Wallbridge Temporarily Stops Its Broken Hammer Operation Due to
posted on
Mar 26, 2015 12:35PM
Developing nickel, copper and platinum group element ("PGE") deposits.
Toronto, Ontario--(Newsfile Corp. - March 26, 2015) - Wallbridge Mining Company Limited (TSX: WM) (FSE: 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 |
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 (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 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 (TSXV: 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