Wallbridge Mining Announces Closing of Second Tranche of Private Placement

    TORONTO, Sept. 2 /CNW/ - Wallbridge Mining Company Limited (TSX:WM, FWB:
WC7) (the "Corporation") is pleased to announce that it has completed a second
tranche of a non-brokered private placement of an aggregate of 1,800,000 units
in the capital of the Corporation (the "Units") at $0.27 (Canadian) per Unit
raising aggregate proceeds of $486,000 (collectively, the "Offering"). The
Corporation will use approximately 30% of the funds raised to accelerate the
pace of work on its Rogers Creek porphyry copper-gold project in southwestern
BC and approximately 70% of the funds raised on its Ontario projects.
    Commenting on the placement Alar Soever, President of Wallbridge stated,
"This placement is in keeping with our philosophy of advancing our projects,
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 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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