Drilling has been started with two drills, and a total of over 8,000 metres of diamond drilling is planned between now and March 2009. The drilling will test for down plunge extensions of both the past producing Milnet Mine and mineralization previously defined by Wallbridge on its Parkin Property, as well as targets on Wallbridge's newly acquired Champion Bear Resources Joint Venture.
Under terms of the joint venture Impala will spend $5M over three years to earn a 50% interest in the properties. Impala can then increase its interest to 65% by funding a Feasibility Study and securing Wallbridge's portion of the development funding through to commercial production on a project loan basis.
Commenting on the joint venture Alar Soever, President of Wallbridge stated, "It is our portfolio of high quality properties and joint ventures with strong partners like Impala that allow us to maintain a high level of activity in spite of the current investment climate." -- www.cnxmarketlink.com
