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Wallbridge Enters into Agreements to Sell 10,870 ounces of gold at CAD$1720
Wallbridge Enters into Agreements to Sell 10,870 ounces of gold at CAD$1720 Canada...
About this update from Wallbridge Mining Co. Ltd.
[{"type":"text","content":"\n\n\n\nWallbridge Enters into Agreements to Sell 10,870 ounces of gold at CAD$1720\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, April 4, 2018\n\n\n\nTORONTO, April 4, 2018 /CNW/ - Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) (\"Wallbridge\" or the \"Company\") is pleased to announce that it has entered into agreements to deliver 10,870 ounces of gold to Auramet International LLC (\"Auramet\") at a price of CAD$1720 per ounce, for proceeds of $18,696,400. The deliveries and payments are scheduled between August and December of 2018.\n\n\n \n \n\n \n\"Preparation for the bulk sample is progressing well and we are on schedule to begin ore production in the third quarter of 2018,\" said Marz Kord, President and CEO of Wallbridge. \"These agreements lock in a price for less than half of our projected gold production from the bulk sample, and significantly remove downward price risk. We still have a significant portion of projected production which is unhedged and on which we can enjoy any price appreciation.\" \n\nDewatering of the Fenelon pit and underground is expected to be completed by the third week of April. Camp set-up will be completed in the next couple of weeks and the underground mining contractor has commenced mobilization. Ramp rehabilitation and development is expected to occur during April and May 2018, with underground exploration drilling and ore production scheduled to start in the third quarter of 2018. The Bulk Sample is expected to be completed during 2018.\n\nThe Company's plans include the extraction of 35,000 tonnes of mineralized material with a grade ranging between 18 g/t and 25 g/t from planned stopes within the first 125 meters from surface. Approximately 5,000 to 8,000 metres of underground drilling is planned in conjunction with the Bulk Sample. The majority of this drilling is designed to expand the resource along strike and to depth. An additional 10,000 metre surface drilling program is scheduled to start in the latter part of this year to follow known mineralized zones and expand resources further...