Press ReleasesJune 22, 2006
Duluth Metals Files IPO Preliminary Prospectus
Toronto, Ontario -- June 22, 2006 -- Wallbridge Mining Company Limited (TSX:WM) today announced that Duluth Metals Limited ("DML"), the private company formed to finance exploration of the Maturi Extension Property, filed a Preliminary Prospectus for its Initial Public Offering on June 20, 2006 with the Ontario, Alberta and British Columbia Securities Commissions. The Offering will consist of Units of DML, where each Unit consists of one common share of the capital of DML and one half of one class A common share purchase warrant of DML. The net proceeds of the Offering, together with existing working capital, will be applied to fund DML's consolidated operating budgets for the 6 and 18 month periods ending December 31, 2006 and December 31, 2007. These budgets cover the costs of the Phase One and Phase Two exploration programs on DML's Maturi Extension Property as recommended by Roscoe Postle and Associates Inc. in their most recent 43-101 Report dated May 31, 2006.
About Duluth Metals Limited
Duluth Metals Limited is a private company that was formed to finance the exploration and development of the copper-nickel-PGE mineralization on Wallbridge's Maturi Extension Project in Minnesota.
Wallbridge Mining Company Limited currently holds 10 million shares in DML, with Wallbridge shareholders holding approximately 11,850,000 Special Warrants convertible for no additional consideration into free trading shares on completion of the IPO, which is being targeted for July of this year.
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 a major shareholding in DML, which has a significant property position in the rapidly emerging Duluth base metal camp.
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
Duluth Metals Limited
Henry Sandri, President & CEO
Tel: (661) 340-7755
Christopher Dundas, Chairman
Tel: (416) 317-6749
CHF Investor Relations
Mara Strazdins, P.Geo., 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.