The SCJV comprises seven properties covering approximately 220 square kilometres around the Sudbury Basin. Wallbridge and Lonmin formed the SCJV in January 2002 to explore these properties for platinum group metals, copper and nickel. The 2010 Exploration Program is focussed on target areas on the Trill, Windy Lake, Skynner Lake, and Cascaden properties, which have geophysical targets coincident with favourable geology. Lonmin and Wallbridge will both contribute funds to the exploration program, with Lonmin contributing US$1.0 million, and Wallbridge contributing CDN$0.25 million for a Canadian dollar equivalent of approximately CDN$1.25 million depending on exchange rate fluctuations during the budget year.

Under terms of the SCJV agreement Lonmin can earn a 50% interest in any property within the joint venture at the point at which an Indicated Resource is established on 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.

About Wallbridge Mining

Wallbridge Mining Company Limited's primary focus is the exploration for platinum group element ("PGE"), nickel, and copper deposits in the Sudbury area of Ontario. The Sudbury area hosts the world's largest concentration of nickel deposits and is currently the most active mining camp in North America. Major joint venture partners in Sudbury include Vale Inco, Xstrata Nickel, Lonmin Plc and Impala Platinum Holdings Limited. Wallbridge also has a major shareholding in Duluth Metals Limited, which has defined a large copper-nickel-PGE resource in the rapidly emerging Duluth Complex base metal camp in Minnesota. Wallbridge is also exploring a large porphyry copper-gold-molybdenum property in south-western British Columbia and has interests in copper-zinc and gold properties in north-eastern Ontario.

This document may contain forward-looking statements relating to Wallbridge's operations or to the environment in which it operates. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and may be beyond Wallbridge's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in other public filings. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not be placed on such forward-looking statements. Wallbridge disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.

SOURCE Wallbridge Mining Company Limited

Within days of Xstrata's withdrawal, Anglo American CEO Cynthia Carroll announced a major overhaul of the group's global management structure and plans to sell more assets.

As part of the management shake-up, Anglo's coal unit head, Ian Cockerill, left, as did ferrous metals head Philip Baum, and human resources and strategy head Russell King.

Asset sales will include Scaw Metals, Copebras, Cataleo and all its zinc businesses.

Anglo said it would create seven business units based in the core geographic areas for the operations. Their CEOs would report directly to Carroll.

The restructuring was expected to result in a reduction of overhead staff of about 25% and cost savings of about 120m a year.

Carroll has pledged to cut costs by 2bn by 2011.

There has been widespread speculation that after turning away from Anglo, Xstrata could revive its bid for Lonmin, in which it has retained a 24,9% stake. Asked if there had been another approach from Xstrata, Lonmin CEO Ian Farmer said he "could neither confirm nor deny" it.

This comes as Xstrata's proposed "merger of equals" with Anglo American is proving difficult, and talks about it look set to drag on for longer than expected.

Lonmin declined yesterday to comment "on the speculation", saying it would do so only once it had seen a formal offer from Xstrata. An Xstrata spokesman said the group "does not comment on market speculation or rumour".

The Observer in London reported at the weekend that a move on Lonmin was also likely to force Xstrata to abandon its ambition to merge with Anglo.

Anglo earlier this year spurned Xstrata's proposed merger.

But Xstrata's interest in launching a fresh bid for Lonmin may suggest that it has not given up its dream of becoming a significant platinum player, even if its Anglo bid fails to materialise.

The reports quoted analysts as saying a renewed bid for Lonmin could suggest that an Xstrata- Anglo deal was either dead or turning into a much longer game than expected.

That is because Lonmin, if acquired, would need to be divested in order for Xstrata and Anglo to merge. Anglo Platinum -- majority owned by Anglo American -- and Lonmin are the world's largest and third-largest miners of platinum and their control of more than half of the world's platinum production would raise competition problems.