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

    TORONTO, July 16 /CNW/ - Wallbridge Mining Company Limited (TSX:WM; FWB:
WC7) today announced that it has entered into a letter of intent with Impala
Platinum Holdings Limited ("Impala"), the world's second largest primary
platinum producer on its Parkin Offset Dyke Properties in Sudbury, Ontario.
Under terms of the proposed joint venture 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 is pending finalization of formal
agreements and the necessary South African Reserve Bank approvals.
    Commenting on the agreement with Impala, Alar Soever, President of
Wallbridge stated, "Offset dykes are very attractive exploration targets in
Sudbury as demonstrated by recently announced mine development projects at
Totten and Copper Cliff. This acquisition will allow the exploration of a
large mineralized section of the Parkin Offset to depth. We look forward to
initiating an aggressive exploration program as soon as the formal agreement
is finalized."
    The Parkin Offset 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

    Wallbridge Mining Company Limited's primary focus is the exploration for
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-molybdenum-gold 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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