Walbridge Mining has announced that it has signed an amendment with platinum producer Lonmin restructuring their Sudbury Camp Joint Venture.

The joint venture currently covers a total of 18 of Wallbridge's properties in Sodbury and enables the exploration of a number of precious metals.

This amendment sees the number of properties involved in the joint venture reduced to nine. It also saw the two companies agree on a $1.05 million (£602,000) exploration programme beginning from the start of this month until the end of September.

A further reduction in the number of properties involved in the venture will occur on September 30th, when it will be reduced to six.

"This amendment epitomizes the excellent mutual relationship between Wallbridge and Lonmin," said Alar Soever, president of Wallbridge.

"It realigns a very large land package, and allows us both to focus on achieving maximum benefit for our respective shareholders from our exploration efforts."

It will allow Lonmin to focus on properties that have potential to meet objectives as a platinum group metals producer. The agreement hands Wallbridge the opportunity to develop the other properties, by itself or with other partners, to build shareholder value.

Lonmin was the subject of continued takeover speculation lat month, with Polyus Gold linked with a move for the company.


Ÿ Adfero Ltd