Wallbridge Mining Announces Private Placement

    TORONTO, Jan. 23 /CNW/ - Wallbridge Mining Company Limited (TSX: WM, FWB:
WC7) (the "Corporation") is pleased to announce that it has completed two
tranches of a non-brokered private placement for an aggregate of 3,672,500
units in the capital of the Corporation (the "Units") at $0.08 (Canadian) per
Unit raising aggregate proceeds of $293,800 (collectively, the "Offering").
The Corporation will use the funds raised to complete an IP survey and initial
drilling on its Rogers Creek porphyry copper-gold project in southwestern BC.
    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 progress we made in 2008 on Roger's Creek
dictated that we put ourselves in good shape to significantly advance this
project in early 2009."
    The Offering received preliminary approval of the Toronto Stock Exchange
on December 18, 2008, subject only to filing closing documentation. The Units
were sold at $0.08 (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) and one-half of one non flow-through common share purchase warrant.
Each whole warrant entitles the holder thereof to purchase one additional
common share of the Corporation on or before December 31, 2010 at an exercise
price of $0.30 (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.

    About Wallbridge Mining Company Limited

    Wallbridge Mining Company Limited's primary focus is the exploration of
nickel, copper and platinum group element ("PGE") deposits in the Sudbury area
of Ontario. The Sudbury area hosts 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 Vale Inco, 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. Wallbridge is also exploring a large porphyry
copper-gold-molybdenum property in south-western British Columbia and has
interests in copper-zinc and gold properties in northeastern Ontario.

    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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