Press ReleasesJanuary 20, 2010
Wallbridge Mining Announces Exercise of Pre-Emptive Rights to Acquire Duluth Stock
Toronto, Ontario - January 20, 2010 - Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) announces that is has notified Duluth Metals Limited that it has accepted Duluth's offer made pursuant to a Funding Participation Agreement dated May 15, 2007 to issue to Wallbridge 7,456,420 Duluth common shares at a price of $2.00 per share payable in cash on closing.
Wallbridge currently holds 10,000,001 common shares of Duluth out of the 87,517,056 common shares of Duluth which were outstanding as at close of business January 19, 2010.
About Wallbridge Mining Company Limited
Wallbridge Mining Company Limited's primary focus is the exploration of nickel, copper and platinum group element ("PGE") deposits in the Sudbury area of Ontario. The Sudbury area hosts the world's largest concentration of nickel deposits and is currently the most active mining camp in North America. Major joint venture partners in Sudbury include Vale Inco, Xstrata Nickel, Lonmin Plc and Impala Platinum Holdings Limited. Wallbridge also has a major shareholding in Duluth Metals Limited, which has defined a large copper-nickel-PGE resource in the rapidly emerging Duluth Complex base metal camp in Minnesota. Wallbridge is also exploring a large porphyry copper-gold-molybdenum property in south-western British Columbia and has interests in copper-zinc and gold properties in north-eastern Ontario.
For Further Information
Please visit the Wallbridge website at www.wallbridgemining.com, or contact:
Wallbridge Mining Company Limited
Alar Soever, President and CEO
Tel: (705) 682-9297
Mara Strazdins, Vice-President, Investor Relations
Tel: (416) 369-1500, 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.