Wallbridge Mining Intersects 4.11% Nickel and 4.32 grams TPMs in Milnet 1500 Zone in Sudbury

TORONTO, Oct. 14, 2011 /CNW/ - Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) (the "Company") today announced assay results for drill hole WMM-015-W2, drilled on the Milnet 1500 zone as part of this year's Impala Joint Venture drill program.

WMM-015-W2 intersected 8.0 metres grading 4.32 grams per tonne TPM (Total Precious Metals = Platinum+palladium+Gold), 4.11% nickel, and 0.60% copper, within a wider 13 metre mineralized interval extending from 1473 to 1486 metres. The hole is a 50 metre step-out to the south from the discovery hole WMM-014 and confirms a minimum 140 metre strike length for the Milnet 1500 Zone.  Downhole UTEM surveys completed in WMM-015-W2 indicate the zone extends a minimum of  another  60 metres up-plunge to the south.  This area will be tested by the next hole in the current drill program.

WMM-015-W2 also intersected mineralization between 1319.5 and 1333.0 metres down hole, about 150 metres up-dip of the intersection described above.  This intersection assayed 13.5 metres grading 0.64 grams TPM/t, 0.43% nickel, and 0.43% copper.

Commenting on these results Alar Soever, CEO stated, "These new results are very encouraging. As well as intersecting very high grade mineralization within the Milnet 1500 Zone target, we also intersected mineralization 150 m above the target, greatly expanding the footprint of the zone.  

Assay summaries for the intersections in hole WMM-015-W2 are tabulated below and a longitudinal section showing the drill intercepts and the limits of the UTEM response defined to date is included in this press release and on the Company website at www.wallbridgemining.com.

Based on the character of the mineralization and the limited drilling to date, it is not possible to determine the true width of the zone at this time.

The mineralization appears to be controlled by the presence of very large gabbro fragments that are caught up in the Parkin Offset Dyke.  Modelling of borehole electromagnetic geophysics indicates an area of conductance with a minimum strike length of about 200 metres and a minimum dip extent of about 100 metres.  However, the geophysics does not appear to "model" the entire extent of the sulfide zone as intersected, possibly due to the irregular geometries caused by the large gabbro fragments.  This indicates that the extent of mineralization could be significantly greater than suggested by the geophysics.

The Milnet 1500 zone is located on the Milnet Mine Property which is part of a joint venture with Impala Platinum Holdings ("Impala").  The Milnet Mine has reported historic production of 157,130 tons grading 1.54% nickel, 1.49% copper, 2.25 g/t platinum, 2.98 g/t palladium and 0.33 g/t gold and the current drilling is targeting potential new ore zones.

The Milnet 1500 zone was discovered in late 2009 when drill hole WMM-014 intersected 14.24 metres containing 8.00 g/t TPM (1.50 g/t platinum + 2.52 g/t palladium + 3.99 g/t gold), 2.57 % copper and 0.78 % nickel (see Wallbridge press release dated November 13, 2009).  Follow-up wedge-cut WMM-014-W1 intersected 12.66 metres containing 2.85 g/t TPM (1.50 g/t platinum + 2.52 g/t palladium + 3.99 g/t gold), 0.96 % copper, and 0.44% nickel (see Wallbridge press release dated February 23, 2010).

After the completion of the current program Impala will have completed the $6.2 million expenditures required for it to earn a 50% interest in the Parkin Offset Joint Venture. Impala can earn an additional 15% interest by funding a Feasibility Study and securing Wallbridge's portion of development funding through to commercial production on a project loan basis.

The Parkin Offset Joint Venture between Wallbridge and Impala covers a 9.4 kilometre strike length of the Parkin Offset Dyke and includes the Milnet Mine Property, a southern block of claims which are held 1.5% by Xstrata Nickel, and two blocks of claims on either side of the Milnet Mine property which are subject to an option and joint venture agreement between Wallbridge and Champion Bear Resources. (See map on Wallbridge's website at www.wallbridgemining.com).

Samples were prepared at ALS Chemex Ltd. laboratories in Sudbury and then shipped to their analytical facilities in Vancouver. 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 Alar Soever P.Geo, Chief Executive Officer for Wallbridge Mining Company Limited.

About Wallbridge

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. Sudbury is Canada's premier mining camp with a 125 year history of production.  It is a community that understands mining and has excellent infrastructure.  There are currently 14 producing mines, two mills, two smelters, water resources, power and transportation networks, a well-trained mining workforce and an internationally recognized concentration of mining service and supply expertise.  Most significantly, despite its long history of mining, numerous major mineral discoveries continue to be made in the area. Major joint venture partners in Sudbury include Xstrata Nickel, Lonmin Plc and Impala Platinum Holdings Limited.

Wallbridge also holds founding equity stakes in two spin out companies: 10.1 million shares (8.1%) of Duluth Metals Limited (TSX:DM) 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, and 28.4 million shares (43%) of Miocene Metals Limited (TSX.V:MII), which was formed to finance the exploration of a portfolio of copper-gold-molybdenum properties in southwestern BC. Wallbridge is also continuously reviewing new project development opportunities in the Sudbury area and elsewhere.

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.

Image with caption: "Parkin Offset Dyke, Longitudinal Section (CNW Group/Wallbridge Mining Company Limited)". Image available at: http://photos.newswire.ca/images/download/20111014_C4063_PHOTO_EN_4576.jpg