Business
Wallbridge's Broken Hammer project generates US$4.7 million smelter revenue to date
TORONTO , Sept. 24, 2014 /CNW/ - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) (...
About this update from Wallbridge Mining Co. Ltd.
[{"type":"text","content":"\n\nTORONTO, Sept. 24, 2014 /CNW/ - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) (\"Wallbridge\") is pleased to provide an update on its Broken Hammer open pit Cu-PGM mine located in the Sudbury area of Ontario.  \n\nHighlights:\n\n\nAchieved full production rate of 800 tpd at the mine and at Redstone Mill in August 2014 \nHave delivered to the copper smelter, over 1,000 tonnes of copper concentrate containing net payable metals of more than 750,000 lbs. of copper, 1,400 ounces of palladium, 750 ounces of platinum, 4,000 ounces of silver, and 400 ounces of gold \n12 tonnes of high grade gravity concentrate has been shipped to a European smelter for refining PGMs averaging more than 700 grams per tonne of platinum, palladium and gold \nUsing a combination of current metal prices and hedged prices, Wallbridge estimates smelter revenues of US$4.7 million net of all smelting & refining charges.\nMining at the Broken Hammer open pit operation which commenced in June, has achieved the targeted production rate of 800 tonnes per day. Construction of the site infrastructure such as roads and water treatment pond was completed in August, 2014. Approximately 44,000 tonnes of ore has been produced to date and shipped to the Redstone mill in Timmins, Ontario operated by Northern Sun Mining Corporation (TSX-V: NSM) ('Northern Sun'). \n\n\"As is typical with every start-up project, we faced some challenges in the first couple of months with achieving mining rates due to unusually wet weather and with milling due to lower than expected platinum and gold recoveries,\" stated Marz Kord, President and CEO of Wallbridge. \"Our copper and palladium recoveries are now better than expected and the platinum and gold recoveries are closer to the expected range. The project production rate is now on budget and additional modifications are being implemented to further improve platinum and gold recoveries.\"\n\nBroken Hammer Mine Description \n\nThe Broken Hammer project was discovered by Wallbridge's exploration team, with the first identification of mineralization in 2003. Wallbridge commenced construction in March of this year and has advanced the project into an open pit operation. An in-pit Cu-PGM-Ni mineable reserve of approximately 193,000 tonnes will be mined utilizing the services of William Day Construction Limite...