Wallbridge Mining Announces Closing of Private Placement

    TORONTO, March 26 /CNW/ - Wallbridge Mining Company Limited (TSX:WM,
FWB: WC7) (the "Corporation") is pleased to announce that it has completed a
brokered private placement of an aggregate of 9,298,200 units in the capital
of the Corporation (the "Units") placed through the facilities of Raymond
James Ltd., subject to approval of the Toronto Stock Exchange (the "TSX")
(collectively, the "Offering"). 1,298,200 of the Units represent the balance
of the 4,000,000 Unit placement announced by the Corporation on December 19,
    Commenting on the placement, Alar Soever, President of Wallbridge stated,
"This placement greatly reinforces the finances of the Corporation in
turbulent economic times and will allow us the flexibility to greatly
accelerate the pace of work on our Ontario properties".
    The Offering raised aggregate proceeds of CAD$3,719,280. The Units were
sold at $0.40 (Canadian) per Unit with each Unit being comprised of one common
share 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 entitles the holder thereof to purchase one
additional common share of the Corporation (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 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.
    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 Corporation's
exploration projects in Ontario, Canada. The Corporation will renounce such
Canadian exploration expenses with an effective date of no later than
December 31, 2008.

    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 Corporation'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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