Press ReleasesFebruary 23, 2006
Wallbridge Announces Private Placement Financing
Toronto, Ontario -- February 23, 2006 -- Wallbridge Mining Company Limited (TSX:WM) today announced that it has closed a non-brokered private placement of 2,380,953 Flow-Through Common Shares at $0.42 per share, aggregating gross proceeds of $1,000,000. The additional funds will be used to fund Wallbridge's share of expenditures on its Falconbridge JV properties, as well as to explore other opportunities in Sudbury.
Drilling is currently underway on the Frost Lake Property, where drilling late last year intersected wide zones of PGE mineralization (see press release dated December 6, 2005). Drilling will also be carried out on the Wisner property, where trenching in December uncovered high grade copper-nickel PGE mineralization (see press release dated January 19, 2006).
Work programs are also underway on a number of the other Sudbury area properties. A large airborne VTEM survey has been completed over the Trill and several other properties. Drilling will be carried out to follow-up on this survey once results have been fully evaluated and ground surveys completed.
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 properties elsewhere in northern Ontario and Nova Scotia.
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
CHF Investor Relations
Nick Kohlmann, M.Sc., 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.