Attention Business Editors:
Victory Nickel Acquires 8.4% of Wallbridge Mining
TORONTO, April 1 /CNW/ - Wallbridge Mining Company Limited (TSX: WM,
FWB:�WC7) announces that it has been advised by Victory Nickel Inc. ("Victory
Nickel") (TSX:Ni, www.victorynickel.ca), that on March 27, 2008, Victory
Nickel had privately purchased from a third party 7,500,000 units of
Wallbridge Mining Company Limited ("Wallbridge") (TSX:WM, FWB:WC7) (the
"Units"), which Units were comprised of 7,500,000 common shares of Wallbridge
(each, a "Share") and 3,750,000 warrants of Wallbridge (each, a "Warrant").
Each Warrant entitles Victory Nickel to purchase one additional common share
of Wallbridge at a price of $0.80 per share if the Warrant is exercised prior
to March 26, 2009 or $1.00 per share if exercised during the period between
March 26, 2009 and March 26, 2010.
Commenting on the acquisition by Victory Nickel, Alar Soever, President
of Wallbridge stated "We are very pleased to have Victory Nickel as a major
shareholder. Victory Nickel is managed by a well-respected team of experienced
mining executives, and this acquisition is a major vote of confidence in our
exploration efforts in Sudbury and in the potential increase in value of our
investment in Duluth Metals Limited."
Prior to closing the Acquisition, Victory Nickel did not own any
securities in Wallbridge. Therefore, following the Acquisition, Victory Nickel
now owns 7,500,000 Shares, representing approximately 8.4% of the outstanding
Shares, and 3,750,000 Warrants entitling it to purchase an additional
3,750,000 Shares. If Victory Nickel were to exercise all of the Warrants now
held by it, Victory Nickel would own an aggregate of 11,250,000 Shares,
representing approximately 12.2% of the outstanding Shares, calculated on a
partially diluted basis (but not the exercise of any other securities
convertible into Shares held by any other holder).
About Wallbridge
Wallbridge Mining Company Limited explores for and develops nickel,
copper and platinum group element ("PGE") deposits. The Company's principal
properties are located in the Sudbury Basin in Ontario. The Sudbury area hosts
the world's largest concentration of nickel deposits and is currently the most
active mining camp in North America. Wallbridge also has a major shareholding
in Duluth Metals Limited, which has a significant property position in the
rapidly emerging Duluth Complex base metal camp in Minnesota.
About Victory Nickel
Recently created from the nickel assets of Nuinsco Resources Limited
(TSX:NWI), Victory Nickel Inc. is a growth-oriented Canadian nickel company
with over 660 million pounds in-situ nickel in National Instrument
43-101-compliant measured and indicated resources and an additional
530�million pounds of in-situ nickel in inferred resources at its Minago, Mel
and Lac Rocher sulphide nickel deposits. Victory Nickel is advancing its 100%
owned Minago Project, located 225 kilometres south of Thompson, Manitoba in
the Thompson Nickel Belt, toward production with a definitive feasibility
study well advanced. NI 43-101 measured and indicated resources total
49,000,000 tonnes grading 0.516% nickel (558,000,000 pounds of in-situ
nickel), plus an additional inferred resource of 44,100,000 tonnes grading
0.528% nickel (513,000,000 pounds of in-situ nickel). Victory Nickel is
earning a 100% interest from Vale Inco Ltd. in the Mel Project, located in
northern Manitoba. The near-surface Mel deposit offers near-term production
potential and exploration upside, and hosts 4,279,000 tonnes of NI
43-101-compliant measured and indicated nickel resources grading 0.875% nickel
for 83,000,000 pounds of nickel, and an additional 1,010,000 tonnes grading
0.839% nickel for 19,000,000 pounds of contained nickel. Located in
northwestern Quebec the high-grade Lac Rocher project is a significant
discovery and subsequent drilling has delineated a measured and indicated
nickel resource of 1.2�million tonnes grading 0.93% nickel for an in-situ
total of 25�million pounds of nickel. Victory Nickel is completing a
preliminary economic assessment of Lac Rocher and expects to be in production
towards the end of 2008.
This document may contain forward-looking statements relating to
Wallbridge's operations or to the environment in which it operates. Such
statements are based on operations, estimates, forecasts and projections. They
are not guarantees of future performance and involve risks and uncertainties
that are difficult to predict and may be beyond Wallbridge's control. A number
of important factors could cause actual outcomes and results to differ
materially from those expressed in forward-looking statements, including those
set forth in other public filings. In addition, such statements relate to the
date on which they are made. Consequently, undue reliance should not be placed
on such forward-looking statements, whether as a result of new information,
future events or otherwise, save and except as may be require by applicable
securities laws.
%SEDAR: 00010252E
For further information: please visit the company's website at
www.wallbridgemining.com or contact: Alar Soever, President, Tel: (705)
682-9297, Email: asoever@wallbridgemining.com; Mara Strazdins,
Vice-President, Investor Relations, Tel: (416) 369-1500 ext 222, Email:
mstrazdins@wallbridgemining.com
|
VanEck Vectors Global Alternative Energy ETF
|
|
EXPLORATEUR |
CODE : WC7.F |
ISIN : CA9323971023 |
|
| |
ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Wallbridge Mining est une société d’exploration minière de cuivre et de nickel basée au Canada. Wallbridge Mining détient divers projets d'exploration au Canada. Ses principaux projets en exploration sont ROGERS CREEK, SUDBURY et HEFF OFFSET DIKE au Canada. |