Mining company of South has signed cooperation agreement with Wallbrigde mine exploration company to exploration of mine in Sudbury, Parkin Offset.

Two companies cooperation agreement is WallBrigde and Impala Platinum. In this agreement Impala Platium will do investment equal to $5 million, Indium exchange for its $5-million investment indium the Parkin Offset Dyke Properties indium the proposed joint venture, Impala will get a 50 per cent indium interest the properties.

This cooperation agreement will do exploration of mineral Parkin Offset. South African Mining Company will do investment equal to $5 million.

Wallbridge president gives statement :

“Offset dykes are very attractive exploration targets in Sudbury as demonstrated by recently announced mine development projects at Totten and Copper Cliff. This acquisition will allow the exploration of a large mineralized section of the Parkin Offset to depth. We look forward to initiating an aggressive exploration program as soon as the formal agreement is finalized.”

The joint venture is pending finalization of formal agreements and the necessary South African Reserve Bank approvals.

The Parkin Offset Properties encompass 2,150 hectares covering 9.4 kilometres of strike length of the Parkin Offset dyke and include:

  • Wallbridge’s Parkin Property (98.5 per cent Wallbridge, 1.5 per cent Xstrata Nickel), which hosts the Parkin Resource (containing copper, nickel and platinum group metals);
  • Wallbridge’s 100 per cent owned Milnet property, which hosts the past producing Milnet Mine (containing copper, nickel and platinum group metals); and
  • Wallbridge’s Champion Bear JV Property, which hosts the Brady Showing and several other targets on the Northern Block.

Wallbridge Mining’s primary focus is the exploration for nickel, copper and platinum group element deposits in the Sudbury area. The Sudbury area hosts the world’s largest concentration of nickel deposits and is currently the most active mining camp in North America.

Major joint venture partners in Sudbury include Vale Inco, Xstrata Nickel, Lonmin

Plc. and Impala Platinum Holdings Limited.

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