Business
Wallbridge Announces Milling Arrangement for Broken Hammer
TORONTO , Dec. 12, 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. 12, 2013 /CNW/ - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) (\"Wallbridge\") today announced that it has signed a binding term sheet, (the \"Term\n Sheet\") with Northern Sun Mining Corp. (formerly Liberty Mines Inc.) (TSX: NSC) (\"Northern Sun\") for the custom milling of its Broken Hammer ore at Northern Sun's\n Redstone concentrator in Timmins, Ontario. The Term Sheet is subject\n to, among other things, a Definitive Agreement to be entered into on or\n before February 7, 2014.\n\n\n\"We are excited to have completed another important step towards the\n development of the Broken Hammer deposit. Most permits are in place and\n negotiations with copper smelters and mining contractors are going\n well. Once these other facets of the project are in place, which is\n expected to be in early 2014, a production decision will be made to\n start construction in March 2014 with the expectation of ore delivery\n in May 2014, immediately after the half-load restrictions in Northern\n Ontario are lifted,\" Marz Kord, President and CEO of Wallbridge stated,\n \"At today's metal prices we expect the project to proceed in late Q1\n 2014 and start generating cashflow in Q2-2014, that Wallbridge can put\n towards exploration opportunities at Broken Hammer and elsewhere in\n Sudbury\".\n\n\nThe securing of a satisfactory milling and processing contract for the\n Broken Hammer ore was a critical path item in determining the schedule\n for the project. Discussions with local milling facilities in Sudbury\n did not result in a contract being finalized and as a result Wallbridge\n explored other processing options, including, but not limited to, the\n possibility of processing the ore at Northern Sun's Redstone Mill in\n Timmins, Ontario.\n\n\nBroken Hammer is primarily a copper and platinum group elements (\"PGE\")\n deposit. The decision to use Northern Sun's Redstone Mill is based on\n positive preliminary results of a metallurgical study currently being\n completed at Xstrata Process Support (\"XPS\"). This study is expected to\n be completed before year end.\n\n\nThe Redstone Mill has a gravity concentrator which will provide\n efficient recovery of precious metals such as platinum and gold,\n particularly given the extremely coarse grained sperrylite (a dense\n gravity recoverable platinum mineral present in the...