Wallbridge Announces Progress on Bulk Sample Permitting Process
TORONTO, Aug. 15, 2017 /CNW/ - Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) ("Wallbridge") is pleased to announce that it has received a Certificate of Non-Liability (Attestation de Non-Assujettissement) from the Government of Quebec for the dewatering of the pit and ramp and a 35,000 tonne bulk sample at its 100% owned Fenelon Gold property. The C of A review process is now underway and typically takes 60-75 days.
"We are very pleased to have met this significant milestone and hope to have our permit to start dewatering the pit and the ramp sometime in the early Fall of this year," stated Marz Kord, President and CEO of Wallbridge Mining, "Once underground, we will not only extract the required tonnage to increase our understanding of the Fenelon Gold deposit but more importantly we will be able to explore by underground diamond drilling to determine the size potential of the deposit to depth and along strike".
"As reported in our press release of July 12, 2017, drilling from surface continues to expand the resource and we are encouraged by the presence of visible gold in 8 of the 14 holes recently completed. Currently, the laboratories are experiencing a backlog and we are informed that final screen metallic assays, which are necessary to quantify the amount of gold in samples with coarse gold, will be received around the end of August."
About Wallbridge Mining
Wallbridge is establishing a pipeline of projects that will support sustainable production and revenue as well as organic growth through exploration and scalability.
Wallbridge is currently preparing to develop its 100%-owned high-grade Fenelon Gold Property in Quebec with exploration underway and a bulk sample targeted for 2017. Wallbridge is also in discussions regarding several other advanced stage projects which could become the Company's next mines. These discussions benefit from the operating capabilities Wallbridge demonstrated by safely and efficiently mining the Broken Hammer deposit in Sudbury, which was completed in October 2015. Wallbridge is also continuing partner-funded exploration on its large portfolio of nickel, copper, and PGM projects in Sudbury, Ontario, with a focus on its high-grade Parkin project.
Wallbridge also has exposure to active exploration for copper and gold in Jamaica and British Columbia through its 12.9% ownership of Carube Copper Corp. (CUC:TSX-V, formerly Miocene Resources Limited).
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.
SOURCEWallbridge Mining Company Limited
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