Wallbridge Mining to acquire 100% of Booth River in Nunavut

Nov. 17, 2011 10:25 AM ET
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Wallbridge Mining (TSE:WM) said Wednesday it has struck an option deal with 4763 NWT to acquire a 100 percent stake in the Booth River property in Nunavut, which includes 300 square kilometres of claims.

In order to earn the full interest in the property, Wallbridge must shell out 625,000 shares in various stages, and make payments totalling $225,000, and also fulfill a work commitment of $2.65 million by the end of December 2014.

Wallbridge has identified several high priority airborne conductors associated with nickel, copper as well as platinum group element mineralization in the intrusive complex.

It noted that planning and permitting is underway for a program of ground geophysics and follow-up drilling in 2012.

In a statement, chief executive, Alar Soever, said: "We were attracted to Booth River as an opportunity to repeat our success with spinouts Miocene Metals Limited and Duluth Metals Limited."

"Booth River is the only mineralized mafic intrusive system of this size in North America which has seen so little exploration – it has large-scale discovery potential."

Wallbridge is a mineral exploration company specializing in base metals and precious metal exploration in Canada, with its primary properties situated in Sudbury, Ontario.

The company holds a significant shareholding in its spin out, Duluth Metals, which is advancing the copper-nickel-platinum-palladium-gold deposit in northern Minnesota through feasibility in joint venture with Antofagasta plc, one of the world's major copper producers.

Wallbridge also holds a major shareholding in its latest spin out company, Miocene Metals (CVE:MII), which was formed to finance the exploration of a portfolio of copper-gold-molybdenum properties in southwestern British Columbia.

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