Press ReleasesOctober 29, 2004
Wallbridge Announces Completion of Private Placement Financing
Toronto, Ontario - October 29, 2004 - Wallbridge Mining Company Limited (TSX:WM) today announced the completion of its previously announced private placement of 5,833,334 flow-through common shares at $0.60 per share, and 2,500,000 non-flow-through units at $0.60 per unit, aggregating $5,000,000 in total financing. The proceeds of this offering will enable the Company to advance drilling on the Broken Hammer Zone of its Wisner property in Sudbury and to complete all of its planned 2005 exploration programs on its Ontario and Nova Scotia properties.
A syndicate of agents lead by GMP Securities, and including Dundee Securities Corporation, Canaccord Capital Corporation and Toll Cross Securities Inc. acted as the agents in connection with this offering.
The Company is currently drilling at the Broken Hammer zone and will add a second drill to the Wisner property in the near future .The Company is also active on a number of its other Sudbury-area properties as well as at the Wakami and Hong Kong Joint Venture properties in northeastern Ontario.
About the Company
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 Minnesota.
FOR FURTHER INFORMATION please visit the Company's website at www.wallbridgemining.com, or contact:
Wallbridge Mining Company Limited
Richard Murphy, Vice President Corporate Development
Tel: (705) 682-9297
Cavalcanti Hume Funfer Inc., Investor Relations
Nick Kohlmann, Vice President
Tel: (416) 868-1079 ext. 222
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.