Wallbridge Mining Company Limited has signed an agreement with Lonmin Plc in which Lonmin will buy 13.2 million units of Wallbridge for $2.5 million. Each unit of the Canadian company will cost Lonmin CAD $0.19 and comprise of one common share of Wallbridge and a half common share purchase warrant.
Alar Soever, the Chief Executive Officer of Wallbridge Mining said that this recent investment shows Lonmin's continued confidence and support for their exploration work in Sudbury. The Sudbury Basin is the most attractive target area in the world for the discovery of high grade copper, nickel and platinum deposits he added.
Albert Jamieson, the CCO of Lonmin said that they had been exploring for PGMs with their Joint Venture partners in the Sudbury Basin for nearly 10 years and were now beginning to see the fruits of that hard work. He added that they looked forward to progressing the projects in the coming year. Wallbridge's position in Sudbury offers unique large-scale discovery upside in Canada's premier mining district.
Marz Kord, President of Wallbridge said that the long term relationship with Lonmin since January 2002 demonstrates that Lonmin continues to be not only a great Joint Venture partner, but also a supportive shareholder of Wallbridge in their exploration work in Sudbury.