Wallbridge Board Approves Fully Funded 2021 Program of 170,000 metres of Drilling and 4,800 metres of Underground Development at Fenelon
WALLBRIDGE MINING COMPANY LIMITED TSX: WM www.wallbridgemining.com
129 Fielding Road Lively ON P3Y 1L7 t: 705‐682‐9297 f: 1‐888‐316‐4156 e: [email protected]
Wallbridge Board Approves Fully Funded 2021 Program of 170,000 metres of Drilling and 4,800 metres
of Underground Development at Fenelon
Toronto, Ontario – January 11, 2021 – Wallbridge Mining Company Limited (TSX:WM) (“Wallbridge” or the
“Company”) today announced that due to the large increase in size potenti al of its Fenelon Gold Property (“ Fenelon”),
demonstrated by the exploration success in 2020 , the Company’s Board of Directors has approved a 2021 program of
approximately 170,000 metres of drilling and 4,800 metres of un derground exploration development (Phase one of a
10,000 metre two-year program).
The program involves spending of approximately $79 million for 2021, which includes approximately $75 million on
exploration and underground exploration development. The Company is fully-funded to carry out the planned program.
The Company has paused the current permitting process for a sma ll-scale gold operation in the Gabbro Zone. Instead, the
Company intends to re-submit pe rmit applications, supported by an updated project description and environmental and
social impact assessment (“ ESIA”), for a much larger and more appropriately sized operation fo llowing the delivery of a
maiden resource and associated economic studies which will be completed as part of the 2021 program.
“The Company believes that the Fenelon gold system will support a much larger, substantially different project than
originally envisioned and the current project description and E SIA, as submitted in our application for a 500 tonne per day
(“tpd”) operation permit, no longer aligns with Fenelon’s newly demo nstrated larger size” stated Marz Kord, President &
CEO of Wallbridge. “Focusing on a larger-scale Fenelon project would positively impact the permitting discussions with
stakeholders and regulators, enhance the overall economics of t he expanding resource and move us closer to the potential
development of a larger mine at Fenelon”.
About Wallbridge Mining
Wallbridge is currently advancing the exploration and developme nt of its 100%-owned Fenelon Gold property, which is
located along the Detour-Fenelon Gold Trend, an emerging gold b elt in northwestern Québec. The Company completed
approximately 102,000 metres of drilling in 2020 and has begun a fully-funded 170,000-metre drill program and 10,000-
metre, two-year underground development program in 2021. The Co mpany intends to complete a maiden resource on the
Fenelon Gold system in the third quarter of 2021.
Wallbridge now holds several kilometres surrounding its rapidly expanding Fenelon discovery providing room for growth,
as well as future mine development flexibility. Wallbridge's la nd holdings in Québec along the Detour-Fenelon Gold
Trend is over 900.0 km 2, improving Wallbridge's potential for further discoveries for over 90-kilometre strike length in
this under-explored belt.
Wallbridge is also the operator of, and a shareholder in, Lonmi n Canada Inc., a privately-held company with a large
portfolio of nickel, copper, and platinum-group metals (PGM) projects in Ontario's Sudbury Basin.
This news release has been authorized by the undersigned on behalf of Wallbridge Mining Company Limited.
For further information please visit the Company's website at www.wallbridgemining.com or contact:
WALLBRIDGE MINING COMPANY LIMITED TSX| WM
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Wallbridge Mining Company Limited
Marz Kord, P. Eng., M. Sc., MBA
President & CEO
Tel: (705) 682-9297 ext. 251
Email: [email protected]
Victoria Vargas, B.Sc. (Hon.) Economics, MBA
Investor Relations Advisor
Email: [email protected]
This press release may contain certain “forward-looking statem ents” within the meaning of applicable Canadian securities
legislation relating to, among other things, the operations of Wallbridge Mining Company Limited (“Wallbridge” or “Company”)
and the environment within which it operates. All statements, other than statements of historical fact, included herein, includ ing,
without limitation, statements regarding future plans and objec tives of Wallbridge, future opportunities and anticipated goals, the
Company’s portfolio, treasury, management team, timetable to mineral resource estimation, permitting and the prospective
mineralization of the properties, are forward-looking statemen ts that involve various risks, assumptions, estimates and
uncertainties. Generally, forward-looking information can be id entified by the use of forward-looking terminology such as
“seeks”, “believes”, “anticipates”, “plans”, “continues”, “budget” , “scheduled”, “estimates”, “e xpects”, “forecasts”, “intends” ,
“projects”, “predicts”, “proposes”, "potential", “targets” and variations of such words and phrases, or by statements that cert ain
actions, events or results “may”, “will”, “could”, “would”, “should” or “might”, “be taken”, “occur” or “be achieved”. There can
be no assurance that such statements will prove to be accurate, and actual results an d future events could differ materially fr om
those anticipated in such statements.
By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and
specific, that contribute to the possibility that the predicted ou tcomes could differ materially from those contained in such
statements. These risks and uncertainties include, but are not lim ited to, delays in obtaining or failures to obtain required
governmental, regulatory, environmental or other required app roval, the actual results of current exploration activities,
fluctuations in prices of commodities, fl uctuations in currency market s, actual results of additio nal exploration and developme nt
activities at the Company’s projects, capita l expenditures, the availability of any additional capital required to advance proj ects,
accidents, or pandemic interruptions.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from thos e
contained in forward-looking information, there may be other fact ors that cause results not to be as anticipated, estimated or
intended. These statements reflect the current internal projectio ns, expectations or beliefs of the Company and are based on
information currently available to the Company.
The Company does not undertake to update any forward-looking information, except in accord ance with applicable securities
laws. The Company believes that the expecta tions reflected in those forward-looking st atements are reasonable but no assurance
can be given that these expectations will prove to be correct and such forward-looking statements included in this press releas e
should not be unduly relied upon by investors as actual results may vary.
Risks and uncertainties about Wallbridge’s busi ness are more fully discussed in the disc losure material filed with the securiti es
regulatory authorities in Canada and available on SEDAR under the Company’s profile at www.sedar.com. Readers are urged to
read these materials and should not place undue reliance on the forward-looking statements contained in this press release.
Covid-19 - Given the rapidly evolving natu re of the Coronavirus (COVID-19) pandem ic, Wallbridge is actively monitoring the
situation in order to continue to maintain as best as possib le the activities while striving to protect the health of its perso nnel.
Wallbridge' activities will continue to align with the guidance provided by local, provincial and federal authorities in Canada. The
Company has established measures to continue normal activities while protecting the health of its employees an d stakeholders.
Depending on the evolution of the virus, me asures may affect the regular operations of Wallbridge and the participation of staf f
members in events inside or outside Canada.