Wallbridge Temporarily Suspends Operations in Quebec and Ontario due to COVID-19
Wallbridge Temporarily Suspends Operations
in Quebec and Ontario due to COVID-19
TORONTO
,
March 23, 2020
/CNW/ -
Wallbridge Mining Company Limited (TSX:WM, FWB:
WC7) ("Wallbridge" or the "Company")
announced today that, in response to the order of the
Government of
Quebec
and the Government of
Ontario
with regard to the COVID-19 outbreak
effective immediately it is temporarily suspending operations at its 100% owned Fenelon gold project
located in the Abitibi greenstone belt, Québec as well as its operations in
Ontario
until
April 15,
2020
.
Wallbridge is committed to the wellbeing of all its stakeholders. Management is pleased to report
that it has had no suspected or confirmed cases of COVID-19 at any of its locations, and the
Company has implemented a COVID-19 protocol to do what it can to protect its workforce, to
protect its contractors and to protect all of the communities in which it operates. Wallbridge will
continue to provide information and updates as appropriate and intends to resume full operations at
all of its locations as soon as possible.
As the situation regarding the COVID-19 pandemic is dynamic, Wallbridge is currently unable to
determine the impact on its 2020 operating guidance.
About Wallbridge Mining
The Company is currently developing its 100%-owned Fenelon Gold Property, which is located
proximal to the Sunday Lake Deformation Zone, in an emerging gold belt in northwestern
Quebec
with ongoing 100,000 to 120,000 metre exploration drill program in 2020 and a 33,500-tonne bulk
sample and 75,000 metres of drilling completed in 2019. Wallbridge is also pursuing additional
advanced-stage projects which would add to the Company's near-term project pipeline. Wallbridge
is also the operator of, and a 16.5% shareholder in, Loncan Canada Inc., a privately-held company
with a large portfolio of nickel, copper, and PGM projects in
Ontario's
Sudbury
Basin.
As announced in Wallbridge Press Release dated
March 02, 2020
, Wallbridge and Balmoral
Resources have entered into a definitive agreement, whereby Wallbridge will, among other things,
acquire all of the issued and outstanding shares of Balmoral, in an all-stock transaction. The
Balmoral
transaction secures for Wallbridge a buffer of several kilometres surrounding its rapidly
expanding Fenelon discovery providing room for growth, as well as future mine development
flexibility. The transaction also significantly expands Wallbridge's land holdings in
Quebec
along the
Detour Gold Trend (from 10.5 km
2
to 739.0 km
2
), improving the Company's potential for further
discoveries in this under-explored belt.
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
form 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.
SOURCE
Wallbridge Mining Company Limited
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For further information:
please visit the Company's website at www.wallbridgemining.com or
contact: Wallbridge Mining Company Limited, Marz Kord, P. Eng., M. Sc., MBA, President & CEO,
Tel: (705) 682-9297 ext. 251, Email: [email protected]; Brian Penny, Chief Financial
Officer, Tel: (416) 716-8346, Email: [email protected]
CO: Wallbridge Mining Company Limited
CNW 19:36e 23-MAR-20