Wallbridge Mining Company Limited (TSX: WM, OTCQX:WLBMF)
(“Wallbridge” or the “Company”), the Cree Nation of Waskaganish,
the Cree Nation of Washaw Sibi, the Grand Council of the Crees
(Eeyou Istchee) and the Cree Nation Government are pleased to
announce the signing of a Pre-Development Agreement (“PDA”). Under
the terms of the PDA, the parties have agreed to promote a
cooperative and mutually respectful relationship concerning the
exploration and pre-development activities of Wallbridge at the
Company’s Detour-Fenelon Gold Trend Properties in Northwestern
Quebec.
The PDA has been developed on the basis of
ongoing and continuous communications between the parties which
have allowed them to build a true and strong partnership in regard
to the exploration activities of Wallbridge. This ground-breaking
agreement notably provides for enhanced Cree participation in the
business and employment opportunities flowing from the Fenelon
Project as well for the implementation of a jointly developed
Cultural Awareness Program and the establishment of a cultural
centre at Fenelon to sensitize workers to Indigenous realities and
culture and to promote a working environment characterized by
mutual respect.
The signatories to the agreement have agreed to
support and facilitate the exploration and pre-development
activities of Wallbridge and to cooperate in the preparation of all
necessary environmental and social impact assessment studies
relating to the Fenelon project. The PDA also contemplates the
completion of an Impacts and Benefits Agreement upon the
demonstrated economic viability of any project along the
Detour-Fenelon Gold Trend.
Marz Kord, President & CEO of Wallbridge
stated: “We are extremely pleased to have signed this
pre-development agreement with our Cree Nation partners. Since our
entry into Quebec in late 2016, we have worked together in the
spirit of mutual respect, trust and cooperation. The continued
relations with our Cree partners can generate substantial long-term
economic and social opportunities for our respective stakeholders.
This foundational agreement marks an important milestone in our
relationship and we look forward to building on this success as we
advance the Fenelon project and our other properties on the
Detour-Fenelon Gold Trend.”
“Although the economic development of our
territory must always be balanced with the preservation of our Cree
traditional way of life and the environmental protection of our
lands, Wallbridge and the Crees have established a new standard for
the way in which such development should take place,” stated Mandy
Gull-Masty, Grand Chief of the Grand Council of the Crees (Eeyou
Istchee). “Sustained and meaningful communication lies at the heart
of this success story which has already resulted in substantial
employment and revenues for our Cree communities prior to today’s
agreement being signed.”
“The benefits that our communities have gained
thus far in our relationship with Wallbridge have been significant.
It is appropriate, however, to now formalize this relationship,”
said Chief Annie Mapachee-Salt of the Cree Nation of Washaw Sibi,
“To have made the progress that we have made thus far has required
that we have a willing, an understanding and an honourable partner.
It is important for us to acknowledge today that Wallbridge has
shown itself to be such a partner. The company has worked hard to
fully understand the Cree role in the territory and to ensure that
what happens on a day-to-day basis fully reflects this
understanding.”
Chief Clarke Shecapio of the Cree Nation of
Waskaganish stated: “This Agreement demonstrates what can be
achieved by mining companies through meaningful engagement and
collaboration with Cree communities. It also highlights the
milestones that can be reached when two Cree First Nations work
together to protect and advance Cree interests on our territory.
Our relationship with Wallbridge and the Cree Nation of Washaw Sibi
has not only generated substantial economic benefits, but has also
allowed for the inclusion of important Cree environmental and
conservation concerns into the way in which mining operations are
carried out.”
About Wallbridge Mining
Wallbridge is focused on creating value through
the discovery, acquisition, development, and production of gold
from a portfolio of advanced exploration stage assets located in
established mining jurisdictions within Canada. Wallbridge’s
flagship project, Fenelon, is located on the highly prospective
Detour-Fenelon Gold Trend in Northern Abitibi, Quebec. A mineral
resource estimate completed in 2021 validated the
multi-million-ounce gold potential of Fenelon as well as
Wallbridge’s nearby Martiniere Property, incorporating a combined
2.67 million ounces of indicated resources and 1.72 million ounces
of inferred resources. Fenelon and Martiniere, located within a
910-square-kilometre exploration land package controlled by
Wallbridge, have the potential to be developed into mines, and are
close to existing power and transportation infrastructure.
Wallbridge also has interests in several copper, nickel and
platinum group metal properties, including a 17.8% interest in
Lonmin Canada Inc.
Further information about Wallbridge can be
found in the Company’s regulatory filings available on SEDAR at
www.sedar.com and on the Company’s website at
www.wallbridgemining.com
This news release has been authorized by the
undersigned on behalf of Wallbridge Mining Company Limited.
Wallbridge Mining Company
Limited
Marz Kord, P. Eng., M. Sc., MBAPresident &
CEOTel: (705) 682‒9297 ext. 251 Email:
mkord@wallbridgemining.com
Victoria Vargas, B.Sc. (Hon.) Economics,
MBAInvestor Relations AdvisorEmail:
vvargas@wallbridgemining.com
About Grand Council of the Crees (Eeyou
Istchee)/Cree Nation Government
The Grand Council of the Crees (Eeyou Istchee)
is the political body that represents the approximately 20,000
Crees or “Eeyouch” (“Eenouch”). The Council is constituted of
twenty (20) members including: the Grand Chief and Deputy-Grand
Chief elected at large by the Eeyouch, the Chiefs elected by each
of the nine (11) communities, and one (1) other representative
elected by each community. For information:Flora Weistche,
Political AttachéeOffice of the Grand ChiefAbout Cree
Nation of Waskaganish
Waskaganish (Cree for Little House) is a Cree
village of about 2,000 people at the mouth of the Rupert River on
the south-east shore of James Bay in the Eeyou Istchee territory in
Northern Quebec. Formerly called Fort Rupert, the location is one
of three original Hudson's Bay Company posts on James Bay, the
other two being Fort Albany on the west shore, and Moose Factory on
the south.
About Cree Nation of Washaw
Sibi
Washaw Sibi was recognized as the tenth Cree
Nation at the 2003 Annual General Assembly of the Grand Council of
the Crees / Cree Nation Government. Incorporated as a non-profit
organization since 1997, the Cree Nation of Washaw Sibi, acts as
the governing body who represents the interests and the rights of
its members.
Cautionary Note Regarding
Forward-Looking InformationThis press release of
Wallbridge Mining Company Limited ("Wallbridge" or
the "Company") contains forward-looking statements
or information (collectively, “FLI”) within the meaning of
applicable Canadian securities legislation. FLI is based on
expectations, estimates, projections and interpretations as at the
date of this press release.
All statements, other than statements of
historical fact, included herein are FLI that involve various
risks, assumptions, estimates and uncertainties. Generally, FLI can
be identified by the use of statements that include words such as
“seeks”, “believes”, “anticipates”, “plans”, “continues”, “budget”,
“scheduled”, “estimates”, “expects”, “forecasts”, “intends”,
“projects”, “predicts”, “proposes”, "potential", “targets” and
variations of such words and phrases, or by statements that certain
actions, events or results “may”, “will”, “could”, “would”,
“should” or “might”, “be taken”, “occur” or “be achieved.”
FLI herein includes, but is not limited to:
future drill results; the Company’s ability to convert inferred
resources into measured and indicated resources; environmental
matters; stakeholder engagement and relationships; parameters and
methods used to estimate the mineral resource estimates (each an
“MRE”) at the Fenelon and Martiniere properties (collectively the
“Deposits”); the prospects, if any, of the
Deposits; future drilling at the Deposits; and the significance of
historic exploration activities and results.
FLI is designed to help you understand
management’s current views of its near- and longer-term prospects,
and it may not be appropriate for other purposes. FLI by their
nature are based on assumptions and involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such FLI. Although the FLI
contained in this press release is based upon what management
believes, or believed at the time, to be reasonable assumptions,
the Company cannot assure shareholders and prospective purchasers
of securities of the Company that actual results will be consistent
with such FLI, as there may be other factors that cause results not
to be as anticipated, estimated or intended, and neither the
Company nor any other person assumes responsibility for the
accuracy and completeness of any such FLI. Except as required by
law, the Company does not undertake, and assumes no obligation, to
update or revise any such FLI contained herein to reflect new
events or circumstances, except as may be required by law. Unless
otherwise noted, this press release has been prepared based on
information available as of the date of this press release.
Accordingly, you should not place undue reliance on the FLI or
information contained herein.
Furthermore, should one or more of the risks,
uncertainties or other factors materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those described in FLI.
Assumptions upon which FLI is based, without
limitation, include: the ability of exploration activities to
accurately predict mineralization; the accuracy of geological
modelling; the ability of the Company to complete further
exploration activities; the legitimacy of title and property
interests in the Deposits; the accuracy of key assumptions,
parameters or methods used to estimate the MREs; the ability of the
Company to obtain required approvals; the results of exploration
activities; the evolution of the global economic climate; metal
prices; environmental expectations; community and non-governmental
actions; and any impacts of COVID-19 on the Deposits, the Company’s
financial position, the Company’s ability to secure required
funding, or operations. Risks and uncertainties about Wallbridge's
business are more fully discussed in the disclosure materials filed
with the securities regulatory authorities in Canada, which are
available at www.sedar.com.
Covid‒19 ‒ Given the rapidly evolving nature of
the Coronavirus (COVID‒19) pandemic, Wallbridge is actively
monitoring the situation in order to continue to maintain as best
as possible the activities while striving to protect the health of
its personnel. Wallbridge’s activities will continue to align with
the guidance provided by local, provincial and federal authorities
in Canada. The Company has established measures to continue normal
activities while protecting the health of its employees and
stakeholders. Depending on the evolution of the virus, measures may
affect the regular operations of Wallbridge and the participation
of staff members in events inside or outside Canada.
Information Concerning Estimates of
Mineral Resources
The disclosure in this press release and
referred to herein was prepared in accordance with NI 43-101 which
differs significantly from the requirements of the U.S. Securities
and Exchange Commission (the "SEC"). The terms
"measured mineral resource", "indicated mineral resource" and
"inferred mineral resource" used in this press release are in
reference to the mining terms defined in the Canadian Institute of
Mining, Metallurgy and Petroleum Standards (the "CIM
Definition Standards"), which definitions have been
adopted by NI 43-101. Accordingly, information contained in this
press release providing descriptions of our mineral deposits in
accordance with NI 43-101 may not be comparable to similar
information made public by other U.S. companies subject to the
United States federal securities laws and the rules and regulations
thereunder.
Investors are cautioned not to assume that any
part or all of mineral resources will ever be converted into
reserves. Pursuant to CIM Definition Standards, "inferred mineral
resources" are that part of a mineral resource for which quantity
and grade or quality are estimated on the basis of limited
geological evidence and sampling. Such geological evidence is
sufficient to imply but not verify geological and grade or quality
continuity. An inferred mineral resource has a lower level of
confidence than that applying to an indicated mineral resource and
must not be converted to a mineral reserve. However, it is
reasonably expected that the majority of inferred mineral resources
could be upgraded to indicated mineral resources with continued
exploration. Under Canadian rules, estimates of inferred mineral
resources may not form the basis of feasibility or pre-feasibility
studies, except in rare cases. Investors are cautioned not to
assume that all or any part of an inferred mineral resource is
economically or legally mineable. Disclosure of "contained ounces"
in a resource is permitted disclosure under Canadian regulations;
however, the SEC normally only permits issuers to report
mineralization that does not constitute "reserves" by SEC standards
as in place tonnage and grade without reference to unit
measures.
Canadian standards, including the CIM Definition
Standards and NI 43-101, differ significantly from standards in the
SEC Industry Guide 7. Effective February 25, 2019, the SEC adopted
new mining disclosure rules under subpart 1300 of Regulation S-K of
the United States Securities Act of 1933, as amended (the
"SEC Modernization Rules"), with compliance
required for the first fiscal year beginning on or after January 1,
2021. The SEC Modernization Rules replace the historical property
disclosure requirements included in SEC Industry Guide 7. As a
result of the adoption of the SEC Modernization Rules, the SEC now
recognizes estimates of "measured mineral resources", "indicated
mineral resources" and "inferred mineral resources". Information
regarding mineral resources contained or referenced in this press
release may not be comparable to similar information made public by
companies that report according to U.S. standards. While the SEC
Modernization Rules are purported to be "substantially similar" to
the CIM Definition Standards, readers are cautioned that there are
differences between the SEC Modernization Rules and the CIM
Definitions Standards. Accordingly, there is no assurance any
mineral resources that the Company may report as "measured mineral
resources", "indicated mineral resources" and "inferred mineral
resources" under NI 43-101 would be the same had the Company
prepared the resource estimates under the standards adopted under
the SEC Modernization Rules.
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