Wallbridge Announces Production Decision for Broken Hammer Project in Sudbury

March 18, 2014

TORONTO, March 18, 2014 /CNW/ – Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) (“Wallbridge”) today announced that its Board of Directors have approved the
production decision for the Broken Hammer copper and platinum group
metal project in Sudbury, Ontario.

“We are very excited by the prospect of starting the company’s first
mining project in Sudbury” said Marz Kord, President and CEO of
Wallbridge Mining. “Based on the results of the 2011 bulk sample and
the 2012 prefeasibility study as well as the contract mining and
milling and smelting terms which have now been secured, the Broken
Hammer project has the potential to not only generate positive cash
flow in the near future but is also open at depth and to the west
leaving the possibility of extending its mine life”.

Mr. Kord added, “Our 2014 exploration activities on Wisner Properties
(see Press Release dated December 17, 2013), where we have already
initiated an aggressive geophysics and drilling program for possible
extensions as well as new targets, surrounds the Broken Hammer

Broken Hammer Project Description

The Broken Hammer project is an open pit operation which will be used to
extract approximately 195,000 tonnes of in-pit Cu-Ni-PGE mineral
reserve utilizing the services of William Day Construction Limited, a
local mining contractor. The ore will be transported to Northern Sun’s
Redstone facility in Timmins, Ontario and subsequently the concentrates
are under a contract with a nearby copper smelter. The Definitive
Agreement with Northern Sun is expected to be finalized this week and
the construction and subsequent production is expected to commence in
April 2014. The open pit mining is expected to be completed within
10-12 months at an average daily rate of approximately 800 tonnes of
ore per day.

Summary of the Broken Hammer Updated Mineral Resource Estimate

An updated resource estimate prepared by Roscoe Postle Associates Inc.
(“RPA”) according to CIM Standards was filed in a NI 43-101 technical
report on the property dated July 27, 2012 (refer to June 19, 2012
press release). This resource was later updated in September 2013
incorporating additional mineralization intersected while conducting
geotechnical studies. Summary of the Updated Mineral Resource is in
Table 1 below.

Table 1: Updated mineral resource estimate, with an effective date of
September 12, 2013

    |                 BROKEN HAMMER MINERAL RESOURCE, Sept. 12, 2013      |
    |Category |Tonnes |Cu (% )|Ni (% )|Pt (g/t)|Pd (g/t)|Au (g/t)|Ag (g/t)|
    |Indicated|259,500|  0.88 |   0.1 |   2.32 |   2.1  |   0.77 |   6.95 |

The Qualified Person for the Broken Hammer resource estimates is Mr.
Bruce Churchill, P. Geo., who prepared the 2012 resource estimate
contained in the prefeasibility study for the Broken Hammer Project
dated October 8, 2012 which was filed on August 2, 2012 and the updated
resource in September 2013 (see Press Release dated September 18,
2013). Mr. Churchill is a Qualified Person under NI 43-101 and is
independent of Wallbridge.

Wallbridge prepared an updated in-pit mineral reserve estimate based on
a global mining recovery of 95% and 5% dilution (at zero grade). Table
2 below summarizes the in-pit reserve.

Table 2: Mineral Reserve estimate, with an effective date of February
28, 2014

    |                    BROKEN HAMMER MINERAL RESERVES, Feb, 2014       |
    |Category|Tonnes |Cu (% )|Ni (% )|Pt (g/t)|Pd (g/t)|Au (g/t)|Ag (g/t)|
    |Probable|194,650|0.95   |0.1    |2.14    |1.95    |0.63    |6.68    |
    |Waste Rock      |1,607,000 tonnes                                   |
    |Stripping Ratio |8.2                                                |

The Qualified Person for the Broken Hammer updated reserve estimate is
Mr. Marz Kord, P. Eng., President & CEO for Wallbridge. The updated
Mineral Reserve estimate is based on updated economic inputs and does
not represent a material difference from the previous Mineral Reserves
estimated by RPA Inc.(see Press Release dated September 18, 2013).

Wallbridge estimates that the project is expected to generate an
Earnings Before Interest & Taxes (EBIT) of $5.84M and a net cash flow
of $4.8 M.

The parameters used in the evaluation of the project are as follows:

    |   Metal |  Price ($US) |Mill Recovery|
    |Copper   |$         3.30|      88.0%  |
    |Nickel   |$         6.00|      49.5%  |
    |Palladium|  $     750.00|      82.6%  |
    |Platinum |   $  1,450.00|      87.9%  |
    |Gold     |   $  1,300.00|      79.4%  |
    |Silver   | $       21.00|      73.1%  |
    |Cad/US   |          1.08|             |

Summary of projected revenue, operating costs and capital expenses are
as follows:

    |                |     Total $CAD  |      Per Tonne ore  |  Revenue   |
    |                |        '000     |          $CAD       |Contribution|
    |Revenue (net of deductions)                             |            |
    |Copper          |     $     11,498|  $             59.07|     33.0%  |
    |Nickel          |$               -|$                    |      0.0%  |
    |                |                 |                    -|            |
    |Platinum        |     $     14,540|  $             74.70|     41.7%  |
    |Palladium       |    $       6,378|  $             32.77|     18.3%  |
    |Gold            |    $       3,769|  $             19.36|     10.8%  |
    |Silver          |   $          469| $               2.41|      1.3%  |
    |Revenue (net of |     $     36,654|   $           188.32|            |
    |deductions)     |                 |                     |            |
    |                                                                     |
    |Costs:                                                               |
    |Mining Incl. G&A|     $     10,104|  $             51.91|            |
    |Crushing &      |    $       8,120|  $             41.72|            |
    |Hauling         |                 |                     |            |
    |Processing      |     $     11,849|  $             60.88|            |
    |Total Costs     |     $     30,073|   $           154.51|            |
    |                                                                     |
    |Profit Before   |    $       6,580|  $             33.81|            |
    |Royalties       |                 |                     |            |
    |                                                                     |
    |Royalties       |   $          744| $               3.82|            |
    |Earnings Before |    $       5,836|  $             29.98|            |
    |Interest & Taxes|                 |                     |            |

Capital Costs

The total capital cost to build the Broken Hammer open pit is estimated
to be $1.04M. Specific details are as follows:

    |                           |        Total $CAD '000|
    |Treatment Pond & Facilities| $                  687|
    |Other                      | $                  262|
    |10% Contingency            |$                    95|
    |TOTAL PROJECT CAPITAL COSTS|  $               1,043|

Cautionary Notes regarding the production decision

The Broken Hammer production decision was not prepared based on a final
feasibility study. The production decision was made based on the
results of an internal metallurgical study of recoveries expected at
the Redstone mill using a gravity separation and flotation process. It
was further based on the sale of concentrate to a copper facility based
on a binding agreement as well as a firm quotation from William Day
Construction Limited, a local mining contractor whose invoices will be
paid after the receipt of payments from the copper smelter. The
information available at the time of production decision reflects
current technical and economic conditions. These conditions can change
significantly over relatively short periods of time. The achievability
of life of mine plans, budgets and forecasts are inherently uncertain.
There can be no assurance that the results from our production
estimates will be realized. Readers are cautioned that, although our
assumptions are considered reasonable at this time, they may prove to
be imprecise and, as such, undue reliance should not be placed on them.

Qualified Persons

The Qualified Person for the Broken Hammer resource estimates is Mr.
Bruce Churchill, P. Geo., who prepared the 2012 resource estimate
contained in the prefeasibility study for Broken Hammer Project dated
October 8, 2012 referenced herein and the updated resource in September
2013. Mr. Churchill is a Qualified Person under NI 43-101 and is
independent of Wallbridge.

In addition to the Qualified Person responsible for the preparation of
the above referenced technical report, Mr. Alar Soever, P. Geo.,
Executive Chairman for Wallbridge Mining, has acted as Qualified
Person, as defined by NI 43-101, concerning the exploration portion of
this disclosure and Mr. Marz Kord, P. Eng., President & CEO for
Wallbridge Mining, has acted as Qualified Person regarding the
engineering and economic portions of this disclosure. Both Mr. Soever
and Mr. Kord are employees of Wallbridge Mining, and thus are not

About Wallbridge Mining

Wallbridge Mining Company Limited (WM:TSX) is an established junior company, formed in 1996, whose mission is to
explore and develop platinum group elements (PGE’s) in mining friendly
jurisdictions of North America.

Wallbridge is currently exploring and developing a large package of
properties in Sudbury, Ontario, Canada’s premier mining district. These
include the pre-feasibility stage Broken Hammer development project and
significant exploration joint ventures with partners Lonmin Plc, Impala
Platinum Holdings Limited and Glencore.

In 2005, Wallbridge created Duluth Metals Limited (TSX:DM) to explore
and develop projects in Minnesota, USA. Duluth Metals has since defined
the world’s largest undeveloped sulfide PGEs, copper and nickel deposit
which it is developing through Twin Metals Limited, a joint venture
with copper producer Antofagasta Plc. Wallbridge currently retains 10.1
million shares of Duluth Metals (8.1%).

In 2010, Wallbridge created Miocene Metals Limited (TSXV:MII) to explore
and develop seven porphyry copper-gold-molybdenum projects in British
Columbia, Canada, within a previously under-recognized belt of
Miocene-age intrusions. These projects are early stage with large
mineralized structures and alteration zones that are ready for drilling
with potential for large tonnage deposits. Wallbridge currently retains
28.4 million shares of Miocene Metals (40.5%).

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 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.

SOURCE Wallbridge Mining Company Limited

Source: PR Newswire

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