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wallbridge mining co ltd (WM) Snapshot

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02/28/14 - C$0.12
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wallbridge mining co ltd (WM) Details

Wallbridge Mining Company Limited acquires, explores for, and develops platinum group metals in North America. It primarily explores for platinum, palladium, gold, nickel, and copper projects. The company primarily holds interests in the Broken Hammer open pit mining project and other exploration joint ventures located in Sudbury, Ontario. The company was founded in 1996 and is headquartered in Lively, Canada.

15 Employees
Last Reported Date: 04/8/14
Founded in 1996

wallbridge mining co ltd (WM) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: C$258.1K
Executive Chairman and Chairman of Miocene Me...
Total Annual Compensation: C$158.3K
Chief Financial Officer
Total Annual Compensation: C$145.6K
Compensation as of Fiscal Year 2013.

wallbridge mining co ltd (WM) Key Developments

Wallbridge Mining Company Limited Initiates Drilling at Parkin

Wallbridge Mining Company Limited announced that a 2,000 metre drilling program is currently underway to follow-up high-grade intersections and test high-conductance off-hole electromagnetic geophysical conductors at shallow depths beneath the near-surface Parkin Resource. The Parkin Resource includes a near-surface NI 43-101 compliant resource estimate including indicated resources of 264,000 tonnes averaging 0.70% copper, 0.65 % nickel, 0.62 grams per tonne (g/t) platinum, 0.80 g/t palladium, 0.23 g/t gold, 0.03 % cobalt, and 6.3 g/t silver; inferred resources of 87,000 tonnes averaging 0.7% copper, 0.4% nickel, 1.2 g/t platinum, 1.0 g/t palladium, 0.6 g/t gold, 0.02 % cobalt, and 8.8 g.t silver. Drilling and borehole geophysics beneath the Parkin Resource resulted in the high-grade intersections. Each of these intersections is open and they are associated with a number of high-conductance off-hole geophysical conductors which have never been drilled. Detailed geological modeling has identified the potential to expand the Parkin Resource to several million tonnes with typical Sudbury grades above 500 metres depth from surface with wide open potential beneath this. This exploration target is conceptual in nature, is based on the size of the untested area, the nature of nearby mineralization in the Parkin Resource, the drilling intersections beneath the Parkin Resource, the off-hole conductors, and examples of similar Offset dyke deposits elsewhere in Sudbury. The target is not necessarily indicative of mineralisation on the Property and there has been insufficient work on the property to determine whether deposits of this size exist. Further drilling and borehole geophysics is necessary to test this potential. The high grade Brady showing includes surface sampling containing 11.2 % Cu, 0.6 % Ni, 9.2 g/t Pt, 4.3 g/t Pd and 1.6 g/t Au over 2.70 metres and a number of drilling targets.

Wallbridge Mining Co. Ltd. Provides Update on Broken Hammer Open Pit Operation in Sudbury, Ontario

Wallbridge Mining Company Limited announced that its Broken Hammer open pit operation in Sudbury, Ontario, is progressing well. Ongoing mining has produced significant additional tonnes and contained metals compared to the 2013 Mineral Reserve Estimate which was used in the 2013 Prefeasibility Study. Production at Broken Hammer commenced in July 2014. During 2014, approximately 120,000 tonnes of ore were mined at Broken Hammer and processed at the Redstone Mill operated by Northern Sun Mining Corp. Approximately 40% of the original mine plan has been completed and Wallbridge has realized a 75% 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 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. Since the commencement of production in July 2014, approximately 4,600 tonnes of copper concentrates have been delivered to a nearby copper smelter with average grade of 23.5% copper and 60 grams per tonne PGM (19 g/t platinum, 33 g/t palladium and 9 g/t gold). In addition, more than 60 tonnes of high grade gravity concentrates have been produced and shipped to a PGM smelter in Europe with average PGM grade of 1,600 grams per tonne (1,300 g/t platinum, 90 g/t palladium and 210 g/t gold). The Broken Hammer open pit project is currently expected to continue to June, 2015, and provide the company with more than $6 million in net cash flow amid the current low metal prices. The Broken Hammer deposit is open to depth beneath the open pit, and mineralised trends have been identified extending to the west, the east and the northeast. Exploration is ongoing on the adjacent Wisner joint venture with Lonmin Plc to test these mineralised trends.

Wallbridge Mining Company Limited Successfully Negotiated an Early Prepayment of its $2 Million Debt Owing to Callinan Royalties Corporation

Wallbridge Mining Company Limited announced that it has successfully negotiated an early prepayment of its $2 million debt owing to Callinan Royalties Corporation pursuant to a line of credit (LOC) entered into with Callinan on December 12, 2012 (LOC Obligations). The interest payable on such debt was also renegotiated such that interest is now calculated at the rate of 10% per annum instead of the greater of 10% per annum or a 1.5% NSR royalty prorated on the funds drawn. In accordance with the terms of the LOC amending agreement entered into by the parties on the date hereof (LOC Amending Agreement), Wallbridge prepaid $1 million of its LOC Obligations to Callinan leaving a principal balance of $1 million. Pursuant to the terms of the LOC Amending Agreement, the remaining $1 million principal balance together with interest accrued thereon must be prepaid immediately after Wallbridge sells its Duluth Metals Limited (Duluth) shares to Antofagasta Investment Company Limited.


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