TORONTO, Oct. 19, 2016 /CNW/ – Wallbridge Mining Company (TSX:WM,FWB:WC7) is pleased to announce that it has now completed the purchase of Fenelon Gold Mine Property (“Fenelon”) by making the final payment of $2,500,000 towards the purchase price of Fenelon and has initiated a prefeasibility study for Fenelon.
Commenting on these developments Marz Kord President and CEO of Wallbridge stated, “We are quite excited to have completed the purchase and the initial financing of the Fenelon Gold Mine Property. In the next few months, our focus will be on completing the prefeasibility study and permitting of the project. Upon confirming positive economics, we expect to be in a position to make a production decision in the second quarter of 2017, proceed with building the site infrastructure and dewatering of the existing ramp and soon after with production from the top 100 meters of the deposit. Additionally, we are planning an exploration campaign focused on expanding resources around the existing infrastructure, while also following up on a number of gold intersections that show potential for further expansion of the resource at depth and along strike.”