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Wallbridge Completes Purchase of Fenelon Gold Mine Property and Initiates Prefeasibility Study
Wallbridge Completes Purchase of Fenelon Gold Mine Property and Initiates Prefeasibility S...
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[{"type":"text","content":"\n\n\n\nWallbridge Completes Purchase of Fenelon Gold Mine Property and Initiates Prefeasibility Study\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nWallbridge Completes Purchase of Fenelon Gold Mine Property and Initiates Prefeasibility Study\nCanada NewsWire\nTORONTO, Oct. 19, 2016\n\n\n\nTORONTO, Oct. 19, 2016 /CNW/ - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) (\"Wallbridge\") is pleased to announce that it has now completed the purchase of Fenelon Gold Mine Property (\"Fenelon\") by making the final payment of $2,500,000 towards the purchase price of Fenelon and has initiated a prefeasibility study for Fenelon. \n\nCommenting on these developments Marz Kord President and CEO of Wallbridge stated, \"We are quite excited to have completed the purchase and the initial financing of the Fenelon Gold Mine Property. In the next few months, our focus will be on completing the prefeasibility study and permitting of the project.  Upon confirming positive economics, we expect to be in a position to make a production decision in the second quarter of 2017, proceed with building the site infrastructure and dewatering of the existing ramp and soon after with production from the top 100 meters of the deposit. Additionally, we are planning an exploration campaign focused on expanding resources around the existing infrastructure, while also following up on a number of gold intersections that show potential for further expansion of the resource at depth and along strike.\" \n\nFor more information about the Fenelon Gold Mine Property please refer to the Wallbridge Mining website (www.wallbridgemining.com).\n\nAcquisition Terms\n\nWallbridge has now completed the outright purchase of the Fenelon Gold Mine Property, subject to a 1% NSR retained by Balmoral Resources Ltd. on any future production from the Fenelon Mine Property.\n\nFenelon Development\n\nWallbridge has engaged the services of InnovExplo and SNC-Lavalin to complete the prefeasibility study of Fenelon. The prefeasibility, focusing on the development and mining of the top 100 meters of the deposit, is expec...