Wallbridge Mining Begins Exploration on Copper-Zinc and Nickel Targets in North-eastern Ontario

    TORONTO, July 23 /CNW/ - Wallbridge Mining Company Limited (TSX: WM, FWB:
WC7) is pleased to announce exploration plans for copper-zinc and nickel
targets on two claim groups located in north-eastern Ontario. The copper-zinc
and nickel properties are located within Wallbridge's Shipley and Hong Kong
Township claim groups, approximately 10 kilometres southeast of Sultan, and
about 100 kilometres north-west of Sudbury, Ontario. Both properties lay
within a poorly explored portion of the southern Abitibi Greenstone Belt
described by the Ontario Geological Survey as one of the "largest, best
preserved and most economically productive greenstone belts in the world."

    Shipley Township Copper-Zinc Target

    Copper-zinc mineralization (2.36% zinc, 0.2% copper, 17 ppm Ag) was found
in outcrop and float in 2006 as a result of prospecting an isolated group of
airborne electro-magnetic (AEM) anomalies along the western boundary of
Shipley Township. The surface showings were associated with a one kilometre
long string of airborne EM conductors within felsic, pyroclastic metavolcanic
rocks in an area with strong, multi-element anomalies in soil, till and lake
sediments. The area has no record of any relevant previous exploration.
Wallbridge has since completed staking 20 additional claims in 2007 and
currently controls a total of 74 claims covering 150 square kilometres.
    A 98.5 line-kilometre airborne magnetic and electro-magnetic survey was
completed early in 2008, defining a folded, 4 kilometre long string of
moderate to strong AEM responses with a flanking magnetic association in the
immediate vicinity of the AEM responses related to surface and float
occurrences of copper-zinc mineralization found in 2006. The 2008 exploration
program commenced in late May. Trenching of two, isolated strings of
conductors (KJ and K4 targets) is in progress concurrent with mapping and
prospecting along the anomalous trends. Up to 800 metres of initial diamond
drilling is planned for mid-to-late summer.

    Hong Kong Township Nickel Target

    Wallbridge's Hong Kong claim group was staked as part of a 50/50 joint
venture with Mountain Lake Resources, which focused on nickel-copper-platinum
group element exploration in the southern portion of the Abitibi Greenstone
Belt in north-eastern Ontario. The property hosts the historic Beith showing
and a small sulphide lens discovered by Wallbridge following the drilling of
an AEM conductor in 2005, which intersected nickel-copper-sulphide
mineralization grading up to 2.02% nickel and 0.91% copper over a core length
of 2.25 metres. Work on the Hong Kong project in 2007 consisted of data
compilation and interpretation and planning for a 226 line kilometre airborne
magnetic and electro-magnetic survey in conjunction with Wallbridge's Shipley
Township survey located immediately to the west.
    The recent 2008 airborne survey was designed to target the northwest-ward
and northern extension of high-magnesium to komatiitic basalts that host the
nickel mineralization. A number of similar responses were successfully
identified in the area. The 2008 exploration program will run in tandem with
the Shipley program. Mapping and prospecting of these anomalies are planned,
with up to 200 metres of initial drilling to start later in the year.
    Alar Sover, President of Wallbridge commented "The Shipley and Hong Kong
properties are situated in a portion of the Southern Abitibi Greenstone Belt
that has seen very little historical work. The success of our prospecting
results in 2006 indicates the potential for a volcanic-hosted, massive
copper-zinc sulphide deposit on the property and this optimism is supported by
the results of our high-definition airborne magnetic and electro-magnetic
survey that was completed this spring. We eagerly anticipate the results of
our summer mapping, trenching and drilling programs on both properties."
    The Qualified Person responsible for the technical content of this press
release is Bruce Jago, PhD. P.Geo, Vice-President, Exploration of Wallbridge
Mining Company Limited.

    About Wallbridge Mining

    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 has volcanic-hosted copper-zinc and gold properties in Ontario and
a large porphyry copper-molybdenum-gold property in south-western British

    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) 710-0646,
Email: mstrazdins@wallbridgemining.com

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