Business
Lonmin Commits $5.5 Million for Platinum Exploration on Wallbridge Joint Ventures in Sudbury
TORONTO , Sept. 29, 2014 /CNW/ -  Wallbridge Mining Company Limited (TSX: WM, FWB: W...
About this update from Wallbridge Mining Co. Ltd.
[{"type":"text","content":"\n\nTORONTO, Sept. 29, 2014 /CNW/ - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) (\"Wallbridge\") today announced that following encouraging results from ongoing exploration, Wallbridge's joint venture partner Lonmin Plc (\"Lonmin\") has committed to fund an additional $5.5 million in exploration expenditures and cash option payments to explore for platinum, palladium, copper, nickel and gold on Wallbridge joint ventures in Sudbury, Ontario. Exploration will include drilling and geophysics and will follow Lonmin's 2015 fiscal year starting October 1, 2014.\n\n\"With this continued support from Lonmin, Wallbridge's drill-ready exploration properties are poised to deliver results while minimizing dilution to shareholders,\" stated Marz Kord, President & CEO of Wallbridge, \"We believe that in an environment of heightened commodity price volatility and austere spending, partnerships are the best way to mitigate risks in advancing projects.\"\n\nLonmin's commitment includes a total of $1.5 million in exploration expenditures and $1.0 million in cash option payments on the Wisner properties and $1.0 million in exploration expenditures on the North Range properties, which together comprise the North Range Joint Venture. Lonmin's commitment also includes $2.0 million in exploration expenditures on the Sudbury Camp Joint Venture properties.\n\nResults from the recently completed 2014 program were released previously (see Wallbridge press release dated September 25, 2014).\n\nAbout Wallbridge Mining\n\nWallbridge Mining Company Limited (WM:TSX) is currently operating its first polymetallic mine, producing copper, platinum, palladium, and gold from the Broken Hammer open pit mine in Sudbury, Ontario, Canada's premier mining district.\n\nWallbridge is also actively exploring a large package of properties in Sudbury, including operating several significant exploration joint ventures with partners Lonmin Plc, Impala Platinum Holdings Limited and Glencore in Sudbury.\n\nWallbridge has a record of successfully generating high potential mineral projects and structuring partnerships and new companies to create value for its shareholders and its partners. As such, Wallbridge currently retains its founding stake in its first spin-out company, Duluth Metals Limited (TSX:DM), at 10.1 million shares (7.4%) as well as 28.4 million sh...