Wallbridge Mining Announces Final Closing of Private Placement



    TORONTO, Aug. 6 /CNW/ - Wallbridge Mining Company Limited (TSX:WM, FWB:
WC7) is pleased to announce that it has closed on the final tranche of its
private placement financings (the "Offerings") referred to in its July 22,
2009 and July 31, 2009 press releases. The final closing comprised 1,394,545
flow-through common shares (the "Flow-Through Common Shares") placed with
Dundee Securities Corporation at $0.11 per Flow-Through Common Share raising
aggregate proceeds of $153,400. These funds are in addition to the closings of
$305,000 announced on July 22, 2009 and $671,600 announced on July 31, 2009,
bringing the aggregate closing proceeds to $1,130,000. TSX approval is subject
only to filing closing documentation, as preliminary approvals, in respect of
the Offerings were given on April 27, 2009 and June 23, 2009.
    Commenting on the placements Alar Soever, President and CEO of Wallbridge
stated "This concludes our current financing, and we are now well financed to
advance our highest priority projects including drill testing our Rogers
Creek, BC porphyry copper-gold-molybdenum project where we recently defined an
extremely attractive IP target." (see Press Release dated July 10, 2009)
    The Offerings as completed consisted of: (i) 6,818,181 Flow-Through
Common Shares at $0.11 per share ($750,000) (the "Flow-Through Offering), and
(ii) 3,800,000 Units at $0.10 per Unit ($380,000) (the "Unit Offering").
    The proceeds raised under the Flow-Through Offering will be used for
Canadian exploration expenses (within the meaning of the Income Tax Act
(Canada)) (the "Tax Act"), on the Corporation's exploration projects in
Ontario and British Columbia, Canada, which Canadian exploration expenses
qualify as "flow-through mining expenditures" for purposes of the Tax Act. The
Corporation will renounce such Canadian exploration expenses with an effective
date of December 31, 2009. The proceeds raised under the Unit Offering will be
used for general working capital purposes.

    About Wallbridge Mining Company Limited

    Wallbridge Mining Company Limited's primary focus is the exploration of
nickel, copper and platinum group element ("PGE") 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 Inco, 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. Wallbridge is also exploring a large porphyry
copper-gold-molybdenum property in south-western British Columbia and has
interests in copper-zinc and gold properties in north-eastern Ontario.

    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 Wallbridge website at
www.wallbridgemining.com, or contact: Wallbridge Mining Company Limited, Alar
Soever, President and CEO, Tel: (705) 682-9297, Email:
asoever@wallbridgemining.com; Mara Strazdins, Vice-President, Investor
Relations, Tel: (416) 369-1500, Ext. 222, Email:
mstrazdins@wallbridgemining.com


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