TORONTO, March 26, 2015 (GLOBE NEWSWIRE) -- 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
Vice- President, Corporate Communications
Tel: (705) 682-9297 ext. 263
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.
Source:Wallbridge Mining Company Limited