Business
Wallbridge announces amendment to its North Range Joint Venture with Lonmin
TORONTO , Dec. 17, 2013 /CNW/ - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) ...
About this update from Wallbridge Mining Co. Ltd.
[{"type":"text","content":"\n\n\nTORONTO, Dec. 17, 2013 /CNW/ - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) (\"Wallbridge\") today announced that it has entered into an agreement\n with Lonmin Plc and Lonmin Canada Limited (together \"Lonmin\") to amend\n the existing North Range Joint Venture (\"NRJV\") agreement. The\n amendment (the \"Wisner Amendment\") provides Lonmin the option to earn a 50% initial interest in\n Wallbridge's Wisner package of properties (\"Wisner Properties\"),\n excluding the Broken Hammer development project and its immediate down\n plunge extension, by making cash option payments and funding\n exploration totalling $6 million over three years.\n\n\nThe Wisner Properties cover a 10 kilometre strike length of prospective\n geology for footwall type Cu-PGE mineralization, including several\n known Cu-PGE occurrences. \"This agreement provides us with the funding\n to explore along the mineralization trend for distal extensions of the\n Broken Hammer deposit and to test other targets in the immediate area\",\n stated Marz Kord, President and CEO of Wallbridge. \"It provides\n significant exploration funding without further diluting our\n shareholders. We are very pleased to be partnering with Lonmin on this\n prospective land package.\"\n\n\nJoint Venture Terms\n\n\nUnder terms of the Wisner Amendment, Lonmin can earn a 50% interest in\n the Wisner Properties by making cash option payments and funding\n exploration totalling $6 million over three years, as follows:\n\n\n\n\n\n\n\n \n\n\n \n\n\ni.   \n\n\n \n\n\nLonmin will fund exploration costs on the Wisner Properties totalling\n $3.6 million over three years, with minimum annual exploration\n expenditures of $1.2 million;\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\n \n\n\n \n\n\nii.   \n\n\n \n\n\nLonmin will make cash option payments to Wallbridge totalling 2/3 of\n annual exploration costs with respect to the Wisner Properties (a\n minimum of $800,000 per year over three years); and\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\n \n\n\n \n\n\niii.   \n\n\n  \n\n\nWallbridge will fund 40% of exploration costs on the Wisner Properties\n over the same three year period.\n\n\n\n\n\n\n\nUpon vesting its initial interest, Lonm...