Quantcast

Wallbridge views the recent Duluth Metals Announcement as Positive

July 7, 2014

TORONTO, July 7, 2014 /CNW/ – Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) (“Wallbridge”) today announced that it is extremely pleased that Duluth Metals Limited
(“Duluth Metals”) has regained control of its Twin Metals Minnesota
(“TMM”) project from its joint venture partner Antofagasta plc.
(“Antofagasta”) (See Duluth Metals press release dated July 3(rd), 2014).

“We believe this is an extremely positive development for both Duluth
Metals and Wallbridge as a major shareholder of Duluth Metals”, stated
Marz Kord, President and CEO of Wallbridge. “Antofagasta’s decision to
drop its option to purchase an additional 25% of the project cements
Duluth Metals position as majority (60%) owner of this world class
asset, and puts Duluth Metals in control of the development of the
project. Even more importantly, it also gives Duluth Metals the option
for 180 days to buy back Antofagasta’s 40% interest for Antofagasta’s
sunk costs of $220 million. Clearly, this opens the door to a variety
of potential new investors who might want to own a significant portion
of one of the world’s largest undeveloped copper-nickel-platinum group
element deposits in a politically stable portion of the world. We look
forward to the release of the PFS later this month, and offer our
encouragement and support to the Duluth Metals team as they work to
move the TMM project forward.”

Duluth Metals was founded by Wallbridge in 2005 to finance the
exploration and development of its Minnesota properties. Wallbridge
currently owns 10,150,121 shares of Duluth and is currently Duluth
Metal’s second largest shareholder after only Antofagasta plc.

About Wallbridge Mining

Wallbridge Mining Company Limited (WM:TSX) 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 founding stake in its first spin-out company,
Duluth Metals Limited (TSX:DM), at 10.1 million shares (7.4%) as well
as 28.4 million shares (40.5%) in its second spin-out company, Miocene
Metals Limited (TSXV:MII).

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



comments powered by Disqus