Wallbridge Repays Its Debts to Its Major Creditors
January 27 2015 - 2:07PM
Wallbridge Mining Company Limited (TSX:WM)
(FWB:WC7) ("
Wallbridge") is pleased to announce
that pursuant to the acquisition of Duluth Metals Limited
("Duluth") by Antofagasta Investment Company Limited
("
Antofagasta") which was completed on January 20,
2015, Wallbridge received cash proceeds of $2,283,777
("
Proceeds") from the sale of its then remaining
5,075,060 shares in the capital of Duluth. From those
Proceeds, Wallbridge has fully repaid its remaining $1M debt
owing to Callinan Royalties Corporation
("
Callinan") pursuant to a line of credit (the
"
LOC") entered into with Callinan on December 12,
2012 ("
LOC Obligations"). Wallbridge has also
prepaid, without penalty, the US $750,000 remaining balance of its
US $1.5 million bridge loan provided by Auramet International LLC
("
Auramet") on August 26, 2014. For further
details please refer to press releases dated November 20, 2014 and
November 12, 2014.
Wallbridge continues to generate positive cash flow from its
Broken Hammer open pit operation and expects the mining operations
to continue to the second half of 2015.
About Wallbridge Mining
Wallbridge Mining Company Limited (TSX:WM) is
currently operating its first polymetallic mine, producing copper,
platinum, palladium, and gold from the Broken Hammer open pit mine
in Sudbury, Ontario, Canada's premier mining district.
Wallbridge is also actively exploring a large package of
properties in Sudbury, including operating several significant
exploration joint ventures with partners Lonmin Plc, Impala
Platinum Holdings Limited and Glencore in Sudbury.
Wallbridge has a record of successfully generating high
potential mineral projects and structuring partnerships and new
companies to create value for its shareholders and its partners. As
such, Wallbridge currently retains 28.4 million shares (40.5%) in
its second spin-out company, Miocene Resources Limited (TSX-V:MII).
Miocene is currently completing a Reverse Takeover transaction
with Carube Resources Inc., a private Canadian company, which has
six copper-gold exploration licences in Jamaica with active
exploration joint venture funding supplied by OZ Minerals.
For Further Information
Please visit the Company's website at www.wallbridgemining.com,
or contact:
Linda Zubal Vice President, Corporate Communications Tel: (705)
682-9297 ext. 263 Email: lzubal@wallbridgemining.com
This press release may contain forward-looking
statements (including "forward-looking information" within the
meaning of applicable Canadian securities legislation and
"forward-looking statements" within the meaning of the US Private
Securities Litigation Reform Act of 1995) relating to, among other
things, the operations of Wallbridge and the environment in which
it operates. Generally, forward-looking statements can be
identified by the use of words such as "plans," "expects" or "does
not expect," "is expected," "budget," "scheduled," "estimates,"
"forecasts," "intends," "anticipates" or "does not anticipate," or
"believes," or variations of such words and phrases or statements
that certain actions, events or results "may," "could," "would,"
"might" or "will be taken," "occur" or "be achieved."
Wallbridge has relied on a number of assumptions and estimates in
making such forward-looking statements, including, without
limitation, the costs associated with the development and operation
of its properties. Such assumptions and estimates are made in
light of the trends and conditions that are considered to be
relevant and reasonable based on information available and the
circumstances existing at this time. A number of risk factors may
cause actual results, level of activity, performance or outcomes of
such exploration and/or mine development to be materially different
from those expressed or implied by such forward-looking statements
including, without limitation, whether such discoveries will result
in commercially viable quantities of such mineralized materials,
the possibility of changes to project parameters as plans continue
to be refined, the ability to execute planned exploration and
future drilling programs, the need for additional funding to
continue exploration and development efforts, changes in general
economic, market and business conditions, and those other risks set
forth in Wallbridge's most recent annual information form under the
heading "Risk Factors" and in its other public filings.
Forward-looking statements are not guarantees of future performance
and such information is inherently subject to known and unknown
risks, uncertainties and other factors that are difficult to
predict and may be beyond the control of Wallbridge. Although
Wallbridge has attempted to identify important risks and factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking statements,
there may be other factors and risks that cause actions, events or
results not to be as anticipated, estimated or intended.
Consequently, undue reliance should not be placed on such
forward-looking statements. In addition, all forward-looking
statements in this press release are given as of the date
hereof.
Wallbridge disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, save and
except as may be required by applicable securities laws. The
forward-looking statements contained herein are expressly qualified
by this disclaimer.
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