Wallbridge Mining Company has secured financing to develop its Broken Hammer project in Sudbury.
Callinan Royalties Corp., a Canadian financing firm, has provided Wallbridge with a line of credit for $2 million, and additionally purchased 8,333,333 units of Wallbridge at a price of 18 cents per unit for gross proceeds of $1.5 million.
Results of the prefeasibility study estimate 196,600 tonnes at a grade of 4.38 grams per tonne of total precious metals.
The Broken Hammer project is planned to be an open pit operation used for the extraction of approximately 196,000 tonnes of in-pit copper, nickel and precious group elements using surface-mining contractors.
The ore is planned to be sampled for metal accounting through a sample tower on-site prior to being transported to an off-site facility for processing. The prefeasibility study assumes the production will commence in early to mid-2013 and will be completed within 12 months of mining operation at an average daily rate of approximately 750 tonnes of ore during the 12 months of operation.