Business
Wallbridge Announces Joint Venture Funding of up to $11 million for Parkin Properties, Sudbury, Ontario
Wallbridge Announces Joint Venture Funding of up to $11 million for Parkin Properties, Sud...
About this update from Wallbridge Mining Co. Ltd.
[{"type":"text","content":"\n\n\n\nWallbridge Announces Joint Venture Funding of up to $11 million for Parkin Properties, Sudbury, Ontario\n\n\n\n\n\nWallbridge Announces Joint Venture Funding of up to $11 million for Parkin Properties, Sudbury, Ontario\nCanada NewsWire\nTORONTO, Sept. 16, 2015\n\n\n\n\n\n\nTORONTO, Sept. 16, 2015 /CNW/ - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) (\"Wallbridge\") today announced that it has entered into an agreement with Lonmin Canada Inc. and Lonmin Plc (together \"Lonmin\") to amend the existing North Range Joint Venture agreement (\"NRJV\") to provide for Lonmin to earn up to a 50% initial interest in Wallbridge's four Parkin Properties by making payments and funding aggregate expenditures of up to CAD $11 million over four years. \n\n\"Our business plan, as outlined in the company presentation available on our website, focuses on acquiring value-accretive near-term production opportunities as well as advancing our exploration properties, including our Parkin Properties, through joint venture partnerships. I am pleased that we have not only advanced our discussions regarding some external assets but have now amended the NRJV with Lonmin to include our Parkin Properties. This plan provides the Company with sustainable cash flow while maintaining active exploration for large-scale discovery upside in the Sudbury camp\" stated Marz Kord, President and CEO of Wallbridge, \"Our recent option agreement with Implats to purchase their portion of the project, the positive results of the drilling program in the first quarter of this year, and the recent mechanical stripping attracted a number of potential joint venture partners for our Parkin Properties and ultimately resulted in securing this agreement with Lonmin.\"\n\nThe Parkin Properties are being explored for high-grade polymetallic nickel, copper, and platinum group metals (\"PGMs\") over a 9.5 km strike length of the Parkin Offset dyke. The properties include the past-producing Milnet Mine, the high-grade Milnet 1500 Zone, and the Parkin Resource which is under-cut by a number of high-grade drill intersections associated with off-hole borehole geophysics anomalies.\n\nJoint Venture Terms\n\nUnder the terms of the Parkin Amendment, Lonmin may earn a vested Initial Interest of 50% of Wallbridge's interest in all of the Parkin Properties by funding aggregate Exp...