Wallbridge Announces Private Placement Financing

    TORONTO, Dec. 19 /CNW/ - Wallbridge Mining Company Limited (TSX:WM) is
pleased to announce its intention to proceed with a brokered private placement
of up to an aggregate of 4,000,000 units in the capital of the Company (the
    A minimum of 2,000,000 Units will be placed through the facilities of
Mineralfields Group with a non-brokered private placement of up to an
aggregate of 2,000,000 Units, both subject to approval of the Toronto Stock
Exchange (the "TSX") (collectively, the "Offering").
    The private placement is for the combined aggregate proceeds of up to
CAD$1,600,000. The Units will be sold at $0.40 (Canadian) per Unit with each
Unit being comprised of one common share to be issued as a "flow-through
share" as defined in the Income Tax Act (Canada) (a "Flow-Through Unit Share")
and one-half of one common share purchase warrant (each full common share
purchase warrant hereinafter referred to as a "Warrant"). Each Warrant will
entitle the holder thereof to purchase up to one additional common share of
the Company (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 full 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. Only qualified Canadian residents
are eligible to subscribe for the Units in the capital of the Company.
    100% of the gross proceeds of the Units sold under the Flow-Through
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 Company's
exploration projects in Ontario, Canada. The Company will renounce such
Canadian exploration expenses with an effective date of no later than
December 31, 2007.

    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) 369-1500, Ext.
222, Email: mstrazdins@wallbridgemining.com

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