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Press Releases

May 21, 2004
Wallbridge Updates Exploration Progress

Toronto, Ontario - May 21, 2004 - Wallbridge Mining Company Limited (TSX: WM) today reported that the summer exploration program on its Sudbury area properties is well underway. A total of $3.7 million is committed to exploration of the Sudbury area properties this summer, which includes $1.8 million for exploration on the Wisner Property.

Field work has also been initiated on our Nova Scotia properties, and drill testing of Megatem targets on our northeastern Ontario properties is scheduled to begin within a few weeks.

Wisner Property (Wallbridge /Falconbridge Limited 4X JV and Wallbridge/Lonmin Plc Sudbury Camp Joint Venture)

Stripping and washing of the surface expression of the Broken Hammer Zone was initiated on May 10th. The focus of the work is to explain the Aerotem EM responses obtained over the eastern end of the zone which have not been satisfactorily explained by the drilling results to date. The stripping to date has exposed a number of cross-cutting mineralized structures within the zone. Mineralization within these structures ranges from disseminated sulphides to narrow vein stockworks, as well as one approximately 0.5 m thick vein of massive sulphides. The sulphides consist predominantly of chalcopyrite, as is the case with the smaller veins and veinlet stockworks intersected previously in the drilling. Source of the Aerotem EM responses is attributed to the massive sulphides exposed by the stripping, which have not been intersected by the limited drilling to date.

Detailed mapping and sampling of the zone will be completed when the stripping is completed to better define the limits of newly exposed structures and massive sulphides.

The Broken Hammer Zone straddles the boundary between the Wallbridge/Falconbridge 4X Joint Venture and the Wallbridge/Lonmin Sudbury Camp Joint Venture portions of the Wisner Property. Wallbridge is funding the current work program on the Wallbridge/Falconbridge 4X Joint Venture portion of the property, which will increase its percentage interest in those lands. Work on the Wallbridge/Lonmin Plc Sudbury Camp Joint Venture is funded by Lonmin Plc., which can earn a 65% interest in any mineral resource by funding work through feasibility.

Windy Lake Property (Wallbridge/Lonmin Plc Sudbury Camp Joint Venture)

On Windy Lake, drill hole WWL-022 was recently completed from Sugarloaf Island. The hole intersected 26.2 metres of disseminated to locally net textured sulphide mineralization from 1845.7 to 1871.9 metres down hole. This interval averages 6% sulphides, with sulphide concentrations locally reaching 15%. Despite only minor copper and nickel values being present, these results confirm the presence of an east-west trending mineralized trough or terrace structure under Windy Lake.

A UTEM-4 down hole geophysical survey did not identify any targets which are likely to represent economic massive sulphide accumulations within 200 metres of the drill hole.

Results to date will be evaluated over the summer months, during which exploration manpower and resources will be focused on the Wisner, Trill and Cascaden properties of the Wallbridge/Lonmin Sudbury Camp Joint Venture.

The Trill Property is a large footwall property, which surrounds the Trillabelle embayment, while the Cascaden Property covers the footwall rocks adjacent to Windy Lake.

Work over the past few years has located a number of IP anomalies worthy of follow-up on these properties. Work this summer will focus on assessing these targets for their potential to host copper-PGE mineralization similar to that discovered last year at the Broken Hammer Zone on the Wisner Property.

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

Northeastern Ontario Joint Ventures

Ground based geophysical confirmation of Megatem anomalies on our northeastern Ontario joint ventures with Noranda Inc. and Falconbridge Limited is well advanced. Drill testing of these targets is expected to begin in early June and will continue throughout the year. Current exploration plans include drill testing approximately 40-50 targets this year. Results will be reported as they become available.

Field crews have also started work on the Wakami and Hong Kong nickel-copper-PGE projects in the Swayze area, which represents the western terminus of the Abitibi greenstone belt. The Wakami project is part of the previously announced exploration alliance between Wallbridge and Seymour Exploration Corp. (see Seymour press release dated March 16, 2004). The Hong Kong properties are covered under a joint venture agreement between Wallbridge and Mountain Lake Resources Inc. (see Mountain Lake press release dated April 21, 2004).

Initial results from geological mapping of the Wakami magnetic anomaly confirm that the magnetic feature represents a mafic-ultramafic intrusion which could host magmatic nickel mineralization. Field work will continue through the summer on these properties.

Nova Scotia Joint Ventures

Summer field work has also been initiated on our Nova Scotia joint ventures. Focus of this work is the assessment of airborne magnetic anomalies defined by the survey completed earlier this year.

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

For further information, contact:

Alar Soever
President
Wallbridge Mining Company Limited
Tel: (705) 682-9297
Fax: (705) 682-2144

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.