Wallbridge Mining Reports on Miocene Metals Limited's Progress

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN OR INTO THE UNITED STATES

TORONTO, May 17 /CNW/ - Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) (the "Company") is pleased to announce that Miocene Metals Limited ("Miocene Metals"),  the spinout company formed to finance the exploration of Walbridge's former BC properties, has obtained a receipt for its final prospectus dated May 6, 2011 (the "Final Prospectus") filed with the Ontario, Alberta and British Columbia Securities Commissions.

The Company has also obtained conditional approval from the TSX Venture Exchange (the "TSXV") for the listing of its Common Shares. The TSXV conditional approval is subject to the Company fulfilling all of the listing requirements of the TSXV on or before August 6, 2011, including completion of a financing of not less than $5 million.  At the time of listing, the Miocene Special Warrants received by Wallbridge shareholders last May will automatically convert into common shares of Miocene on a one for one basis.

Commenting on Miocene Metals' progress, Warren Holmes, Chairman of Wallbridge stated, "These are important steps forward towards Miocene Metals becoming an independent publicly traded company. We look forward to Miocene Metals completing its Initial Public Offering ("IPO") and launching its summer exploration program.  We can only hope it achieves the same level of success enjoyed by our first spin-out company, Duluth Metals Limited."

Miocene Metals is currently in the process of completing its IPO.  The Final Prospectus qualifies the distribution of up to 10,000,000 units ("Units") at a price of $0.36 per Unit and up to 9,000,000 of flow-through common shares ("Flow-Through Shares") at a price of $0.40 per Flow-Through Share (the "Offering"). Each Unit is comprised of one common share ("Common Share") and one-half of one Common Share purchase warrant ("Warrant"). Each whole Warrant is exercisable into one Common Share at a price of $0.50 per Common Share for a period of 2 years from the closing date of the Offering. Each Flow-Through Share will be issued as a "flow-through share" within the meaning of the Income Tax Act (Canada).

Macquarie Private Wealth Inc. is acting as agent on a commercially reasonable efforts basis for the Offering.

A copy of the Final Prospectus is available on Miocene Metals' corporate profile page which may be accessed at www.sedar.com or may be acquired directly from Macquarie Private Wealth Inc. at 4100 Yonge Street, Suite 500, North York, ON, M2P 2B5, Attention: Bijan Levine, Tel: (416) 512-3680, e-mail: bijan.levine@macquarie.com. Please direct all inquiries to Mr. Bijan Levine.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

The securities being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States unless pursuant to an exemption there from. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.

About Miocene Metals Limited

Miocene Metals is focused on the exploration and development of seven porphyry copper-gold-molybdenum properties acquired from Wallbridge in south-western British Columbia within the Miocene-age Cascade Magmatic Arc. The Cascade Arc shares many geological characteristics with the Miocene-age porphyry belt that stretches the length of Chile and Argentina in South America and hosts some of the world's largest porphyry copper-gold-molybdenum deposits including Chuquicamata, El Teniente and Los Bronces.

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 one of  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 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.  Duluth Metals is advancing this resource through feasibility in joint venture with Antofagasta plc, one of the worlds major copper producers.  Wallbridge also holds a significant shareholding Miocene Metals Limited, which was formed to finance the exploration of a portfolio of copper-gold-molybdenum properties in southwestern BC.

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.

SOURCE Wallbridge Mining Company Limited

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
Tel: (416) 369-1500 ext 222
Email: mstrazdins@wallbridgemining.com
Ron Poirier,
Investor Relations
Tel: (705) 682-9297 ext 263
Email: rpoirier@wallbridgemining.com


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