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Wallbridge Mining Reports Significant Increase Grade and Tonnage from Broken Hammer Bulk Sample Blast Hole Assays

May 19, 2011

TORONTO, May 19 /PRNewswire/ – Wallbridge Mining Company Limited (TSX: WM)
(FWB: WC7) (the “Company”) today announced the results of blast hole
assays, from its Broken Hammer bulk sample.  The blast hole assays for
the material determined to be above the selected bulk sample cut-off
grade, and  excavated for processing from within the bulk sample pit,
report a 75% increase in the in-situ contained metal value relative to
the resource model** for the volume excavated, with a 7 % increase in
tonnage, and a 64% increase in grade. A comparison of the grade and
tonnage as determined from blast hole assays, relative to the resource
model is presented in the table below.

Commenting on these results Alar Soever, President and CEO of Wallbridge
stated, “These blast hole assay results are very encouraging and
indicate an increase of the in-situ contained metal for the bulk sample
material when compared to the estimate based on the resource model for
this volume. We look forward with anticipation to the results of the
milling of this material, which will allow us to complete a final
reconciliation of grade and tonnage, factoring in mining dilution,
fines losses, as well as metallurgical recoveries”.

     __________________________________________________________________
    |               Broken Hammer Grade and Tonnage Reconciliation     |
    |__________________________________________________________________|
    |2011 Blast Hole Bulk|      |          |     |     |     |    |    |
    |Sample              |      |          |     |     |     |    |    |
    |____________________|______|__________|_____|_____|_____|____|____|
    |                    |Bulk  |Blast hole|     |     |     |    |    |
    |                    |Sample|Assay     |     |     |     |    |    |
    |Bench               |Tonnes|Grade     |     |     |     |    |    |
    |____________________|______|__________|_____|_____|_____|____|____|
    |                    |      |      TPM*|   Pt|   Pd|   Au|  Cu|  Ni|
    |____________________|______|__________|_____|_____|_____|____|____|
    |                    |      |     (g/t)|(g/t)|(g/t)|(g/t)| (%)| (%)|
    |____________________|______|__________|_____|_____|_____|____|____|
    |                 404| 7,241|      2.43| 0.86| 1.15| 0.42|0.92|0.07|
    |____________________|______|__________|_____|_____|_____|____|____|
    |                 401| 6,065|      4.70| 1.80| 2.23| 0.67|1.63|0.10|
    |____________________|______|__________|_____|_____|_____|____|____|
    |                 398| 6,880|      9.52| 4.41| 3.80| 1.31|2.82|0.19|
    |____________________|______|__________|_____|_____|_____|____|____|
    |                 395| 6,138|      4.04| 1.54| 1.95| 0.55|1.04|0.12|
    |____________________|______|__________|_____|_____|_____|____|____|
    |Total               |26,324|      5.18| 2.16| 2.28| 0.74|1.61|0.12|
    |____________________|______|__________|_____|_____|_____|____|____|
    |                                     Resource Model**             |
    |__________________________________________________________________|
    |                    |Model |Model     |     |     |     |    |    |
    |Bench               |Tonnes|Grade     |     |     |     |    |    |
    |____________________|______|__________|_____|_____|_____|____|____|
    |                    |      |      TPM*|   Pt|   Pd|   Au|  Cu|  Ni|
    |____________________|______|__________|_____|_____|_____|____|____|
    |                    |      |     (g/t)|(g/t)|(g/t)|(g/t)| (%)| (%)|
    |____________________|______|__________|_____|_____|_____|____|____|
    |                 404| 2,371|      2.46| 1.30| 0.89| 0.27|0.57|0.05|
    |____________________|______|__________|_____|_____|_____|____|____|
    |                 401| 4,487|      2.68| 1.17| 1.15| 0.36|0.92|0.07|
    |____________________|______|__________|_____|_____|_____|____|____|
    |                 398| 8,486|      2.97| 1.33| 1.28| 0.36|1.06|0.12|
    |____________________|______|__________|_____|_____|_____|____|____|
    |                 395| 9,268|      3.10| 1.43| 1.31| 0.36|1.11|0.12|
    |____________________|______|__________|_____|_____|_____|____|____|
    |Total               |24,611|      2.92| 1.34| 1.23| 0.35|1.01|0.10|
    |____________________|______|__________|_____|_____|_____|____|____|

* TPM = Total Precious Metals (Platinum+ Palladium+Gold)
** November 2005 NI 43-101 compliant, Inferred Mineral Resource by
Roscoe Postle Associates Inc.  and available on www.Sedar.com.

     _________________________________________________
    |         Estimated Grade and Tonnage Variance    |
    |_________________________________________________|
    |     |Percent  |                                 |
    |     |Variance |                                 |
    |Bench|Tonnes   |Percent Variance  in Assay Grade |
    |_____|_________|_________________________________|
    |     |         |TPM| Pt| Pd| Au| Cu|           Ni|
    |_____|_________|___|___|___|___|___|_____________|
    |     |      (%)|(%)|(%)|(%)|(%)|(%)|          (%)|
    |_____|_________|___|___|___|___|___|_____________|
    |  404|      205| -1|-33| 29| 55| 60|           35|
    |_____|_________|___|___|___|___|___|_____________|
    |  401|       35| 75| 54| 93| 85| 77|           59|
    |_____|_________|___|___|___|___|___|_____________|
    |  398|      -19|220|230|197|265|164|           60|
    |_____|_________|___|___|___|___|___|_____________|
    |  395|      -34| 30|  7| 49| 52| -7|           -2|
    |_____|_________|___|___|___|___|___|_____________|
    |Total|        7| 77| 62| 85|111| 59|           16|
    |_____|_________|___|___|___|___|___|_____________|

Wallbridge discovered the Broken Hammer Zone as a result of an ongoing
grass roots exploration program on the North Range of the Sudbury
Basin. In November 2005, Roscoe Postle Associates Inc. estimated the NI
43-101 compliant, inferred mineral resource to be 251,000 tonnes at a
grade of 3.80 g/t total precious metals (1.56 g/t palladium, 1.62 g/t
platinum and 0.61 g/t gold), 1.00% copper and 0.10% nickel. This
resource estimate was prepared using a cut-off value of $CAN40/t, and
the then prevailing, long-term metal price projections of $US800/oz for
platinum, $US180/oz for palladium, $US400/oz for gold, $US 1.40/lb for
copper, and $US5.00 for nickel. A new resource estimate and feasibility
study will be prepared using current medium to long term metal prices,
once results of the current drilling and the bulk sampling program are
available.

Wallbridge currently holds a 98.5% interest in the Broken Hammer
Property while Xstrata Nickel retains a 1.5% carried interest with some
buy back provisions.

A representative sample of drill cuttings averaging of 4 kg in weight
was collected from each blast hole by one of Wallbridge’s technical
staff and transported daily to Wallbridge’s office in Lively, Ontario.
The samples were then placed in a 60 x 48 x 15 cm container and gridded
into six segments. A crucible containing 20g of material was collected
from each segment and analysed with a portable XRF analyzer. The
average of the six analyses was used to determine the provisional
copper and nickel grades for each individual blast hole sample.  These
provisional values were used to determine the boundaries of the
mineralization above cut-off.   Each entire sample from within the
mineralization outline was then re-bagged and shipped to ALS Chemex
Ltd. Laboratories in Sudbury for sample preparation, with the prepared
pulps sent on to Chemex’s analytical facilities in Vancouver for
analysis to produce the values presented in this release.

Samples were analyzed for Au, Pt, and Pd by standard lead collection,
fire assay fusion with an atomic emission spectrometry (ICP-AES)
finish. Samples were analyzed for base metals, silver and trace
elements using a four acid (HNO3-HCIO4-HF and HCI) near total digestion
and a combination of ICP-MS and ICP-AES finish.

The Qualified Person responsible for the technical content of this press
release is Mark Croteau P.Geo., Operations Manager for Wallbridge
Mining Company Limited.

About the Company

Wallbridge Mining Company Limited’s primary focus is the exploration for
platinum group elements (“PGE”), nickel and copper deposits in the
Sudbury area of Ontario. The Sudbury area hosts one of  the world’s
largest concentration of nickel deposits and is currently the most
active mining camp in North America. Major joint venture partners in
Sudbury include Xstrata Nickel, Lonmin Plc and Impala Platinum Holdings
Limited. Wallbridge also has a major shareholding in Duluth Metals
Limited, which has defined a large copper-nickel-PGE resource in the
rapidly emerging Duluth Complex base metal camp in Minnesota.  Duluth
Metals is advancing this resource through feasibility in joint venture
with Antofagasta plc, one of the worlds major copper producers. 
Wallbridge also holds a significant shareholding Miocene Metals
Limited, which was formed to finance the exploration of a portfolio of
copper-gold-molybdenum properties in southwestern BC.

This document may contain forward-looking statements relating to
Wallbridge’s operations or to the environment in which it operates.
Such statements are based on operations, estimates, forecasts and
projections. They are not guarantees of future performance and involve
risks and uncertainties that are difficult to predict and may be beyond
Wallbridge’s control. A number of important factors could cause actual
outcomes and results to differ materially from those expressed in
forward-looking statements, including those set forth in other public
filings. In addition, such statements relate to the date on which they
are made. Consequently, undue reliance should not be placed on such
forward-looking statements. 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.

 

SOURCE Wallbridge Mining Company Limited


Source: newswire



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