnes, and Contained Metal (to bench 379 as at December
31, 2014) |
|
|
|
|
|
|
|
|
|
|
|
|
Tonnes |
Copper (lbs) |
Platinum
(ounces) |
Palladium
(ounces) |
Gold (ounces) |
2013 Mineral Reserve to bench
379 |
68,841 |
1,481,428 |
5,157 |
4,268 |
1,169 |
Mined in 2014 to bench
379 |
120,656 |
2,566,358 |
7,303 |
5,995 |
2,055 |
|
|
|
|
|
|
Variance |
+75.2% |
+73.2% |
+41.6% |
+40.4% |
+75.8% |
|
|
|
|
|
|
Remaining 2013 Mineral Reserve
(below bench 379) |
126,927 |
2,516,557 |
8,082 |
7,728 |
2,850 |
Wallbridge discovered Broken Hammer as a result of an ongoing
grass roots exploration program on the North Range of the Sudbury
Basin. Based on the positive results from a Bulk Sample program
carried out in 2011, Wallbridge completed a Pre-Feasibility Study
("PFS") of Broken Hammer in 2013 and commenced construction of an
open pit mine in April 2014. Wallbridge currently holds a 98.5%
interest in the Broken Hammer Property while Glencore retains a
1.5% carried interest. The Qualified Person responsible for the
technical content of this press release is Marz Kord, P. Eng.,
President & CEO for Wallbridge Mining Company Limited.
About Wallbridge Mining
Wallbridge Mining Company Limited (TSX:WM) is
currently operating its first polymetallic mine, producing copper,
platinum, palladium, and gold from the Broken Hammer open pit mine
in Sudbury, Ontario, Canada's premier mining district.
Wallbridge is also actively exploring a large package of
properties in Sudbury, including operating several significant
exploration joint ventures with partners Lonmin Plc, Impala
Platinum Holdings Limited and Glencore in Sudbury.
Wallbridge has a record of successfully generating high
potential mineral projects and structuring partnerships and new
companies to create value for its shareholders and its partners. As
such, Wallbridge currently retains its stake in its first spin-out
company, Duluth Metals Limited (TSX:DM), at 5.05 million
shares as well as 28.4 million shares (40.5%) in its second
spin-out company, Miocene Metals Limited (TSX-V:MII), which is
currently in the process of completing a Reverse Takeover
transaction with Carube Resources Inc.
For Further Information
Please visit the Company's website at www.wallbridgemining.com,
or contact:
Linda Zubal Vice President, Corporate Communications Tel:
(705) 682-9297 ext. 263 Email: lzubal@wallbridgemining.com
This press release may contain forward-looking
statements (including "forward-looking information" within the
meaning of applicable Canadian securities legislation and
"forward-looking statements" within the meaning of the US Private
Securities Litigation Reform Act of 1995) relating to, among other
things, the operations of Wallbridge and the environment in which
it operates. Generally, forward-looking statements can be
identified by the use of words such as "plans", "expects" or "does
not expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or statements
that certain actions, events or results "may", "could", "would",
"might" or "will be taken", "occur" or "be achieved".
Wallbridge has relied on a number of assumptions and estimates in
making such forward-looking statements, including, without
limitation, the costs associated with the development and operation
of its properties. Such assumptions and estimates are made in
light of the trends and conditions that are considered to be
relevant and reasonable based on information available and the
circumstances existing at this time. A number of risk factors may
cause actual results, level of activity, performance or outcomes of
such exploration and/or mine development to be materially different
from those expressed or implied by such forward-looking statements
including, without limitation, whether the Antofagasta acquisition
of Duluth is completed, whether such discoveries will result in
commercially viable quantities of such mineralized materials, the
possibility of changes to project parameters as plans continue to
be refined, the ability to execute planned exploration and future
drilling programs, the need for additional funding to continue
exploration and development efforts, changes in general economic,
market and business conditions, and those other risks set forth in
Wallbridge's most recent annual information form under the heading
"Risk Factors" and in its other public filings.
Forward-looking statements are not guarantees of future performance
and such information is inherently subject to known and unknown
risks, uncertainties and other factors that are difficult to
predict and may be beyond the control of Wallbridge. Although
Wallbridge has attempted to identify important risks and factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking statements,
there may be other factors and risks that cause actions, events or
results not to be as anticipated, estimated or intended.
Consequently, undue reliance should not be placed on such
forward-looking statements. In addition, all forward-looking
statements in this press release are given as of the date
hereof.
Wallbridge disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, save and
except as may be required by applicable securities laws. The
forward-looking statements contained herein are expressly qualified
by this disclaimer.
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