Wallbridge drills 3.3 g/t TPM over 3.26 m

2009-03-02 08:47 EST - News Release

Mr. Alar Soever reports

WALLBRIDGE INTERSECTS COPPER, NICKEL AND PRECIOUS METALS IN 8,600 METRE PARKIN DRILL PROGRAM

Wallbridge Mining Company Ltd. has released the results of the 13-hole, 8,674-metre drill program recently completed on its Parkin Offset dike properties in Sudbury, Ont.

The drilling was financed by joint venture partner Impala Platinum Holdings Limited, the world's second-largest primary platinum producer, which is earning an interest in the property. (See Wallbridge news in Stockwatch Aug. 26, 2008, and Sept. 22, 2008.)

Significant intersections of nickel, copper and platinum group element (PGE) mineralization were cut in three holes, all on the southern claim block, including:

• WMP-131, which intersected 3.26 metres of 3.3 g/t TPM*, 0.68 per cent Ni and 3.01 per cent Cu including 0.38 metre of 13.35 grams per tonne TPM, 2.83 per cent Ni and 13.0 per cent Cu;
• WMP-133, which intersected 4.00 metres of 1.2 g/t TPM, 0.17 per cent Ni and 0.25 per cent Cu;
• WMP-134 which intersected 7.02 metres of 2.39 g/t TPM, 0.64 per cent Ni and 0.66 per cent Cu, including 0.46 metre of 6.17 g/t TPM, 1.42 per cent Ni and 3.66 per cent Cu.

*TPM equals platinum plus palladium plus gold

True width is estimated at about 50 per cent of core length. A map showing the drilling and the extent of the 9.4-kilometre contiguous land package can be viewed on the company's website.

Commenting on the drill results, Alar Soever, president of Wallbridge, stated: "In addition to intersecting nickel, copper and precious metals mineralization, these latest results along with previous drilling, confirmed that mineralization occurred in portions of the dike with complex structures.

In this respect, the Parkin Offset dike is similar to highly mineralized environments on the Copper Cliff and Worthington Offset dikes, which have been historical producers of copper and nickel for nearly 100 years."

The drilling program tested geological and geophysical targets as well as the projected extension of known mineralized zones in several areas along the 9.4-kilometre strike length of the dike at up to 1,500 m depth. A summary of target types and results from drilling these targets can be viewed in tabular form on the company's website.

The Parkin Offset dike property comprises a southern block of claims held 98.5 per cent by Wallbridge and 1.5 per cent by Xstrata Nickel, a central block of claims covering the historic Milnet mine workings owned 100 per cent by Wallbridge and a northern block of claims, which is subject to an option and joint venture agreement between Wallbridge and Champion Bear Resources (see map on Wallbridge's website).

Impala Platinum Holdings can earn a 50-per-cent interest in the Parkin Offset dike property by spending $5-million over a three-year period.

Impala can then increase its interest to 65 per cent by financing a feasibility study and securing Wallbridge's portion of the development financing through to commercial production on a project loan basis (see Wallbridge news in Stockwatch Aug. 26, 2008).

Wallbridge can earn a 50-per-cent interest in Champion Bear's block of claims by spending $2-million over two years. Wallbridge may then increase its interest in the property to 75 per cent by completing a definitive feasibility study on a deposit which is in whole or in part on the property and financing Champion Bear's portion of development expenditures as a loan against Champion Bear's portion of the proceeds of production (see Wallbridge news in Stockwatch April 28, 2008).

Samples were prepared at ALS Chemex Ltd. Laboratories in Sudbury and then shipped to its analytical facilities in Vancouver. Samples were analyzed for Au, Pt and Pd by standard lead collection fire assay fusion followed by a combination of inductively coupled plasma mass spectrometry (ICP-MS) and atomic emission spectrometry (ICP-AES). Samples were also analyzed for 33 base metal and trace elements using a four-acid (HNO3-HCIO4-HF and HCI) near total digestion and a combination of ICP-MS and ICP-AES.

The qualified person responsible for the technical content of this press release is Bruce Jago, PhD, PGeo, vice-president, exploration, of Wallbridge Mining Company.

Hg