Wallbridge Updates Sudbury Exploration Progress

    TORONTO, March 2 /CNW/ - Wallbridge Mining Company Limited (TSX:WM; FWB:
WC7) today reported drilling results from its Trill Property as well as
exploration progress on its other Sudbury area properties. Concurrent with the
geophysical program, 5,000 metres of drilling will be initiated this spring.

    Trill Property Assay Results

    Drill results on the Trill Property confirmed the high PGE grade of the
mineralization and extended the copper-nickel-PGE mineralization outside the
limits of the offset dyke. Significant drill intercepts from the mineralized
zone within the dyke include:

    -  8.76 m of 0.59% Ni, 0.94% Cu and 6.758 g TPM/t in hole WTR-028
    -  3.52 m of 0.83% Ni, 0.83% Cu and 6.815 g TPM/t in hole WTR-034

    Intercepts from PGE-copper veins from outside the dyke include:

    -  0.57 m of 0.45% Ni, 0.49% Cu and 7.774 g TPM/t in hole WTR-030
    -  1.12 m of 0.06% Ni, 1.51% Cu and 10.143 g TPM/t in hole WTR-034
    -  0.95 m of 1.45% Ni, 0.23% Cu and 3.183 g TPM/t in hole WTR-034

    True width of the mineralized intercepts cannot be estimated due to the
nature of the mineralization. A complete table of mineralized intercepts is
appended to this release.
    A deep penetrating Titan-24 IP/MT survey is planned to explore the dyke
and surrounding rocks, including the new breccia belt and gravity anomaly
located some 500 metres to the south of the Trill Offset Dyke mineralization.

    Other Sudbury Exploration

    The Titan-24 survey on the Trill Property is part of a major geophysical
program currently underway on Wallbridge's Sudbury properties which includes:

    -  A Titan-24 survey on the Frost Lake Property, northeast of the new
       CVRD Inco/Lonmin Plc Capre Lake discovery. The survey will cover the
       Amy Lake Zone and surrounding area, including the area of the footwall
       nickel intercept announced last year (see Press Release dated
       April 5, 2006);

    -  A UTEM survey covering the area of the footwall nickel intercept on
       the Frost Property;

    -  A UTEM survey over the Drill Lake Property, located 1.5 kilometres to
       the southeast and within the same breccia belt which hosts the CVRD
       Inco/Lonmin Plc Capre Lake discovery;

    -  A Titan-24 survey over a 4 kilometre long belt of highly prospective
       Sudbury Breccia on the Skynner Lake Property;

    -  An IP survey over the East Totten Lake Breccia Belt on the Trill

    -  A Titan-24 survey over the copper-nickel-PGE mineralization located in
       the Hess Offset dyke last summer (see Press Release dated
       December 19, 2006);

    A total of 94.6 kilometres of Titan-24 surveying is planned. Titan-24 is a
deep penetrating IP/MT survey, which is capable of detecting sulphide
mineralization at greater depths than conventional IP surveys.

    Drilling Update

    On the North Range, testing of airborne conductors on the Crowflight JV
Project, intersected minor zinc mineralization at one of the 10 targets
tested. A down-hole EM survey indicated good conductive targets immediately
adjacent to the drill hole. These will be targeted by a follow-up drill
program scheduled to begin within the next two weeks.
    This drilling is part of a spring/summer drilling program of up to
5,000 m, which will also test targets on the Frost Lake, Skynner, Foy, Hess,
Wisner, and Trill Properties. High priority targets include the up-plunge
projection of the CVRD Inco/Lonmin Plc Capre Lake discovery onto the Frost
Lake Property, as well as step out holes from the footwall nickel intercept on
the Frost Lake Property.
    Drilling will also be carried in the Southwest Area of the Wisner
Property, to test a moderate depth Titan-24 IP anomaly which is spatially
associated with copper-nickel-PGE mineralization exposed by trenching, and
intersected in drilling last year (see Press Release dated May 30, 2006).
    Drilling is also budgeted to follow up geophysical targets generated by
the winter geophysical programs described above.
    The Frost Lake property is part of a 50/50 joint venture with Xstrata
Nickel. The Trill, Skynner, Lake and Foy properties are part of the Sudbury
Camp Joint Venture ("SCJV") with Lonmin Plc. ("Lonmin"). Lonmin earns a 50%
interest in any property on which a resource is established and can increase
its interest to 65% by taking that property through feasibility and funding
work through to commercial production.
    Half 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 using a standard fire assay with an ICPAES finish;
Cu and Ni were analyzed using a four acid (near total) digestion and an AAS
    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.

                         Trill Property Assay Results

    HOLE_ID           FROM      TO  WIDTH     Ni     Cu
                       (m)     (m)    (m)      %      %
    WTR-027   Dyke   25.78   27.89   2.11   0.12   0.46
    WTR-028   Dyke   20.81   29.57   8.76   0.59   0.94
    WTR-028   Vein   33.92   34.62   0.70   2.72   0.45
    WTR-028   Vein   41.07   41.44   0.37   0.29   0.64
    WTR-029   No assays above $120 per tonne cut-off (*)
    WTR-030   Vein   10.16   10.73   0.57   0.45   0.49
    WTR-030   Dyke   13.55   14.00   0.45   1.66   0.50
    WTR-031   Dyke   21.58   22.27   0.69   3.33   0.61
    WTR-032   No assays above $120 per tonne cut-off (*)
    WTR-034   Dyke   14.48   18.00   3.52   0.83   0.83
    WTR-034   Vein   21.28   22.40   1.12   0.06   1.51
    WTR-034   Vein   26.80   27.75   0.95   1.45   0.23
    WTR-034   Vein   31.20   31.50   0.30   2.24   2.31
    WTR-035   Dyke   33.31   33.60   0.29   0.07   0.55

    HOLE_ID             Pt      Pd      Au    TPM
                       g/t     g/t     g/t   (g/t)
    WTR-027   Dyke   2.216   3.322   0.443   5.981
    WTR-028   Dyke   2.221   3.611   0.926   6.758
    WTR-028   Vein   3.750   8.653   0.822  13.225
    WTR-028   Vein   5.510   6.500   4.150  16.160
    WTR-029   No assays above $120 per tonne cut-off (*)
    WTR-030   Vein   2.200   5.240   0.334   7.774
    WTR-030   Dyke   3.240   4.790   0.195   8.225
    WTR-031   Dyke   1.645   4.050   0.114   5.809
    WTR-032   No assays above $120 per tonne cut-off (*)
    WTR-034   Dyke   2.095   4.248   0.471   6.815
    WTR-034   Vein   4.380   5.390   0.373  10.143
    WTR-034   Vein   1.029   2.044   0.109   3.183
    WTR-034   Vein   1.360  10.050   0.130  11.540
    WTR-035   Dyke   1.735   2.110   0.458   4.303

    (*) Contained metal value cut-off calculated using the following prices:
        $10 per lb for nickel, $2.50 per lb for copper, $1000 per ounce for
        platinum, $300 per ounce for palladium and $450 per ounce for gold.
        True width of channel samples = sampled width, due to
        cross-cutting nature of the mineralization true width cannot be
        determined for drill intercepts.

    About Wallbridge

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

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