TORONTO and CALGARY, Dec. 1 /CNW/ - Wallbridge Mining Company Limited
(TSX: WM) ("Wallbridge") and Champion Bear Resources Ltd. (TSXV: CBA)
("Champion Bear") are pleased to announce that they have entered into an
option and joint venture agreement covering 117 claim units (approximately
1,872 hectares) of the 19 claims comprising the northeastern portion of
Champion Bear's Iron Mask claims situated in Harty and Hess townships in
Sudbury, Ontario. These claims cover approximately 14 kilometres of strike
length of the Hess Offset dyke, on either side of Inco's Rivers Option
Property, which hosts a small lens of mineralization reportedly containing
approximately 20,900 tonnes grading 0.82% Cu and 1.45% Ni.
Under the terms of the agreement, Wallbridge has the exclusive right to
earn a 50% interest in these claim units by expending $250,000 over a period
of three years. Wallbridge must spend a minimum of $45,000 of assessable
expenditures during the first year, and sufficient amounts during the second
and third years to cover the assessment expenditure requirements for the
subject claim units. Upon expending $250,000 on or before the third
anniversary date, Wallbridge and Champion Bear will automatically enter into a
50:50 joint venture agreement subject to a 1% NSR payable to the other party
if either party becomes a 100% owner under the terms of the joint venture
agreement.
"The Hess Property adds additional exploration potential to our large
Sudbury land holdings on reasonable terms," stated Alar Soever, President of
Wallbridge. "As our recent discovery on the Trill Property has shown, there is
a lot of exploration potential left within the offset dykes in Sudbury. We
look forward to applying the methods we used to find the new sulphide lens at
Trill to this large under-explored property."
About Wallbridge
Wallbridge Mining Company Limited was established to explore for and
develop nickel, copper and platinum group element (PGE) deposits. Wallbridge's
principal properties are located in the Sudbury Basin in Ontario. The Sudbury
area hosts the world's largest concentration of nickel deposits and is
currently the most active mining camp in North America. Wallbridge also has
properties elsewhere in northern Ontario, Nova Scotia and near Duluth,
Minnesota.
About Champion Bear
Champion Bear is a mineral exploration company focused exclusively on the
historically prospective regions of Ontario. Champion Bear's primary target is
platinum group and precious metals and to a lesser extent polymetallic base
metal and pegmatite-hosted tantalum deposits. Champion Bear's aim is to create
shareholder value through selective property acquisition and joint venture
followed by focused exploration emphasizing drilling. Champion Bear has
assembled a large land position in the Dryden and Sudbury areas, totaling over
16,000 hectares.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
