Wallbridge Mining Signs $5M Joint Venture with Impala Platinum on Parkin Offset Dyke Properties in Sudbury

    TORONTO, Aug. 26 /CNW/ - Wallbridge Mining Company Limited (TSX:WM; FWB:
WC7) ("Wallbridge") today announced that it signed a joint venture agreement
with Impala Platinum Holdings Limited ("Impala"), the world's second largest
primary platinum producer, on its Parkin Offset Dyke Properties in Sudbury,
    Under the terms of the joint venture agreement, Impala will spend $5M
over three years to earn a 50% interest in the properties. Impala can then
increase its interest to 65% by funding a Feasibility Study and securing
Wallbridge's portion of the development funding through to commercial
production on a project loan basis. The joint venture agreement is still
subject to the necessary South African Reserve Bank approvals.
    Commenting on the agreement with Impala, Alar Soever, President of
Wallbridge, stated: "This agreement provides the funding necessary to
aggressively explore this very attractive property package during an
under-valued junior mining market. It is in keeping with our strategy of
funding an aggressive exploration program, while minimizing dilution to our
existing shareholders. We look forward to initiating a drilling program in the
near future."
    Offset dykes are very attractive exploration targets in Sudbury as
demonstrated by recently announced mine development projects at Totten and
Copper Cliff by Vale Inco.
    The Parkin Offset Dyke Properties encompass 2,150 hectares covering
9.4 kilometres of strike length of the Parkin Offset Dyke and include:

    -   Wallbridge's Parkin Property (98.5% Wallbridge, 1.5% Xstrata Nickel),
        which hosts the Parkin Resource (43-101 Indicated Resources of
        290,928 tons @ 0.70% Cu, 0.65% Ni, 0.03% Co, 0.62 g/t Pt,
        0.80 g/t Pd, 0.23 g/t Au and 6.3 g/t Ag; resource calculated in 2002
        by A. Soever of Watts, Griffis and McOuat)

    -   Wallbridge's 100% owned Milnet Property, which hosts the past
        producing Milnet Mine (Reportedly produced 157,130 tons @
        1.54% Ni, 1.49% Cu, 2.25 g/t Pt, 2.98 g/t and 0.33 g/t Au)

    -   Wallbridge's Champion Bear JV Property, which hosts the Brady Showing
        and several other targets on the Northern Block

    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 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 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) 369-1500 ext
222, Email: mstrazdins@wallbridgemining.com

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