TORONTO, Sept. 18, 2013 /CNW/ - Wallbridge Mining Company Limited (TSX: WM) today provided an update on its Broken Hammer copper ("Cu") and platinum group element ("PGE") project in Sudbury, Ontario.

Highlights:

• The total Indicated Mineral Resource increased from 231,100 tonnes to 259,500 tonnes at a grade of 5.19 g/t TPM (2.10 g/t Pd, 2.32 g/t Pt, and 0.77 g/t Au), 0.88% copper, and 0.10% nickel and 6.95 g/t Ag
• The total Probable Mineral Reserve increased from 196,000 tonnes to 205,000 tonnes at a grade of 4.59 g/t TPM (1.89 g/t Pd, 2.07 g/t Pt, and 0.63 g/t Au), 0.92% copper, and 0.10% nickel and 6.63 g/t Ag
• Improved pit slope walls as a result of a detailed geotechnical study completed by Genivar and a new mine design developed by Roscoe Postle Associates, ("RPA"), in 2013 resulted in a 7% decrease in total waste by 114,000 tonnes thus reducing the stripping ratio from 8.7 to 7.8
• All of the above are positive developments for the project
• All permits expected by October 2013 and Production decision in Q4, 2013
• Currently Wallbridge has drawn down $750,000 of the $2M Line of Credit facility with Callinan Royalties to cover the incurred costs of development of the Broken Hammer project, including the Financial Assurance
• Mineral deposit is open at depth (very little drilling below 100m depth)

"We are excited to see that the results of our efforts to advance the project in the last year have provided us with more confidence in the viability of the project, thereby getting us closer to a production decision and creating a potential source of revenue", said Marz Kord, President & CEO of Wallbridge.

Broken Hammer Project Description

The Broken Hammer project is planned to be an open pit operation used for the extraction of approximately 205,000 tonnes of Probable Reserves utilizing the services of surface mining contractors. The ore is planned to be sampled for metal accounting through a sample tower on-site prior to being transported to an off-site facility for processing. The prefeasibility study in October 2012 estimates the production will be completed within 12 months of mining operation at an average daily rate of approximately 750 tonnes of ore.

Summary of the Broken Hammer Updated Mineral Resource Estimate

Wallbridge discovered the Broken Hammer Zone as a result of an ongoing grass roots exploration program on the North Range of the Sudbury Basin.

An updated resource estimate prepared by Roscoe Postle Associates Inc. ("RPA") according to NI43-101 standards was filed in a technical report on the property on August 1, 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

1. Mineral Resource estimates were prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") definition standards for Mineral Resources and Mineral Reserves.
2. The Qualified Person for this Mineral Resource estimate is Mr. Bruce Churchill, P. Geo.
3. The resource model was prepared based on drill section interpretations using a cut-off of 1.00% copper equivalent (CuEq).
4. Mineral Resources are estimated using average long-term metal prices of US$3.00/lb Cu, US$9.00/lb Ni, US$750/oz Pd, US$1,600/oz Pt, US$ 1,300/oz Au, and US$ 20.00/oz Ag and a US$:C$ exchange rate of 1:1.
5. All aspects of the core sampling, assay procedures, and QA/QC program have been reviewed by RPA and were judged to be of industry standard and suitable for use in the estimation of Mineral Resources.
6. 3D solids were constructed cooperatively between Wallbridge and RPA geologists, then reviewed and revised as necessary by RPA.
7. The estimation employed statistical analysis and variography of metal values with construction of block models by domain.  Block cell size was 5*5*5 metres with level 3 sub-celling and then re-blocked to 3*3*3 metres for the pit optimization runs.  Grade interpolation to assign grade values to cells used Ordinary Kriging.
8. Specific gravity determinations were completed by ALS Chemex on 300 sample pulps.  Where data was not available, values were assigned based on a regression of specific gravity versus sulphur.
9. Mineral Resources are reported at a pit discard cut-off value of C$56.66 per tonne NSR value. NSR values were calculated based on metal prices, metallurgical recoveries, and all off-site payment terms and charges (including ore processing).  The resulting NSR value in each block is then compared to operating costs.
10. No minimum mining width was used.
11. Resource classification considered geological and grade continuity and was based on drill hole spacing.
12. RPA is not aware of any environmental, permitting, legal, title, taxation, socio-political or marketing issues that are material to the statement of the mineral resource estimate.

Additionally, RPA 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

The Qualified Person for the Broken Hammer updated resource estimate is Mr. Bruce Churchill, P. Geo., who prepared the 2012 updated resource estimate contained in the prefeasibility study for the Broken Hammer Project which was filed on August 2, 2012 and the new Updated Resource in September 2013. Mr. Churchill is a Qualified Person under NI43-101 and is independent of Wallbridge. The Qualified Person for the Broken Hammer updated reserve estimate is Mr. Jason Cox, P. Eng. of RPA. Mr. Cox is a Qualified Person under NI43-101 and is independent of Wallbridge.

In addition to the above reports, all permit applications have been submitted and the Production Closure Plan for Broken Hammer has been accepted and filed by the Ontario Ministry of Northern Development & Mines. Other permits with the Ontario Ministry of Natural Resources and the Environment are in progress and are expected to be received in the next few weeks. As a result of placing financial assurance in the amount of approximately $500,000 with the Ministry of Northern Development & Mines, as well as completing other studies and permitting process efforts, Wallbridge has drawn down $750,000 of its $2M Line of Credit facility with Callinan Royalties in August 2013, to cover the incurred costs of developing the Broken Hammer project. A critical path item to determine the schedule for the project is securing a satisfactory milling and processing contract for the Broken Hammer ore. Discussions with local milling facilities in Sudbury have not yet resulted in a contract being finalized at this time. As a result we have also been exploring other processing options, including, but not limited to, the possibility of processing the ore outside of Sudbury. Feasibility of these other options is dependent on the financial terms available which together with the potential for improved metal recoveries may offset the increased costs associated with these other options.

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 Xstrata.

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