Wallbridge Mining Continues to Intersect Platinum Palladium Gold on Frost Lake Property in Sudbury

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Wallbridge Mining Continues to Intersect Platinum Palladium Gold on Frost Lake Property in Sudbury
newswire.ca - Dec 2, 2010

TORONTO, Dec. 2 /CNW/ - Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) ("Wallbridge") today announced anomalous near surface drill intersections of platinum, palladium and gold from the northwestern extension of the Amy Lake Zone on its Frost Lake Property in Sudbury. Highlights include drill hole WC-038 which returned a 7.23 metre section of 1.84 g/t platinum + palladium + gold ("TPM") from 13.77 to 21.00 metres including 13.68 g/t TPM over 0.3 metres from 14.75 to 15.05 metres and 15.93 g/t TPM over 0.47 metres from 20.53 to 21.00 metres.

This drill intersection is located beneath a new exposure of platinum-palladium-gold-copper-nickel mineralization discovered by mapping and sampling this summer which extends the Amy Lake Cu-PGE zone 70 metres further northwest. The Frost Lake property is strategically situated in close proximity to Vale-Lonmin Plc's 2007 Capre copper-nickel-PGE discovery within the Eastern range of the Sudbury mining camp.

"These drill results have confirmed the extension of the surface mineralization to depth and confirmed our new structural model for the Amy Lake Zone," stated Alar Soever, President and CEO of Wallbridge, "We look forward to a more aggressive drilling program over the next year that will continue testing this zone and test a number of very similar looking targets in the same belt."

Three drill holes were completed during the Fall 2010 drilling program at the north end of the Amy Lake zone, beneath a new exposure discovered this past summer where previously announced surface sampling reported grabs up to 25.15 g/t platinum + palladium + gold ("TPM") and a 0.40 metre channel sample returned 17.55 g/t TPM (see Wallbridge press release dated September 30th, 2010). Mineralized drill intersections include:

* Drill hole WC-036 intersected 16.65 metres containing 0.81 g/t TPM with 0.27 % copper from 24.15 to 40.80 metres. This included a 0.55 metre sub-interval with 13.54 g/t TPM, 2.29 % copper and 0.76 % nickel.

* Drill hole WC-037 intersected narrow zones containing up to 2.24, 2.55, and 3.17 g/t TPM.

* Drill hole WC-038 intersected 75.48 metres containing 0.50 g/t platinum + palladium + gold ("TPM") from 13.77 to 89.25 metres; this included a sub-interval of 7.23 metres containing 1.84g/t TPM from 13.77 to 21.00 metres and other narrower intervals with up to 5.32 g/t TPM.

Complete assays across the intersections are given in the table below.

Drill Hole From m To m Length m TPM g/t Pt g/t Pd g/t Au g/t Ag g/t Cu % Ni % S %
WC‐036 24.15 40.80 16.65 0.81 0.31 0.37 0.14 2.77 0.27 0.09 0.60
including 24.15 24.70 0.55 13.54 5.02 7.00 1.52 19.40 2.29 0.76 5.28
35.30 40.80 5.50 0.93 0.36 0.34 0.23 5.84 0.55 0.17 0.85

WC‐037 18.90 19.15 0.25 2.24 0.62 1.53 0.10 7.69 0.66 0.12 1.13
including 47.50 47.80 0.30 2.55 1.25 1.26 0.04 1.26 0.12 0.06 0.42
92.80 93.20 0.40 3.17 1.70 1.32 0.15 2.94 0.38 0.50 0.95

WC‐038 13.77 89.25 75.48 0.50 0.23 0.23 0.05 0.99 0.08 0.04 0.33
including 13.77 21.00 7.23 1.84 1.03 0.67 0.15 2.55 0.12 0.05 0.34
14.75 15.05 0.30 13.68 6.91 5.60 1.17 26.70 0.62 0.16 0.92
20.53 21.00 0.47 15.93 9.31 5.35 1.27 16.00 1.08 0.49 1.64
40.60 45.40 4.80 1.62 0.70 0.74 0.18 2.18 0.16 0.04 0.53
42.25 42.80 0.55 5.32 2.35 2.22 0.75 4.63 0.41 0.06 0.70
64.30 64.75 0.45 3.16 1.20 1.43 0.53 7.70 0.56 0.13 1.02
81.65 84.65 3.00 1.55 0.47 1.03 0.05 4.39 0.49 0.42 1.47

There is insufficient information to determine the true width of the zones at this time.

The mineralization is controlled by a conjugate set of sulphide veins, disseminations and alteration zones associated with mafic gneiss and diabase blocks within the Amy Lake Sudbury breccia structure. The Sudbury breccia belt in proximity to this structure also hosts the Capre 3000 Cu-PGM deposit which is currently being drilled ~600 metres along strike to the south, on the adjacent Vale-Lonmin joint venture (see Lonmin press release January 23, 2007, and presentations posted at www.lonmin.com).

The platinum group metal mineralization at Amy Lake is typical of the low-sulphide halos adjacent to producing Cu-PGE "footwall" ore zones in Sudbury such as at Quadra FNX's Morrison deposit, Xstrata's Nickel Rim South mine, and Vale's 153 orebody.

The Frost Lake Property is a joint venture between Wallbridge and Xstrata Nickel ("Xstrata"). Wallbridge is Operator and holds a 58 % interest.

Samples were prepared at ALS Chemex Ltd. laboratories in Sudbury and then shipped to their analytical facilities in Vancouver. Samples were analyzed for Au, Pt, and Pd by standard lead collection, fire assay fusion with an atomic emission spectrometry (ICP-AES) finish. Samples were analyzed for base metals, silver and trace elements using a four acid (HNO3-HCIO4-HF and HCI) near total digestion and a combination of ICP-MS and ICP-AES finish.

The Qualified Person responsible for the technical content of this press release is Mark Croteau P.Geo, Manager of Operations for Wallbridge Mining Company Limited.

About the Company

Wallbridge Mining Company Limited's primary focus is the exploration for platinum group elements ("PGE"), nickel, and copper deposits in the Sudbury area of Ontario. The Sudbury area hosts the world's largest concentration of nickel deposits and is currently the most active mining camp in North America. Major joint venture partners in Sudbury include Vale, Xstrata Nickel, Lonmin Plc. and Impala Platinum Holdings Limited. Wallbridge also has a major shareholding in Duluth Metals Limited, which has defined a large copper-nickel-PGE resource in the rapidly emerging Duluth Complex base metal camp in Minnesota and recently announced a joint venture with Antofagasta Plc., which will see the project financed through feasibility. Wallbridge also holds a portfolio of porphyry copper-gold-molybdenum properties in southwestern BC which is currently being spun-out into a new company, Miocene Metals Limited, which was formed to finance the exploration of these properties.

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 visit the Company's website at www.wallbridgemining.com, or contact:

Wallbridge Mining Company Limited
Mara Strazdins, Vice-President,
Investor Relations Ron Poirier, Investor Relations
Tel: (416) 369-1500 ext 222 Tel: (705) 682-9297 ext 263
Email: mstrazdins@wallbridgemining.com Email: rpoirier@wallbridgemining.com