Wallbridge Mining Signs Definitive Purchase Agreement For Fenelon Gold & Makes First Cash Payment

Wallbridge Mining Company (TSX:WM,FWB:WC7) has signed the definitive purchase agreement with Balmoral Resources Ltd. for the purchase of 100 per cent of the Fenelon gold property for a purchase price of $3.7-million.
Pursuant to the PA Wallbridge has issued $200,000 worth of its common shares and has also paid on July 28, 2016 the first $200,000 cash installment on account of the $3.7M purchase price.
“By making the first payment of $200,000 towards the cash portion of the purchase price of Fenelon, we are now one step closer to the acquisition of this high grade, scalable deposit.”, stated Marz Kord, President and CEO of Wallbridge, “Upon closing of our current financing efforts, we will complete the acquisition of the Fenelon Mine Property and advance permitting. Our goal is to immediately after the acquisition and successful completion of the permitting process, dewater the existing workings and commence additional underground exploration, which together with completion of a feasibility study in Q1 2017, will allow us to rapidly reach a production decision. Exploration opportunities at Fenelon include open mineralized zones close to the existing underground workings and resource as well as high grade drill intersections at depth and along trend. Our initial focus will be towards initial production and expanding the deposit close to the existing workings, and then continuing to expand gold mineralized zones along strike and to depth.”
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