Wallbridge Mining Company Limited - North Range Project

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North Range Properties
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The North Range project includes a number of property acquisitions through staking and joint ventures with Pele Mountain Resources Inc.("Pele Mountain"), Champion Bear Resources Ltd. ("Champion Bear") and Crowflight Minerals Inc. ("Crowflight") that bring Wallbridge's total land package for this project to 33,000 hectares.The North Range Project includes five key properties: Pele Mountain's Offset, Crowflight's Peter's Roost and Champion Bear's Hess joint venture properties, and Wallbridge's North Range and Cascaden properties.

The North Range project developed from new and innovative exploration ideas about how the SIC and, in particular, how the footwall of the SIC developed immediately after the crater formed.Wallbridge has been a leader in advancing exploration in the footwall since it began to acquire property in the Sudbury area in 1997.At that time, the focus was on acquiring properties in the near footwall but since then, property acquisition has extended outwards as new ideas about how the SIC developed have evolved. Today,Wallbridge holds more than 66,000 hectares of land in the Sudbury area.

The Pele Offset property is held in joint venture with Pele Mountain and was signed on July 10, 2006.The joint venture property consists of 353 claim units (5,648 hectares) located north of the Levack Embayment, a structure that hosts a number of nickelcopper deposits at the contact of the SIC.The Pele Offset property covers the discovery outcrop and approximately four kilometres of the strike extension of the Pele Offset Dyke, which was discovered in 2005.The property has potential to host offset dyke nickel-copper-PGE mineralization as well as footwall copper-PGE mineralization related to major breccia structures, which cross the property.

Wallbridge will operate the Project during the option period and can earn a 60-percent interest by issuing 1.05 million of its common shares to Pele Mountain and by making $1.2-million in work expenditures by year-end 2009.Wallbridge can increase its interest to 72.5 percent by completing a bankable feasibility study and arranging financing for the project through to commercial production.

Exploration in 2006 discovered a new quartz diorite dyke up to six metres in width about one kilometre west of the Pele Offset Dyke discovered in 2005. Nearby, a significant zone of Sudbury Breccia, which has produced high pathfinder element concentrations was also found.The detailed mapping, prospecting and sampling program initiated in 2006 will continue in 2007 and work towards developing drill targets on existing and new offset dyke and breccia belt occurrences.

Crowflight's Peter's Roost property was added to Wallbridge's North Range property portfolio in mid2006.The property includes 39 mining claims covering approximately 70 square kilometres, which were staked by Crowflight following a 2004 airborne MegaTEM geophysical survey.The Crowflight-Wallbridge Joint Venture also includes 41 claim units (6.5 square kilometres) staked by Wallbridge in 2006, that cover an additional 12 MegaTEM geophysical conductors.

Under the proposed terms of the agreement Crowflight agrees to grant Wallbridge the right to earn an initial and conditional 50% interest in the Peter's Roost properties in exchange for Wallbridge having expended $700,000 on exploration activities by December 31, 2007. Following this initial expenditure Wallbridge would have the option to increase its ownership to a 70% vested interest in any or all of four separate Project Areas by funding $1.0 million in Subsequent Exploration Activities by December 31, 2010 in each Project Area in which it selects to vest. Failure to vest $1.0 million in a specific Project Area will result in the ownership of such Project Area reverting back to Crowflight.

For any new properties Wallbridge acquires within the Joint Venture Area (a 495 square kilometre area within the North Range of the SIC), Crowflight will have the right to acquire a 25% participating interest at such time as an Indicated Resource is proved-up on such ground, by reimbursing Wallbridge 50% of its exploration costs to that point.

The MegaTEM survey in 2004 was successful in identifying 14 high priority EM conductors. Several of these conductive anomalies occur coincident with concentric or radial structures related to the SIC.Work in 2005 included a regional structural analysis utilizing multi-spectral images and modern remote sensing techniques.Work to the end of 2005 was used to formulate a targeted staking program on the most prospective airborne geophysical anomalies.

The airborne survey covered a large portion of the North Range Footwall of the SIC, which had not previously been covered by a modern airborne electromagnetic system and this data has been integrated into Wallbridge's geophysical database.

Wallbridge's 2006 exploration program consisted of rehabilitating and cutting exploration grids on four clusters of geophysical anomalies followed by detailed grid mapping and rock sample collection.A 12 hole drill program was started in December 2006 with all results pending at the end of the year. Exploration in 2007 will be directed at following up the 2006 drill program and continued mapping and prospecting of MegaTEM geophysical anomalies leading to drilling of prospective targets.

The Hess property covers 1,864 hectares of land in the North Range of the SIC.The property is held in joint venture with Champion Bear. The property hosts 14.7 km of the total known 23 km strike-length of the Hess Offset Dyke. Previous exploration found minor occurrences of chalcopyrite-pyrrhotite mineralization in surface outcrops and a limited number of diamond drill holes but significant gaps in exploration coverage remained including unexplained geophysical anomalies and regional structures related to the formation of the SIC.

Mapping along the Hess Offset by Wallbridge in 2006 located a previously unrecognised 1.5 kilometre segment of inclusion-rich quartz diorite dyke containing disseminated pyrrhotite and chalcopyrite mineralization with up to 0.9 g/t platinum+ palladium+gold mineralization. Work in 2007 will consist of up to 7.2 line kilometres of deep penetrating Titan 24 IP and MT geophysical surveys followed by drilling of prioritised targets, and detailed mapping and prospecting of the portion of the dyke not included in the 2006 exploration program.

The North Range claim block comprises 21 claim units covering 34 square kilometres of SIC Footwall. The southern boundary of the property is located six kilometres north of the SIC contact in prospective Footwall rocks cut by regional structures related to the formation of the SIC.Wallbridge's Pele Mountain Joint Venture property is located one kilometre to the west.

The North Range claim block is considered to be highly prospective given the general lack of exploration in this portion of the footwall, the discoveries of two new Offset Dykes on the Pele property, and, historical mineralization on the Foy Offset Dyke located immediately to the west. Exploration in 2007 will focus on the discovery of SIC-related rocks and mineralization through detailed mapping, prospecting and structural studies with drilling of prospective targets to follow.