Aug 26 2008
Wallbridge Mining Company Limited ("Wallbridge") today announced that it signed a joint venture agreement with Impala Platinum Holdings Limited ("Impala"), the world's second largest primary platinum producer, on its Parkin Offset Dyke Properties in Sudbury, Ontario.
Under the terms of the joint venture agreement, Impala will spend $5M over three years to earn a 50% interest in the properties. Impala can then increase its interest to 65% by funding a Feasibility Study and securing Wallbridge's portion of the development funding through to commercial production on a project loan basis. The joint venture agreement is still subject to the necessary South African Reserve Bank approvals.
Commenting on the agreement with Impala, Alar Soever, President of Wallbridge, stated: "This agreement provides the funding necessary to aggressively explore this very attractive property package during an under-valued junior mining market. It is in keeping with our strategy of funding an aggressive exploration program, while minimizing dilution to our existing shareholders. We look forward to initiating a drilling program in the near future."
Offset dykes are very attractive exploration targets in Sudbury as demonstrated by recently announced mine development projects at Totten and Copper Cliff by Vale Inco.
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