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TORONTO, Aug. 26, 2011 /CNW/ - Wallbridge Mining Company Limited
(TSX:WM, FWB: WC7) ("Wallbridge" or the "Company") today announced that
its spin out company Miocene Metals Limited "Miocene" has exercised its
option repurchase from Wallbridge the 11.63% interest Wallbridge had
earned in the Miocene properties by funding $500,000 worth of
exploration expenditures on the properties in 2010.
Commenting on the transaction, Warren Holmes, Chairman of Wallbridge
stated, "We congratulate Miocene on the successful completion of its
Initial Public Offering and the recently announced start of its
drilling program on its Salal Property. The repurchase of our
remaining 11.63% interest in the property, is an important step forward
for Miocene, as it gives them 100% control of these properties which
will facilitate possible future transactions relating to the
properties. As Miocene's largest shareholder, with a 43% ownership
stake, we are extremely pleased to see them moving forward rapidly to
advance these properties."
Under the terms of an Option and Joint Venture Agreement dated as of May
1, 2010 (the "Option and Joint Venture Agreement"), Wallbridge conveyed
all of its interest in the BC Properties to Miocene Metals and retained
the irrevocable and exclusive option to become the owner of a carried
interest in the BC Properties by incurring expenditures in an aggregate
amount of $500,000 on or before December 31, 2010. Wallbridge incurred
these expenditures and thereby earned an 11.63% carried interest in the
BC Properties. The buy-back provision pursuant to the terms of the
Option and Joint Venture Agreement allowed Miocene to buy-back the
11.63% carried interest in the BC Properties for $600,000 during the
first 6 months after the completion of the Company's IPO Offering.
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 significant shareholding in its spin
out company, Duluth Metals Limited (DM:TSX), which is advancing its
very large copper-nickel-platinum-palladium-gold deposit in northern
Minnesota through feasibility in joint venture with Antofagasta plc,
one of the world's major copper producers. Wallbridge also holds a
major shareholding its latest spin out company, Miocene Metals Limited
(MII:TSXV), 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
operations of Wallbridge or its subsidiaries or to the environment in
which they operate. 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
