Wallbridge and Lonmin approve $1.5-million work program
2008-12-08 07:41 ET - News Release
Mr. Alar Soever reports
WALLBRIDGE MINING AND LONMIN APPROVE $1.5 MILLION FOR 2009 SUDBURY CAMP JOINT VENTURE EXPLORATION PROGRAM
Wallbridge Mining Company Ltd. and its joint venture partner major platinum producer Lonmin PLC have approved $1.5-million of financing to carry out the 2009 work program on the Wallbridge/Lonmin Sudbury camp joint venture (SCJV) properties. The financing provides for approximately 3,700 metres of diamond drilling and other exploration work for the period from Oct. 1, 2008, to Sept. 30, 2009.
"We are very pleased that Lonmin is again participating in our exploration efforts in Sudbury," stated Alar Soever, president of Wallbridge. "This will allow us to further advance these properties, in spite of the current difficult economic environment."
Wallbridge and Lonmin formed the SCJV in January, 2002, to explore a number of properties in the Sudbury area for platinum group metals, as well as copper and nickel. The 2008 exploration program is focused on target areas on the Skynner Lake, Trill, Foy and Cascaden properties which have geophysical targets coincident with favourable geology. Lonmin and Wallbridge will both contribute funds to the exploration program, with Lonmin contributing $1.1-million, and Wallbridge contributing $400,000.
The qualified person responsible for the technical content of this press release is Bruce Jago, PhD, PGeo, vice-president, exploration, of Wallbridge Mining Company Ltd.
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