Wallbridge Mining Acquires Large BC Copper Property



    TORONTO, March 3 /CNW/ - Wallbridge Mining Company Limited (TSX: WM, FWB:
WC7) today announced that it has optioned a 244 square kilometre property
covering a newly discovered copper-gold occurrence within a large
calc-alkaline, granodiorite intrusion in the Pemberton area of south-western
British Columbia.
    Copper staining and mineralization was uncovered by the vendor in several
recently opened outcrops during construction of a logging road in the area.
Two selected grab samples collected by the vendor reportedly returned 1% and
8% copper. The occurrence is up-slope of coincident Cu and Au anomalies in the
regional government stream sediment survey.
    Commenting on this latest acquisition Alar Soever, President of
Wallbridge stated, "Although this is a departure from our focus in Sudbury,
the more we looked at this opportunity, the more we realized we could not pass
it by. The similarity with the regional geology which hosts some very large
copper-gold deposits elsewhere around the Pacific Rim is remarkable. As we did
our due diligence it became obvious that there was an opportunity here that
has not been previously recognised. This is a very large property which has
seen very little previous exploration and where our initial reconnaissance
results indicate the presence of a sizable mineralizing system. As Sudbury
remains the primary focus of our efforts, we intend to rapidly advance this
project to the point where it will attract funding from an aggressive Joint
Venture Partner.
    During an initial site visit and a subsequent two week reconnaissance
program carried out last fall, 73 rock samples (Table 1), 340 soil samples and
6 stream sediment samples were collected across the property. This work
identified anomalous rock samples containing values up to 1330 ppm Cu, 150 ppm
Mo, and strongly anomalous Pb and Zn in the vicinity of the original showing.
Soil samples contained up to 327 ppm Cu, 773 ppm Pb, and 520 ppm Zn. One soil
sample contained 8.62 ppm Au, others ranged up to 0.15 ppm Au.

    
    Table 1: Geochemistry of rock(*) samples collected near original
    discovery.

    -------------------------------------------------------------------------
    Sample    Rock                         ppm   ppm   ppm   ppm   ppm   ppm
     No.      Type                 Type    Cu    Mo    Ag    Au    Pb    Zn
    -------------------------------------------------------------------------
    707753    GRDR                 GRAB   274     1     1   0.02   224   900
    707764    sericitized QFP      GRAB    33     4    10   0.02   442   753
    707782    GRDR                 GRAB   530     4     3   0.03  1225   909
    707813    chloritized basalt   GRAB   507     0     0   0.04     4    96
    CR 13F    GRDR                FLOAT   840    10     5   0.01   240    90
    CR15      GRDR                 GRAB    40    10     5   0.01   360   550
    CR 15F    GRDR                FLOAT  1330   150     1   0.01    30    60
    CR 15F2   GRDR Breccia        FLOAT  1120    10    22   0.18  3110   830
    -------------------------------------------------------------------------
    (*) GRDR: granodiorite, QFP: quartz-feldspar porphyry
    

    The sampling identified a broad, anomalous trend that extends for 4 km
around the original discovery and which roughly follows the boundary between a
magnetic low centred on the northern lobe of the host intrusive and a flanking
magnetic high suggesting a possible porphyry copper system. Soil samples
appear to define two overlapping geochemical associations with samples that
are enriched in Ag, Pb, Zn, As, and Ba occurring for about a kilometre around
the original discovery cross-cutting a broader, trend, which extends for
several kilometres to the northeast and southwest that is enriched in Cu, Ag,
Au and Mo. Rock samples show a similar zonation, though the values are more
sporadic.
    Rock samples exhibit weak propylitic to argillic alteration consistent
with a porphyry copper environment. Analyses of the regional
geological/structural setting indicates that the host pluton(s) were emplaced
along a series of northeast trending crustal transfer faults within a similar
geodynamic/tectonic setting as giant Cu-Mo-Au deposits in South America and
Indonesia.
    Samples were prepared at the ALS Chemex Laboratory in Vancouver, BC. Rock
samples were analyzed for gold using the Au-AA24 analytical package and for 33
elements using their ME-ICP61a package. Soil samples were analyzed for Au
using their Au-AA23 package and their ME-MS41 ICPMS package. Additional
details regarding sample preparation and analytical techniques are available
at www.alsglobal.com.
    The Qualified Person responsible for the technical content of this press
release is Bruce Jago, PhD. P.Geo, Vice-President, Exploration of Wallbridge
Mining Company Limited.

    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.

    %SEDAR: 00010252E




For further information:

For further information: Please visit the Company's website at
www.wallbridgemining.com, or contact: Wallbridge Mining Company Limited, Alar
Soever, President, Tel: (705) 682-9297, Email: asoever@wallbridgemining.com;
Mara Strazdins, Vice-President, Investor Relations, Tel: (416) 710-0646,
Email: mstrazdins@wallbridgemining.com


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