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Press Releases

April 26, 2004
Wallbridge Updates Wisner Exploration Progress

Toronto, Ontario - April 26, 2004 - Wallbridge Mining Company Limited (TSX: WM) today announces that the $1.8 million dollar summer 2004 exploration program on the Wisner Property is well underway. Three holes were recently completed on the Broken Hammer Zone, and Titan-24 surveying of the western two thirds of the property has been completed. Drill testing of select Titan-24 anomalies is scheduled to begin within the next week. Aerotem surveying of two portions of the property, including the area of the Broken Hammer Zone, has also been completed to assess the response of the mineralization to this geophysical technique.

Broken Hammer Zone Drilling

Three holes (WIS-011 to WIS-013) were recently completed on the Falconbridge Joint Venture portion of the property to test the strike and dip extensions of the Broken Hammer Zone. Initial (previously reported) drill intercepts on this zone of mineralization have included (see Press Release dated February 26, 2004):
  • 1.36* g Pt/t, 0.74 g Pd/t, 0.20 g Au/t, 0.29 % Cu, 0.02% Ni, 0.33% S, or 2.30* g Pt+Pd+Au/t over 31.00 metres in Hole WIS-010 (equates to total contained metal value of US$59 per tonne); and,
    * High grade platinum values cut to 50 g Pt/t in calculating average.

  • 1.67 g Pt/t, 2.28 g Pd/t, 0.69 g Au/t, 0.80 % Cu, 0.08% Ni, 0.83% S, or 4.64 g Pt+Pd+Au/t over 9.5 metres in Hole WIS-007 (equates to total contained metal value of US$123 per tonne);
Assay results for hole WIS-013, which tested the Broken Hammer Zone 30 metres down-dip of WIS-010, confirm the down-dip extension of the mineralization. Assays from hole WIS-013 average:

  • 1.41 g Pt/t, 0.93 g Pd/t, 0.26 g Au/t, 0.17 % Cu, 0.03% Ni, 0.23% S, or 2.60 g Pt+Pd+Au/t over 8.91 metres (equates to total contained metal value of US$63 per tonne);
Note: Contained metal values are calculated using the following current metal prices: Pt = US$900 per ounce, Pd = US$285 per ounce, Au = $US400 per ounce, Cu = US$1.25 per pound, Ni = US$6.40 per pound. Contained metal values report value of 100% of contained metal and do not factor in metal recoveries or costs of extraction.

Assay results from two other holes on the Broken Hammer Zone, WIS-011 and WIS-012 are pending.

Assays were completed by SGS Minerals using a standard fire assay for Au, Pt, Pd and sodium peroxide fusion/ICP finish for base metals.

Titan-24 DCIP Survey

A Titan -24 DCIP survey was recently completed over the western two thirds of the property. The remainder of the survey will be completed after spring break-up. This Induced Polarization ("IP") and resistivity (DC) survey is designed to identify the geophysical response of sulphide mineralization from surface to a depth of about 500m.

The Titan -24 survey successfully detected the Broken Hammer Zone mineralization, establishing the effectiveness of this survey method. Preliminary data indicate the presence of numerous, anomalous zones across the 6-kilometre strike length of footwall rocks covered by the survey to date. These include both near-surface anomalies and anomalies at depth. (See map on website).

Drill testing of select Titan-24 targets is scheduled to begin next week, and will continue throughout the year as ground follow-up of targets is completed.

Aerotem Survey

A helicopter borne Aerotem TEM survey was completed over two sections of the property, including the Broken Hammer Zone. The purpose of the survey was to determine whether a small, rich occurrence like the Broken Hammer Zone could be detected by this type of survey.

A moderate amplitude, well-defined response was obtained over the Broken Hammer Zone. Most significantly, the strongest response was obtained over the eastern end of the zone. The Aerotem response is not explained by the drilling results to date. This area will be stripped and additional drilling carried out to locate the sulphides causing the relatively strong response over this part of the zone.

The western end of the Broken Hammer Zone, which has returned the best assays to date, is only reflected by a very weak response within the upper limits of the noise envelope. Several other similar responses are present within the survey area, and are currently being assessed.

"We are very pleased with the exploration results to date", said Alar Soever, President of Wallbridge. "The drilling on the Broken Hammer Zone has continued to expand this zone of mineralization, and the Titan-24 survey has met all our expectations and given us a number of other high quality targets, the drill testing of which will begin next week."

Ownership of the Falconbridge JV Wisner property is 55% Wallbridge, 45% Falconbridge Limited. Wallbridge is the Operator of the joint venture.

The Qualified Person responsible for the technical content of this press release is Alar Soever, P.Geo, President of Wallbridge Mining Company Limited.

Wallbridge Mining Company Limited was established in 1996 to explore for and develop nickel, copper and platinum group element 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 properties elsewhere in northern Ontario, Nova Scotia and near Duluth, Minnesota. To find out more about Wallbridge Mining Company Limited (TSX: WM), visit our website at www.wallbridgemining.com/.

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.