Wallbridge Mining Announces Closing of Private Placement to Advance BC Property

    TORONTO, Aug. 20 /CNW/ - Wallbridge Mining Company Limited (TSX:WM, FWB:
WC7) (the "Corporation" and "Wallbridge") is pleased to announce that it has
completed a private placement of an aggregate of 1,300,000 units in the
capital of the Corporation (the "Units"), at $0.27 (Canadian) per Unit,
raising aggregate proceeds of $351,000 (collectively, the "Offering").
Wallbridge will use the funds raised to accelerate the pace of work on its
Rogers Creek porphyry copper-gold project in southwestern BC.
    Commenting on the placement, Alar Soever President of Wallbridge stated:
"This placement allows us to expand the work program on the Rogers Creek
porphyry copper-gold property in response to early results which indicate the
presence of sizable alteration zones along with elevated gold and copper
values. While it is too early to be able to fully evaluate the significance of
the early results, this placement will allow us to expand the program to
complete this evaluation. We are pleased to be able to accelerate our work
program at a time when many other companies are curtailing theirs. We will
continue our philosophy of aggressive exploration while tailoring the size of
placements to the immediate needs of our programs, in order to minimize
dilution during this period of relatively low valuations in the junior mining
sector. "
    The Offering was placed through the facilities of Raymond James Ltd., and
is subject to final approval of the Toronto Stock Exchange (the "TSX"). The
Units were sold at $0.27 (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 non
flow-through 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.
    99.9% of the gross proceeds of the Units sold under the 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 British Columbia, Canada. The Corporation will
renounce such Canadian exploration expenses with an effective date of no later
than December 31, 2008.
    The Qualified Person responsible for the technical content of this press
release is Alar Soever P.Geo, President of Wallbridge Mining Company Limited.

    About Wallbridge Mining Company Limited

    Wallbridge Mining Company Limited primarily 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.
Wallbridge is also exploring volcanic-hosted copper-zinc and gold properties
in Ontario and a large porphyry copper-molybdenum-gold property in
south-western British Columbia.

    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, 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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