Business
Wallbridge views the recent Duluth Metals Announcement as Positive
TORONTO , July 7, 2014 /CNW/ - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) ("...
About this update from Wallbridge Mining Co. Ltd.
[{"type":"text","content":"\n\n\nTORONTO, July 7, 2014 /CNW/ - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) (\"Wallbridge\") today announced that it is extremely pleased that Duluth Metals Limited\n (\"Duluth Metals\") has regained control of its Twin Metals Minnesota\n (\"TMM\") project from its joint venture partner Antofagasta plc.\n (\"Antofagasta\") (See Duluth Metals press release dated July 3rd, 2014).\n\n\n\"We believe this is an extremely positive development for both Duluth\n Metals and Wallbridge as a major shareholder of Duluth Metals\", stated\n Marz Kord, President and CEO of Wallbridge.  \"Antofagasta's decision to\n drop its option to purchase an additional 25% of the project cements\n Duluth Metals position as majority (60%) owner of this world class\n asset, and puts Duluth Metals in control of the development of the\n project. Even more importantly, it also gives Duluth Metals the option\n for 180 days to buy back Antofagasta's 40% interest for Antofagasta's\n sunk costs of $220 million. Clearly, this opens the door to a variety\n of potential new investors who might want to own a significant portion\n of one of the world's largest undeveloped copper-nickel-platinum group\n element deposits in a politically stable portion of the world. We look\n forward to the release of the PFS later this month, and offer our\n encouragement and support to the Duluth Metals team as they work to\n move the TMM project forward.\"\n\n\nDuluth Metals was founded by Wallbridge in 2005 to finance the\n exploration and development of its Minnesota properties. Wallbridge\n currently owns 10,150,121 shares of Duluth and is currently Duluth\n Metal's second largest shareholder after only Antofagasta plc.\n\n\nAbout Wallbridge Mining\n\n\nWallbridge Mining Company Limited (WM:TSX) is currently operating its first polymetallic mine, producing copper,\n platinum, palladium, and gold from the Broken Hammer open pit mine in\n Sudbury, Ontario, Canada's premier mining district.\n\n\nWallbridge is also actively exploring a large package of properties in\n Sudbury, including operating several significant exploration joint\n ventures with partners Lonmin Plc, Impala Platinum Holdings Limited and\n Glencore in Sudbury.\n\n\nWallbridge has a record of successfully generating high potential\n mineral projects and structuring partnerships and new companies to\n...