Wallbridge Mining Company Limited Successfully Negotiated an Early Prepayment of its $2 Million Debt Owing to Callinan Royalties Corporation
Nov 20 14
Wallbridge Mining Company Limited announced that it has successfully negotiated an early prepayment of its $2 million debt owing to Callinan Royalties Corporation pursuant to a line of credit (LOC) entered into with Callinan on December 12, 2012 (LOC Obligations). The interest payable on such debt was also renegotiated such that interest is now calculated at the rate of 10% per annum instead of the greater of 10% per annum or a 1.5% NSR royalty prorated on the funds drawn. In accordance with the terms of the LOC amending agreement entered into by the parties on the date hereof (LOC Amending Agreement), Wallbridge prepaid $1 million of its LOC Obligations to Callinan leaving a principal balance of $1 million. Pursuant to the terms of the LOC Amending Agreement, the remaining $1 million principal balance together with interest accrued thereon must be prepaid immediately after Wallbridge sells its Duluth Metals Limited (Duluth) shares to Antofagasta Investment Company Limited.
Wallbridge Mining Company Limited Provides Results from the 2014 Exploration Programs
Sep 25 14
Wallbridge Mining Company Limited provided results from the 2014 exploration programs underway on its polymetallic platinum (Pt), palladium (Pd), copper (Cu), nickel (Ni), gold (Au) and silver (Ag) properties in Sudbury, Ontario. New Cu and platinum group metal (PGM) mineralization was intersected at shallow depths (above 120 metres) at four of eight target areas on the Wisner properties, located adjacent to Wallbridge's Broken Hammer open pit mine. Highlights: New Cu-PGM discovery at Twisted Wrench on Wisner properties with 8.12 g/t total precious metals (TPM: 2.63 g/t Pt, 5.13 g/t Pd, 0.36 Au) and 0.96 % Cu over a 2.43 metre channel sample; New mineralized intersections at Southwest Zone on Wisner properties with 4.52 % Cu, 26.77 g/t TPM (12.10 g/t Pt, 12.65 g/t Pd, 2.02 g/t Au), and 69.50 g/t Ag over 0.41 metres within a broader 1.99 metre interval averaging 1.55% Cu, 7.24 g/t TPM (3.21 g/t Pt, 3.51 g/t Pd, 0.53 g/t Au), and 22.64 g/t Ag intersected in drill hole WIS-168 and CAD 5.4 million expenditure and 20,086 metres drilling completed on Lonmin funded JVs from October 2013 to September 2014. Wallbridge's Sudbury exploration efforts are currently focused toward operating the North Range Joint Venture (NRJV) and Sudbury Camp Joint Venture (SCJV) funded by Lonmin Plc (Lonmin). These follow Lonmin's fiscal year from October 1 to September 30. The 2014 programs are just wrapping up and included a total of CAD 5.4 million in exploration expenditures and cash option payments funded by Lonmin. This included 20,086 metres exploratory drilling and extensive geophysics, mechanical stripping, and geological field work. Wallbridge is currently working with Lonmin to finalize the 2015 programs on these joint ventures, which would start October 1, 2014. The 2014 program on Wallbridge's Wisner properties started in January and included 12,540 metres of mostly shallow initial drilling on a number of target areas as well as extensive airborne, ground, and borehole geophysics funded by Lonmin. Drilling intersected new Cu-PGM mineralization in 13 drill holes at four of the eight target areas tested. Drilling discovered a new Cu-PGM showing at the Twisted Wrench target area where mineralization exposed at surface by mechanical stripping was intersected in two drill holes spaced 80 metres apart. Channel sampling returned 0.96 % Cu and 8.12 g/t TPM (2.63 g/t Pt, 5.13 g/t Pd, 0.36 Au) over 2.43 metres with similar narrower mineralization intersected by drilling. This trend is open to depth and along strike and appears to widen to the northwest towards a subtle geophysics response. Drilling also intersected a broader zone of weakly anomalous copper and silver mineralization in the area, which appears to form a broader halo around the copper-PGM mineralization. Cu-PGM-Ag mineralization was intersected at the Southwest Zone target area, where drilling followed up high grade mineralization sampled previously. New results include drill hole WIS-168 which intersected 4.52 % Cu, 26.77 g/t TPM (12.10 g/t Pt, 12.65 g/t Pd, 2.02 g/t Au), and 69.50 g/t Ag over 0.41 metres within a broader 1.99 metre interval averaging 1.55% Cu, 7.24 g/t TPM (3.21 g/t Pt, 3.51 g/t Pd, 0.53 g/t Au), and 22.64 g/t Ag. One channel sample returned 0.27 % Cu and 6.62 g/t TPM (3.01 g/t Pt, 3.35 g/t Pd, 0.25 g/t Pd). The Southwest Zone now comprises a 600 metre long mineralized trend that is open to the west, to the north, and to depth. Drilling also intersected another broad zone of weakly anomalous copper and silver mineralization. Cu-PGM mineralized structures were also intersected extending eastward from Wallbridge's Broken Hammer open pit mining project including drill hole WIS-136 which intersected 5.46 % Cu and 10.79 g/t TPM (1.57 g/t Pt, 8.81 g/t Pd, 0.41 g/t Au) over 0.48 metres within a broader 1.18 metre interval averaging 2.22 % Cu and 4.39 g/t TPM (0.64 g/t Pt, 3.58 g/t Pd, 0.17 g/t Au). These structures remain open to the east and northeast and to depth. Additional open mineralized trends have been identified extending from the Broken Hammer open pit mining project to the west.
Wallbridge Mining Company Limited Secures USD 1.5 Million Bridge Loan from Auramet International LLC
Aug 26 14
Wallbridge Mining Company Limited announced that it has secured a USD 1.5 million bridge loan from Auramet International LLC. This funding will provide Wallbridge with additional working capital during the current start-up phase of the Broken Hammer project, and will bridge the period until sufficient revenue is received to achieve payback of the costs required to bring Broken Hammer into production and realize upon its revenue potential. Pursuant to the terms of the Bridge Loan, Auramet advanced USD 1,250,000 to Wallbridge on closing and Wallbridge is required to pay USD 1,500,000 on maturity of the loan in satisfaction of all interest and other costs associated with this facility. The Bridge Loan will mature on May 31, 2015 and any equity or debt proceeds received by Wallbridge until such date will be used towards retiring this debt. The Bridge Loan is secured by one of Wallbridge's prime assets: its Duluth Metals shares and other personal property of Wallbridge which was not otherwise encumbered.