ENP Newswire -
Release date- 16072014 -
Hedging contracts have been put in place for approximately 20% of projected payable copper, platinum, palladium and gold (PGE) from the
Site infrastructure construction is nearly complete
Processing of ore at
Mine Production is in line with our forecast at 800 tonnes of ore per day
Ore stockpile of 12,000 tonnes at the
Approximately 20% of production of payable copper and PGE has been hedged at average prices of
Expected revenues of
Mining at the Broken Hammer open pit operation which commenced earlier this year continues to meet the targeted production rate, averaging 800 tonnes per day. Construction of the site infrastructure, which is continuing concurrently with mining, is nearly complete. As planned, approximately 18,000 tonnes of ore has been produced to date. An ore stockpiled of 12,000 tonnes remains at the Redstone mill in
Modifications to the mill have now been completed in order to customize the mill and provide optimal metal recoveries from the Broken Hammer ore. In particular, use of the Redstone gravity separation circuit should result in improved recoveries of coarse platinum and gold from the ore. Commissioning and ore processing at the mill has been ongoing since late last week and the Mill is targeting a rate of 800 tonnes per day.
This opens up opportunities for Wallbridge to selectively redeploy these funds to create further shareholder value. We have been continuously reviewing our operation in order to not only maximize returns for our shareholders but also de-risk our investment. We have entered into conservative hedging arrangements for some of the payable metals from the Broken Hammer production to help ensure the project meets our financial objectives'.
Broken Hammer Mine Description
The Broken Hammer project was discovered by Wallbridge's exploration team, with the first identification of mineralization in 2003. Wallbridge commenced construction in March of this year and has advanced the project into an open pit operation, with the first material already shipped to the mill. An in-pit Cu-PGE-Ni mineable reserve of approximately 193,000 tonnes will be mined utilizing the services of
Mining is expected to be maintained at an average of approximately 800 tonnes of ore per day. The ore is being transported to
The gravity concentrate will be sold to a PGM facility in
Summary of the Broken Hammer Updated Mineral Reserve Estimate
Wallbridge has prepared an updated in-pit mineral reserve estimate incorporating results from initial mining , the 2011 bulk sample at the
A global mining recovery of 95% and 5% dilution (at zero grade) was used in the calculation.
Cautionary Notes regarding Forward Looking Statements
The Broken Hammer production and revenue forecast was not prepared based on a final feasibility study. The current forecasts are made based on the results of internal metallurgical study of recoveries expected at the Redstone mill using a gravity separation and flotation process. It is further based on the sale of concentrate to smelters, mining contractor's unit prices as being conducted by
These conditions can change significantly over relatively short periods of time. The achievability of life of mine plans, budgets and forecasts are inherently uncertain. There can be no assurance that the results from our production estimates will be realized. Readers are cautioned that, although our assumptions are considered reasonable at this time, they may prove to be imprecise and, as such, undue reliance should not be placed on them.
Wallbridge is also actively exploring a large package of properties in
Wallbridge has a record of successfully generating high potential mineral projects and structuring partnerships and new companies to create value for its shareholders and its partners. As such, Wallbridge currently retains its founding stake in its first spin-out company,
Please visit the Company's website at www.wallbridgemining.com
President & CEO
Tel: (705) 682-9297
Tel: (705) 682-9297
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 from 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.
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