Wallbridge Mining Announces Closing of Private Placement to Advance BC Property

TORONTO, Aug. 20, 2008 (Canada NewsWire via COMTEX News Network) --

Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) (the "Corporation" and "Wallbridge") is pleased to announce that it has completed a private placement of an aggregate of 1,300,000 units in the capital of the Corporation (the "Units"), at $0.27 (Canadian) per Unit, raising aggregate proceeds of $351,000 (collectively, the "Offering"). Wallbridge will use the funds raised to accelerate the pace of work on its Rogers Creek porphyry copper-gold project in southwestern BC.

Commenting on the placement, Alar Soever President of Wallbridge stated: "This placement allows us to expand the work program on the Rogers Creek porphyry copper-gold property in response to early results which indicate the presence of sizable alteration zones along with elevated gold and copper values. While it is too early to be able to fully evaluate the significance of the early results, this placement will allow us to expand the program to complete this evaluation. We are pleased to be able to accelerate our work program at a time when many other companies are curtailing theirs. We will continue our philosophy of aggressive exploration while tailoring the size of placements to the immediate needs of our programs, in order to minimize dilution during this period of relatively low valuations in the junior mining sector. "

The Offering was placed through the facilities of Raymond James Ltd., and is subject to final approval of the Toronto Stock Exchange (the "TSX"). The Units were sold at $0.27 (Canadian) per Unit with each Unit being comprised of one common share issued as a "flow-through share" as defined in the Income Tax Act (Canada) (a "Flow-Through Unit Share") and one-half of one non flow-through common share purchase warrant (each full common share purchase warrant hereinafter referred to as a "Warrant"). Each Warrant entitles the holder thereof to purchase one additional common share of the Corporation (each a "Warrant Share"), such Warrant Shares to be issued 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 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.

99.9% of the gross proceeds of the Units sold under the 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 Corporation's exploration projects in British Columbia, Canada. The Corporation will renounce such Canadian exploration expenses with an effective date of no later than December 31, 2008.

The Qualified Person responsible for the technical content of this press release is Alar Soever P.Geo, President of Wallbridge Mining Company Limited.

About Wallbridge Mining Company Limited

Wallbridge Mining Company Limited primarily 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. Wallbridge is also exploring volcanic-hosted copper-zinc and gold properties in Ontario and a large porphyry copper-molybdenum-gold property in south-western British Columbia.

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.

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SOURCE: Wallbridge Mining Company Limited

Please visit the Wallbridge website at www.wallbridgemining.com, or contact: Wallbridge Mining Company Limited, Alar Soever, President, Tel: (705) 682-9297, Email: [email protected]; Mara Strazdins, Vice-President, Investor Relations, Tel: (416) 369-1500, Ext. 222, Email: [email protected]
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