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Market: LSE, JSE
Sector: General Mining - Platinum Group Metals
EPIC: LMI
Latest Price: 1,059.00p  (-1.94% Descending)
52-week High: 1,903.00p
52-week Low: 932.00p
Market Cap: 2,146.14M
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Lonmin
www.lonmin.com

Lonmin is the world's third largest primary platinum producer with mines in South Africa's Bushveld Complex. 

Full Lonmin profile here
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Lonmin and Wallbridge allocate C$1.25 mln for platinum exploration programme at Sudbury properties

24th Nov 2009, 2:01 pm Lonmin and Wallbridge allocate C$1.25 mln for platinum exploration programme at Sudbury properties

Wallbridge Mining Company (TSX: WM) and FTSE 100 platinum miner Lonmin (LSE: LMI) have approved C$1.25 million for the 2010 work programme on their Sudbury Camp Joint Venture (SCJV) properties.

The programme, which is expected to run until 30 September 2010, will include 4,500 metres of diamond drilling and other exploration work, focusing mainly on platinum and palladium as well as nickel and copper. The target areas to be explored include the Trill, Windy Lake, Skynner Lake and Cascaden properties.

Lonmin will contribute US$1 million with the remaining US$0.25 million covered by Wallbridge, which will give Lonmin the right to earn a 50% interest in any property when an indicated resource is established for that property with the option to earn an additional 15% interest by funding work through completion of a feasibility study and securing the Wallbridge portion of financing through to commercial production.

“We appreciate the support and confidence Lonmin has again shown in our exploration efforts in Sudbury. We look forward to a successful 2010 program,” said opresident and chief executive of Wallbridge, Alan Soever.

The SCJV, which was formed by the companies in 2002, comprises seven properties covering 220 square kilometres around the Sudbury basin in Ontario, Canada.

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