The world's third-largest primary platinum producer, Lonmin Plc, has announced a $2.5 million private placement with Wallbridge Mining.

"This recent investment shows Lonmin's continued confidence and support for our exploration work in Sudbury. The Sudbury Basin is the most attractive target area in the world for the discovery of high grade copper, nickel and platinum deposits," stated Alar Soever, chief executive officer of Wallbridge.

Sixty per cent of the proceeds will be used to advance further exploration of the Sudbury area in Ontario, Canada.

Lonmin has been exploring for platinum group metals with Wallbridge in the region since January 2002. In 2007, Lonmin acquired 10.8 million common shares in Wallbridge.

Marz Kord, president of Wallbridge, said the latest investment shows Lonmin "continues to be not only a great joint venture partner, but also a supportive shareholder of Wallbridge in our exploration work in Sudbury".

Albert Jamieson, chief communications officer at Lonmin, said: "We look forward to progressing the projects in the coming year."

Wallbridge has 48 mineral projects on the go, including 12 joint ventures with partners Impala Platinum, Lonmin, Xstrata Nickel and a number of junior mining companies.

Source:

Lonmin Plc Makes Private Placement in Wallbridge Mining (17/01/12)

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