Wallbridge Mining Company Limited (TSX:WM) (OTCQX:WLBMF) is pleased to report that it received $15.9 million of cash refunds with respect to its 2021 Quebec Tax Credit Relating to Resources and Quebec Refundable Duties Credit for Losses that were claimed on its 2021 Quebec income and mining tax returns.
The amount received for the TCRR and the RDCL represents an interim advance on the $20.0 million of Quebec investment tax credits claimed and Wallbridge expects the balance, subject to audit adjustments, to be received in the first quarter of 2023 once the audit has been completed.
Marz Kord, Wallbridge’s President, and CEO, commented:
“The receipt of the Quebec investment tax credits provides a significant portion of funding for our 2023 program once approved by our board in early 2023. We look forward to outlining to our shareholders our 2023 exploration program on the Detour-Fenelon Gold Trend Properties at that time.”
About Wallbridge Mining
Wallbridge is focused on creating value through the exploration of gold projects along the Detour-Fenelon Gold Trend while respecting the environment and communities where it operates.
Wallbridge’s flagship project, Fenelon Gold, is located on the highly prospective Detour-Fenelon Gold Trend Property in Quebec’s Northern Abitibi region. A mineral resource estimate completed in 2021 validated the multi-million-ounce potential of the 100%-owned Fenelon and Martiniere properties, incorporating a combined 2.67 million ounces of indicated gold resources and 1.72 million ounces of inferred gold resources. Fenelon and Martiniere, located within an approximate 830 km2 exploration land package controlled by Wallbridge, have the potential to be developed into mines and are close to existing hydro-electric power and transportation infrastructure.
Wallbridge also holds a 19.9% interest in the common shares of Archer Exploration Corp. Archer holds a portfolio of nickel assets in Ontario and Quebec.
Wallbridge will continue to focus on its core Detour-Fenelon Gold Trend Property while enabling shareholders to participate in the potential economic upside in Archer.
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