Wallbridge Mining Company Limited (TSX:WM, FWB:WC7) Announces Closing of Private Placement With MineralFields
Marketwire

Wallbridge Mining Company Limited

December 28, 2007 - 04:13:10 PM

Wallbridge Mining Company Limited (TSX:WM, FWB:WC7) Announces Closing of
Private Placement With MineralFields

TORONTO, ONTARIO--(Marketwire - Dec. 28, 2007) - Wallbridge Mining Company
Limited (TSX:WM)(FRANKFURT:WC7) (the "Corporation") is pleased to announce
that it has completed the brokered private placement for aggregate proceeds of
$800,000 (Canadian) through the sale of 2,000,000 flow-through units (the
"Units") at a purchase price of $0.40 per Unit to the MineralFields Group.
This represents the first half of the private placement financing announced on
December 17, 2007. The second half of this placement is expected to close
shortly.

Each flow-through Unit is comprised of one flow-through common share to be
issued as a "flow-through share" as defined in the Income Tax Act (Canada) (a
"Flow-Through Unit Share") plus one half of one common share purchase warrant
(each full common share purchase warrant hereinafter referred to as a
"Warrant"). Each Warrant entitles the holder thereof to purchase up to one
additional common share of the Company (each a "Warrant Share") as follows:
(i) to the extent such Warrant is exercised during the first 12 month period
from the closing date (the "Closing Date"), one Warrant share at $0.80
(Canadian) per share, and (ii) to the extent such full Warrant is exercised
after the end of the first 12 month period from the Closing Date and on or
before the end of the second 12 month period from the Closing Date, one
Warrant Share at $1.00 (Canadian) per share.

"We are very pleased with this investment and our relationship with the
MineralFields Group", said Alar Soever, President. "These additional funds
will allow us to accelerate the pace of exploration work on our holdings in
Ontario."

100% of the gross proceeds of the Units sold under the Flow-Through Offering
will be used for Canadian exploration expenses (within the meaning of the
Income Tax Act (Canada)) (the "Tax Act") which qualify as "flow-through mining
expenditures" for purposes of the Tax Act related to the Company's exploration
projects in Ontario, Canada. The Company will renounce such Canadian
exploration expenses with an effective date of no later than December 31,
2007.

About MineralFields Group

MineralFields Group (a division of Pathway Asset Management) is a
Toronto-based mining fund with significant assets under administration that
offers its tax-advantaged super flow-through limited partnerships to investors
throughout Canada during most of the calendar year, as well as hard-dollar
resource limited partnerships to investors throughout the world. Pathway Asset
Management also specializes in the manufacturing and distribution of
structured products and mutual funds. Information about MineralFields Group is
available at www.mineralfields.com. First Canadian Securities (R) is active in
leading resource financings (both flow-through and hard dollar) on
competitive, effective and service-friendly terms, with investors both within,
and outside of, MineralFields Group.

About Wallbridge Mining

Wallbridge Mining Company Limited explores for and develops nickel, copper and
platinum group element ("PGE") deposits. The Company's principal properties
are located in the Sudbury Basin in Ontario. The Sudbury area hosts the
world's largest concentration of nickel deposits and is currently the most
active mining camp in North America. Wallbridge also has a major shareholding
in Duluth Metals Limited, which has a significant property position in the
rapidly emerging Duluth Complex base metal camp in Minnesota.

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.

FOR FURTHER INFORMATION PLEASE CONTACT:

 Wallbridge Mining Company Limited Alar Soever President (705) 682-9297
Email: [email protected] 

 Wallbridge Mining Company Limited Mara Strazdins Vice-President, Investor
Relations (416) 369-1500, Ext. 222  Email: [email protected]
Website: www.wallbridgemining.com 

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