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Wallbridge and Champion Bear enter into Option and Joint Venture Agreement in respect of Champion Bear's Parkin Property
TORONTO and CALGARY, April 28 /CNW/ - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) and C...
About this update from Champion Bear Resources Ltd.
[{"type":"text","content":"\n\n\n\nTORONTO and CALGARY, April 28 /CNW/ - Wallbridge Mining Company Limited\n(TSX: WM, FWB: WC7) and Champion Bear Resources Ltd. (TSXV: CBA) are pleased\nto announce that they have entered into an option and joint venture agreement\nin respect of Champion Bear's Parkin Property, which encompasses approximately\n1,200 hectares and covers 6.5 kilometres of strike length along the Parkin\nOffset dyke. Under the terms of the agreement, Wallbridge has the right to\nacquire a 50% interest in the property by making a $100,000 cash payment to\nChampion Bear, issuing Champion Bear 263,158 common shares of Wallbridge and\nincurring exploration expenditures on the property in the amount of $2,000,000\non or before April 24, 2010. If Wallbridge exercises its option, a joint\nventure will be formed between Wallbridge and Champion Bear whereby each will\nhold a 50% interest in the property. Initially, Wallbridge will be the\noperator of the joint venture. Wallbridge may then increase its interest in\nthe property to 75% by completing a definitive feasibility study on a deposit\nwhich is in whole or in part on the property and funding Champion Bear's\nportion of development expenditures as a loan against Champion Bear's portion\nof the proceeds of production.\n\n\nAfter earning pursuant to the agreement with Champion Bear, Wallbridge\nwill control a total of 9.4 kilometres along the dyke. This is the first time\nthat this package of claims has been held as a single unit and will enable a\ncomprehensive exploration program to be carried out. This is particularly\nvital for the purpose of carrying out deeper penetrating geophysical surveys\nbetween drill holes. The total property encompasses 2,150 hectares covering\n9.4 kilometres of strike length of the dyke and includes:\n\n\n- Wallbridge's Parkin Property (98.5% Wallbridge, 1.5% Xstrata Nickel),\n which hosts the Parkin Resource (43-101 Indicated Resources of\n 290,928 tons @ 0.70% Cu, 0.65% Ni, 0.03% Co, 0.62 g/t Pt,\n 0.80 g/t Pd, 0.23 g/t Au and 6.3 g/t Ag; resource calculated in 2002\n by A. Soever of Watts, Griffis and McOuat)\n\n- Wallbridge's 100% owned Milnet Property, which hosts the past\n producing Milnet Mine (Produced 157,130 tons @ 1.54% Ni, 1.49% Cu,\n 2.25 g/t Pt, 2.98 g/t and 0.33 g/t Au)\n\n- Wallbridge's Champion Bear JV Property, which hosts the Brady Showing\n and se...