cnw
TORONTO, July 21, 2011 /CNW/ - Wallbridge Mining Company Limited (TSX:WM, FWB:WC7) (the "Company") today announced that it has completed the sale of 950,000 shares of its
Duluth Metals Limited , raising $2.53 million.
This new funding will be used for an investment in the Miocene Metals
Limited's ("Miocene Metals") Initial Public Offering ("IPO") as well
as other corporate initiatives.
Commenting on the sale, W. Warren Holmes, Chairman of Wallbridge stated,
"The Duluth shares remain a core asset for Wallbridge and with
10,150,121 shares we remain Duluth's second largest shareholder, behind
only Antofagasta plc., which is earning a 40% interest in Duluth's Twin
Metals project in Minnesota. We are also however, very excited about
the prospects for Miocene Metals, in which we hold 21.3 million shares.
This new funding will allow us to ensure the success of their IPO,
thereby unlocking the value in our investment in that company."
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 world's 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.
For further information:
Please visit the Company's website at http://www.wallbridgemining.com/">www.wallbridgemining.com, or contact: Wallbridge Mining Company Limited
Mara Strazdins, Vice-President, Investor Relations Ron Poirier, Investor Relations
Tel: (416) 369-1500 ext 222 Tel: (705) 682-9297 ext 263
Email: mstrazdins@wallbridgemining.com Email: rpoirier@wallbridgemining.com
