Wallbridge Mining Company Limited (TSX:WM)
(FWB:WC7)
("Wallbridge") today announced that it
will temporarily stop the operation of its Broken Hammer open pit
mine as of March 28, 2015 due to mandatory load restrictions
imposed by the municipalities of Sudbury and Timmins on its access
roads during spring thaw which could last for a period of 4 to 8
weeks depending on weather conditions.
Under the original mine plan for Broken Hammer, mining would
have been completed by the end of March 2015. However, as
Wallbridge produced more tonnage than was estimated in the 2013
Mineral Reserve Estimate, the Broken Hammer open pit operation is
expected to continue to the third quarter of 2015. The
municipalities enforce reduced load restrictions on trucks to
protect some roads during spring thaw, when road damage is most
likely to occur. The operation will be shut down for several weeks
starting March 28, 2015 until the reduced load restrictions are
lifted.
"We expect to resume operation after the municipal half-load
restrictions are lifted and continue to mine the remainder of the
deposit," stated Marz Kord, President & CEO of Wallbridge.
At February 28, 2015, Wallbridge had mined approximately 164,000
tonnes of ore and delivered the same to the Redstone Mill operated
by Northern Sun Mining Corp. in Timmins, Ontario. The mining of the
upper benches of the pit has resulted in the mining of an
additional 76,000 tonnes of ore outside the reserves.
As at February 28, 2015, approximately 50% of the original mine
plan has been completed and Wallbridge has realized an 88% increase
in tonnes of ore relative to the 2013 Mineral Reserve Estimate.
Increased tonnage is a result of the copper-PGM veins on every
bench to date being thicker and more continuous than estimated in
the 2013 Mineral Reserve Estimate as well as slightly higher than
estimated mining dilution. Wallbridge will continue to mine the
balance of the deposit during fiscal 2015 and the deposit is still
open at depth and to the west.
At February 28, 2015, Wallbridge had delivered the following to
smelters for payments:
Copper concentrate: 6,150 tonnes at average grade of 24.3%
copper and approximately 65 grams per tonne
(platinum+palldium+gold)
High Grade PGM concentrate: 95 tonnes at average grade of 1,530
grams per tonne (platinum+palladium+gold)
with total payable metal contents after deductions, in both
copper and gravity concentrates as follows:
Payable Copper: 3,165,000
lbs
Payable Platinum: 6,050
ounces
Payable Palladium: 5,800
ounces
Payable
Gold:
2,000 ounces
Payable
Silver:
7,300 ounces
Wallbridge forecasts the life-of-mine cash flow for the project
to be in the range of approximately $5 million based on current
metal prices and US exchange rate. This is in line with previous
estimates (for details please refer to press release dated July 15,
2014). The increased ore tonnage has been offset by decreases
in metal prices. However, should the metal prices or US dollar
exchange fluctuate, the forecasted cash flow would be affected
accordingly.
The Qualified Person responsible for the technical content of
this press release is Marz Kord, P. Eng., M.Sc., MBA, President
& CEO For Wallbridge Mining Company Limited.
About Wallbridge Mining
Wallbridge Mining Company Limited (WM:TSX) 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 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 2.84 million shares (34.3%) in
its second spin-out company, Miocene Resources Limited (TSX-V:MII)
(formerly, Miocene Metals Limited). Miocene is currently completing
a reverse takeover transaction ("RTO") 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 (OZL:AX).
For Further Information
Please visit the Company's website at www.wallbridgemining.com,
or contact:
Wallbridge Mining Company
Limited
Joshua Bailey, M.Sc., P.Geo Vice- President,
Exploration Tel: (705) 682-9297 ext. 240 Email:
jbailey@wallbridgemining.com
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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