Wallbridge Mining Intersects Nickel-Copper Mineralization on JV Property in Sudbury

    TORONTO, Feb. 26 /CNW/ - Wallbridge Mining Company Limited (TSX: WM, FWB:
WC7) today announced that it has intersected nickel-copper-sulphide
mineralization during its drilling program on one of its Crowflight Joint
Venture properties located in the North Range of the Sudbury Igneous Complex.
Follow-up drilling on the property will be part of Wallbridge's 2008
exploration program in the prolific Sudbury Mining Camp. Wallbridge currently
holds more than 700 square kilometres of prime land holdings in the Sudbury
    The nickel-copper discovery was made while drilling three MegaTEM
airborne geophysical electro-magnetic anomalies on Grid F of Area 4 and
consisted of disseminated, net-textured and stringer
pyrrhotite-pentlandite-chalcopyrite mineralization within a quartz-gabbro host
rock. The sulphide-mineralized interval returned:

    -   5.7 metres of 0.12% nickel, 0.16% copper and 24 ppb
        platinum+palladium from 85.00 to 90.70 metres
    -   including 1.22 metres of 0.31% nickel, 0.37% copper and 50 ppb
        platinum+palladium from 88.00 to 89.22

    Alar Soever, President of Wallbridge commented, "This mineralization is
significant in that it is the first intersection in this area which has seen
very little exploration in the past. As such, it forms the foundation for
future success. We will be continuing exploration on this Joint Venture
property with airborne geophysics and drilling planned for 2008. We have also
staked additional ground to the west to cover the favourable rock units, the
presence of which was previously unknown."
    The drill hole was collared in a mixed unit of metasedimentary and
metavolcanic rocks including a narrow interval of pyrite-bearing volcanic
exhalite which has returned up to 20 ppb Au in surface grab samples. The
nickel mineralization, however, was intersected in a mafic intrusive from 83.5
metres to the end of the hole at 111.5 metres. Follow-up geophysical surveys
and drilling will be focused on following this mafic unit.
    Surface outcrops are scarce in this area of the North Range so future
exploration and drilling will be guided mainly by a 161 line-kilometre
airborne survey using Aeroquest's AeroTEM III system which is scheduled for
March 2008 and be followed by a summer mapping and prospecting program. The
airborne survey will cover buried host rock stratigraphy that has been covered
by staking to the west of the discovery and includes a magnetic high partially
defined by the 2004 MegaTEM survey that trends from Grid F onto the newly
staked ground.
    Wallbridge has now earned a conditional 50% interest in the Joint Venture
Properties by expending $700,000 prior to the end of 2007. Under the terms of
the Joint Venture Agreement (see press release dated June 28, 2006),
Wallbridge can increase this interest to a 70% vested interest in any of four
specific Project Areas within the Joint Venture Properties by spending an
additional $1,000,000 on each Project Area it wishes to vest in prior to the
end of 2010.
    In a recent letter, Crowflight agreed to waive the work commitments for
2008, for the other three areas forming part of the joint venture.
    Drill core samples were prepared at ALS Chemex Ltd. Laboratories in
Sudbury and then shipped to their analytical facilities in Vancouver. Samples
were analyzed for Au, Pt, and Pd by standard lead collection fire assay fusion
followed by a combination of inductively coupled plasma mass spectrometry
(ICP-MS) and atomic emission spectrometry (ICP-AES). Samples were also
analyzed for 33 base metal and trace elements using a four acid (HNO3-HCIO4-HF
and HCI) near total digestion and a combination of ICP-MS and ICP-AES.
    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 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 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

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890