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Press Releases

May 31, 2016
Wallbridge Announces Further Drill Results and Initiates Permitting Process for Potential Bulk Sample on Parkin Properties

Toronto, Ontario -- May 31, 2016 - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) ("Wallbridge") announces additional drilling results and the initiation of the permitting process, including an environmental baseline study, for a potential bulk sample on its flagship Parkin Properties exploration project in Sudbury, Ontario. The Parkin Properties are being explored for nickel, copper, and platinum group metal mineralization.

New Drill Result Highlights*:
  • Drill hole WMP-199 intersected 23.75 metres of mineralization that included 10.30 metres of 0.85 % nickel, 1.61 % copper, and 1.40 g/t TPM (including 0.61 g/t platinum, 0.64 g/t palladium, and 0.15 g/t gold) from 77.00 to 87.30 metres down hole;
  • Drill hole WMP-197 intersected multiple mineralized zones over 36.62 metres including 2.02 metres of 1.56 % nickel, 0.51 % copper, and 1.19 g/t TPM (including 0.54 g/t platinum, 0.55 g/t palladium, and 0.09 g/t gold) from 88.08 to 90.10 metres down hole; and
  • Drill hole WMP-200 intersected multiple narrow mineralized zones over 36.85 metres from 73.20 to 110.05 metres down hole.
*Drill core length is reported. Horizontal width perpendicular to the Parkin Offset dyke is approximately 60-75% of the drill core length.

"We continue to have excellent results from our exploration programs at Parkin as demonstrated by the results reported in the last few months. Attractive copper, nickel, and PGM grades continue to be intersected and the mineralization intersected in the most recent holes is expanding the near-surface mineralization yet further north. With over nine kilometres of strike length with similar under-explored geology, the potential for further discoveries of new zones on the Parkin Offset dyke looks very promising," said Marz Kord, President and CEO of Wallbridge, "We will continue to expand the mineralization and evaluate the possibility of a surface bulk sample on the southern portion of Parkin while advancing our other business opportunity, the Fenelon Mine Project purchase and its eventual development."

"These most recent drilling results are from initial widely spaced holes that are just starting to define a new zone that has significant widths at very shallow depths and which is open for further drilling," stated Joshua Bailey, Vice President Exploration for Wallbridge, "This new zone was not included in the historic resource and, along with other recently released results, represents significant progress towards Wallbridge's objective of building significant near surface tonnage at Parkin."

Discussion of Parkin Drill Results

The Parkin Properties are being explored for high-grade polymetallic nickel, copper, and platinum group metals (PGMs) over a 9.4 km strike length of the Parkin Offset Dyke. Parkin includes the past-producing Milnet Mine, the high-grade Milnet 1500 Zone, and a historic near surface resource (Figure 1 and Figure 2).

Nickel, copper and platinum group metal mineralization at Parkin is typical of that hosted by quartz diorite offset dykes in the Sudbury mining camp. Offset dyke structures are responsible for approximately one third of all ore mined in Sudbury. Examples include the prolific deposits at Vale's North and South Mines hosted by the Copper Cliff Offset Dyke; Vale's recently commissioned Totten Mine in the Worthington Offset Dyke and KGHM International Ltd.'s Victoria project, also hosted in the Worthington Offset Dyke (Figure 3).

The current program is focused in the area of the historic near surface resource (Figure 4, Figure 5, and Figure 6). One objective is to determine the viability of initial test mining within the top 50-100 metres from surface. Another objective is to establish a significant resource from surface to 600 metres depth with an exploration target of 1.5 - 5.0 million tonnes with typical Sudbury grades including 0.8-1.2 % nickel, 1.0-1.5 % copper, 1.0-1.2 g/t platinum, 1.0-1.5 g/t palladium, and 0.5-0.8 g/t gold. Longer term the project has significant additional potential at depth and along the strike length of the Property.

This exploration target is conceptual in nature, is based on the size of the area, the nature of nearby mineralization in the historic resource and in recent drilling, borehole geophysics results, and examples of similar offset dyke deposits elsewhere in Sudbury. The target is not necessarily indicative of mineralization on the property and there has been insufficient work to date to determine whether deposits of this size exist. Further drilling is necessary to test this potential.

Results to date have identified several thicker zones of high grade mineralization within and adjacent to the historic resource and within 50 metres of surface. These are currently being evaluated for possible bulk sampling. Results to date have also substantially expanded the extent of mineralization from surface to 600 metres depth in the area of the historic resource and support the potential for the exploration target described above. Wallbridge has also made considerable progress in understanding the broader structure of the Parkin Offset Dyke and the larger scale discovery potential it has at depth and along strike.

Drill holes WMP-196 to WMP-200 were drilled as step-outs following up previously released drill hole WMP-195 which intersected 7.46 metres of 1.36 % nickel, 1.02 % copper, and 1.59 g/t TPM (including 0.67 g/t platinum, 0.74 g/t palladium, and 0.18 g/t gold) from 58.60 to 66.06 metres down hole (see Wallbridge Press Release dated May 10, 2016).

Illustrations showing the recent drilling will be posted on Wallbridge's website at: http://www.wallbridgemining.com/s/parkin-offset.asp.

Table 1. 2016 Ni-Cu-PGM Drill Results at Parkin
Drill Hole From To Length* Ni Cu TPM** Pt Pd Au
  (m) (m) (m) (%) (%) (g/t) (g/t) (g/t) (g/t)
WMP-1421 359.96 360.64 0.68 2.50 0.67 4.29 1.03 3.05 0.22
WMP-1431 No Significant Mineralization
WMP-1441 No Significant Mineralization
WMP-1451 24.95 25.26 0.31 0.17 2.34 1.56 0.73 0.64 0.19
  27.97 28.27 0.30 0.89 2.04 6.94 3.98 2.04 0.92
  32.70 33.70 1.00 0.31 1.08 2.63 1.29 0.94 0.41
WMP-1461 No Significant Mineralization
WMP-1471 No Significant Mineralization
WMP-1481 No Significant Mineralization
WMP-1491 No Significant Mineralization
WMP-1501 275.54 277.66 2.12 1.68 0.18 1.20 0.54 0.60 0.05
WMP-1511 No Significant Mineralization
WMP-1521 462.40 463.55 1.15 1.61 1.23 1.84 0.84 0.88 0.12
WMP-1531 412.30 412.75 0.45 3.36 1.62 2.99 1.55 0.33 1.12
  440.75 444.25 3.50 0.93 1.59 1.81 1.01 0.59 0.21
  452.30 454.30 2.00 0.36 2.26 3.04 1.59 1.03 0.42
WMP-1541 400.15 402.50 2.35 2.58 0.53 1.09 0.54 0.50 0.05
  412.40 418.80 6.40 0.81 0.61 2.88 0.71 2.09 0.08
WMP-1552 363.26 363.56 0.30 1.81 0.68 1.20 0.32 0.71 0.16
WMP-1562 No Significant Mineralization
WMP-1572 508.22 509.72 1.50 1.01 0.46 2.08 0.48 1.49 0.12
  518.17 519.00 0.83 1.27 0.25 0.99 0.53 0.37 0.09
  531.00 532.03 1.03 0.67 1.51 1.02 0.62 0.31 0.10
WMP-1582 No Significant Mineralization
WMP-1592 No Significant Mineralization
WMP-1602 9.26 14.94 5.68 0.90 0.79 1.42 0.63 0.60 0.19
  19.50 22.83 3.33 0.74 1.12 1.55 0.72 0.69 0.14
WMP-1612 30.03 31.93 1.90 0.80 2.00 2.39 1.1 1.08 0.21
  34.96 36.30 1.34 0.70 1.40 1.52 0.7 0.67 0.16
  38.04 41.63 3.59 1.24 0.41 2.11 0.84 1.16 0.10
WMP-1622 16.25 17.53 1.28 1.85 0.41 2.19 1.58 0.49 0.12
WMP-1632 No Significant Mineralization
WMP-1642 6.05 7.05 1.00 0.84 0.64 7.46 0.53 4.15 2.78
WMP-1652 15.10 15.87 0.77 2.00 0.37 1.39 0.52 0.78 0.08
WMP-1662 No Significant Mineralization
WMP-1672 No Significant Mineralization
WMP-1682 No Significant Mineralization
WMP-1692 No Significant Mineralization
WMP-1702 35.60 59.85 24.25 1.22 1.50 2.15 0.81 0.96 0.38
WMP-1713 No Significant Mineralization
WMP-1723 17.52 18.22 0.70 1.27 5.41 2.44 1.53 0.72 0.19
WMP-1733 15.93 17.98 2.05 2.03 0.71 1.38 0.50 0.78 0.10
  34.10 35.40 1.30 0.13 0.66 6.07 3.73 1.61 0.73
WMP-1743 No Significant Mineralization
WMP-1753 9.62 13.40 3.78 0.75 2.12 2.79 0.94 1.62 0.23
WMP-1763 10.48 10.88 0.40 0.37 5.15 4.39 1.54 1.55 1.31
  18.33 19.94 1.61 0.90 8.02 10.70 5.55 3.09 2.06
WMP-1773 No Significant Mineralization
WMP-1783 63.37 64.85 1.48 3.01 0.57 2.62 1.19 1.38 0.05
WMP-1793 10.30 10.84 0.54 0.57 1.34 2.24 0.98 0.57 0.70
  27.40 28.30 0.90 0.53 2.38 2.88 1.70 0.83 0.35
WMP-1803 43.70 52.38 8.68 0.46 0.95 2.54 1.07 0.81 0.66
WMP-1813 50.17 50.50 0.33 0.18 1.34 4.38 1.61 2.16 0.62
WMP-1823 61.00 68.70 7.70 0.86 0.98 2.19 0.85 1.06 0.28
  73.20 77.00 3.80 0.71 0.87 1.75 1.01 0.59 0.15
WMP-1833 87.10 87.40 0.30 0.04 5.49 7.18 0.73 1.54 4.91
  93.28 93.80 0.52 0.22 0.69 3.47 1.26 1.84 0.38
WMP-1843 51.30 52.00 0.70 0.16 0.89 3.75 1.84 1.34 0.57
  54.62 56.20 1.58 0.74 1.63 3.05 1.18 1.52 0.36
  63.00 63.50 0.50 1.48 0.62 1.79 0.68 0.99 0.13
WMP-1853 58.40 58.75 0.35 0.38 1.90 8.22 4.62 2.39 1 .21
  69.89 70.19 0.30 3.11 3.14 14.62 6.71 6.57 1.34
  80.33 80.63 0.30 0.23 1.82 5.69 2.99 1.77 0.93
WMP-1863 No Significant Mineralization
WMP-1873 69.11 69.42 0.31 2.10 0.85 2.65 0.60 1.92 0.13
  85.50 86.00 0.50 0.24 1.97 9.84 2.84 4.38 2.62
WMP-1883 94.80 97.53 2.73 0.31 1.25 3.37 1.61 1.21 0.55
WMP-1893 55.07 57.25 2.18 0.86 1.00 3.04 0.45 0.91 1.68
WMP-1903 39.72 41.05 1.33 3.20 1.33 6.43 2.41 3.38 0.63
  68.62 71.82 3.20 0.31 1.08 4.89 2.70 1.66 0.53
WMP-1913 70.00 70.30 0.30 1.09 0.84 1.96 0.94 0.90 0.12
  78.00 78.65 0.65 2.02 1.89 6.21 1.36 2.73 2.12
WMP-1923 60.18 60.48 0.30 2.42 1.80 5.38 2.49 1.84 1.05
  75.10 75.40 0.30 1.32 0.57 1.56 0.69 0.64 0.23
WMP-1933 No Significant Mineralization
WMP-1943 No Significant Mineralization
WMP-1953 50.60 51.66 1.06 1.22 1.04 2.09 0.89 1.01 0.20
  58.60 66.06 7.46 1.36 1.02 1.59 0.67 0.74 0.18
  83.15 84.20 1.05 2.08 0.60 2.62 1.17 1.30 0.16
WMP-196 No Significant Mineralization
WMP-197 81.43 81.78 0.35 1.49 0.85 3.23 0.94 1.96 0.33
  88.08 90.10 2.02 1.56 0.51 1.19 0.54 0.55 0.09
  91.24 91.94 0.70 0.87 1.58 1.06 0.50 0.44 0.11
  117.75 118.05 0.30 0.29 3.41 6.82 2.02 2.87 1.93
WMP-198 No Significant Mineralization
WMP-199 64.55 65.25 0.70 0.82 0.19 1.43 0.81 0.44 0.18
  66.75 67.22 0.47 2.23 0.64 2.15 0.55 1.52 0.09
  77.00 87.30 10.30 0.85 1.61 1.40 0.61 0.64 0.15
WMP-200 73.20 73.50 0.30 1.56 0.30 2.35 0.59 1.68 0.07
  85.15 85.45 0.30 0.29 5.49 4.18 2.40 1.22 0.56
  109.75 110.05 0.30 0.47 1.30 21.53 8.69 11.40 1.44
*Drill core length. Horizontal width perpendicular to the Parkin Offset dyke is approximately 60-75% of the drill core length.
**Total precious metals ("TPM") equals Pt + Pd + Au, rounded to two decimals
1Previously disclosed, see Wallbridge Press Release dated March 1, 2016
2Previously disclosed, see Wallbridge Press Release dated April 4, 2016
3Previously disclosed, see Wallbridge Press Release dated May 10, 2016


Other Activities in Sudbury

Wallbridge is currently evaluating the results from the recent drilling to determine the viability of a potential bulk sample to better characterize the near surface mineralization and its metallurgical recoveries. To provide for this possibility, Wallbridge has initiated the permitting process for a potential bulk sample.

As part of this, Wallbridge is pleased to announce that is has retained Tahgaiwinini Technical & Environmental Services Group ("TTESG") to complete an environmental baseline study for the project. TTESG is owned and operated by Wahnapitae First Nation and has previous experience working with Glencore, Vale, KGHM International, and Cliffs Natural Resources. Wahnapitae First Nation is located several kilometres to the southeast of the Parkin Properties.

Wallbridge is also pleased to announce that it has been accepted as a successful applicant for the Junior Exploration Assistance Program ("JEAP") for two projects, including additional drilling planned on the Parkin Properties later in 2016 as well as a regional boot and hammer exploration project underway this summer on various properties in the Sudbury area. JEAP is sponsored by the Ontario Prospectors Association and the Northern Ontario Heritage Fund Corporation and has committed to provide Wallbridge with a grant equal to 33.3 percent of approved eligible exploration expenditures up to a total of $100,000 on each of the two projects.

Parkin Properties Overview and Background

This is the first year of an option agreement on the Parkin Properties funded by Lonmin Plc with a budget of CAD $2.126 million starting in October 2015. Sixty drill holes totalling 11,030 metres have been completed as part of this program. Significant assay results are summarized in Table 1. Modelling; permitting activities, including the environmental baseline study; and some boot and hammer fieldwork will continue through the summer at Parkin. As previously stated, Lonmin Plc may maintain their option by funding a minimum budget of CAD $3.258 million in the second year of the option agreement which starts October 1, 2016. Drilling is expected to resume at that time.

Lonmin Plc may earn up to a 50% interest in the Parkin Properties by funding aggregate payments and exploration expenditures of CAD $11.083 million over four years (see Wallbridge press release dated September 16, 2015). Lonmin may then earn up to an additional 15% in each Parkin Property by funding them through to a feasibility study.

Wallbridge attracted this joint venture funding from Lonmin in the fall of 2015, following the successful results of four drill holes completed last winter and mechanical stripping and channel sampling completed last summer.

In February 2015, Wallbridge secured an option to re-purchase Impala Platinum Holdings Limited's ("Implats") 49.6% interest in the Parkin Properties from an earlier joint venture at a substantial discount to Implats $7.2 million prior expenditure (see Wallbridge press release dated February 11, 2015).

Between 2008 and 2012 Wallbridge completed drilling on the Parkin Properties through the earlier joint venture funded largely by Implats. That work included drilling in 2008 and 2009 in the current target area which yielded significant mineralization. Drilling from 2010 to 2012 was directed further north with much deeper drilling beneath the Milnet mine after the discovery in 2009 of the very high grade Milnet 1500 Zone, which remains open.

Table 2. Drill Hole Information
Hole ID UTM E UTM N Length (m) Azimuth Dip
WMP-142 509395 5182915 400 300 -48
WMP-143 509414 5182976 376 301.4 -46
WMP-144 509417 5183185 315 300 -56
WMP-145 509125 5182906 143 301.4 -45
WMP-146 509202 5182569 500 298 -45
WMP-147 508996 5182471 378 292 -48
WMP-148 509384 5182866 450 299 -47
WMP-149 509308 5182892 369 301.4 -45
WMP-150 509309 5183707 441 120 -45
WMP-151 509385 5183719 330 125 -50
WMP-152 509681 5183420 564 318 -53
WMP-153 509681 5183420 522 313.5 -54.5
WMP-154 509681 5183419 506 305 -53
WMP-155 509682 5183418 457 294 -48
WMP-156 509324 5183578 200 114 -45
WMP-157 509223 5183720 604 104 -56.5
WMP-158 509104 5182858 45 301.4 -45
WMP-159 509108 5182868 40 301.4 -45
WMP-160 509117 5182895 55 301.4 -45
WMP-161 509128 5182888 75 301.4 -45
WMP-162 509136 5182916 60 301.4 -45
WMP-163 509122 5182922 41 301.4 -45
WMP-164 509122 5182936 41 301.4 -45
WMP-165 509133 5182930 45 301.4 -45
WMP-166 509145 5182921 71 301.4 -45
WMP-167 509154 5182932 45 301.4 -45
WMP-168 509143 5182953 45 301.4 -45
WMP-169 509132 5182960 41 301.4 -45
WMP-170 509138 5182896 72 301.4 -45
WMP-171 509157 5182961 50 301.4 -45
WMP-172 509142 5182968 42 301.4 -45
WMP-173 509159 5182972 45 301.4 -45
WMP-174 509175 5182993 56 301.4 -45
WMP-175 509179 5183003 40 301.4 -45
WMP-176 509205 5183031 40 301.4 -45
WMP-177 509241 5183639 1101 125 -67.5
WMP-178 509340 5183458 135 120 -45
WMP-179 509217 5183026 53 301.4 -45
WMP-180 509144 5182908 71 301.4 -45
WMP-181 509144 5182908 75 301.4 -51.7
WMP-182 509149 5182891 95 301.4 -45
WMP-183 509148 5182891 105 301.4 -51.7
WMP-184 509134 5182870 83 301.4 -45
WMP-185 509134 5182870 100 301.4 -52.5
WMP-186 509113 5182912 41 301.4 -45
WMP-187 509168 5182908 107 301.4 -45
WMP-188 509168 5182908 110 301.4 -51
WMP-189 509181 5182958 77 301.4 -45
WMP-190 509192 5182981 80 301.4 -49
WMP-191 509215 5182996 92 301.4 -45
WMP-192 509229 5183016 80 301.4 -45
WMP-193 509209 5183044 41 301.4 -45
WMP-194 509224 5183035 53 301.4 -45
WMP-195 509355 5183515 120 121.4 -46
WMP-196 509258 5183497 390 121.4 -57
WMP-197 509332 5183526 123 121.4 -45
WMP-198 509373 5183541 105 121.4 -45
WMP-199 509373 5183541 137 121.4 -58
WMP-200 509372 5183541 120 121.4 -67


Samples were prepared at ALS Chemex Ltd. laboratories in Sudbury and then shipped to their analytical facilities in Vancouver. Samples were analyzed for Au, Pt, and Pd by standard lead oxide collection fire assay fusion with an atomic emission spectrometry (ICP-AES) finish. Samples were analyzed for base metals, silver and trace elements using a four acid (HCIO4-HNO3-HF and HCI) near total digestion and a combination of ICP-MS and ICP-AES finish. Cu and Ni over-limits or samples submitted as ore grade were analyzed using HNO3-HClO4-HF-HCl acid digestion, HCl leach and ICP-AES (some conditions require an AA finish). Sulphur over-limits were analyzed using Total Sulphur by LECO.

The Qualified Person responsible for the technical content of this press release is Joshua Bailey, P.Geo., M.Sc., Vice President Exploration For Wallbridge Mining Company Limited. Mr. Bailey has prepared, supervised and approved the scientific and technical disclosures in this press release.

About Wallbridge Mining

Wallbridge creates value through the acquisition, discovery, development, and production of metals. Wallbridge is working to establish a portfolio of projects that will support sustainable production and revenue as well as organic growth through exploration and scalability.

Wallbridge is currently in discussions regarding several advanced stage projects which could become the Company's next production platforms. These discussions benefit from the operating capabilities Wallbridge demonstrated by safely and efficiently mining the Broken Hammer deposit, which was completed in October 2015.

Wallbridge is continuing active partner-funded exploration on its large portfolio of nickel, copper, and PGM projects in Sudbury, Ontario. Most of this work is funded by joint venture partners and has led to the discovery of numerous mineral occurrences including the Broken Hammer deposit.

Wallbridge has further exposure to active exploration for copper and gold in Jamaica and British Columbia through its 16.8% ownership of Carube Copper Corp. ("Carube Copper") (CUC:TSX-V, formerly Miocene Resources Limited). Carube Copper's activities in Jamaica benefit from the funding by OZ Minerals Limited ("OZ Minerals"), with whom Carube Copper has two joint ventures.

For Further Information

Please visit the Company's website at www.wallbridgemining.com, or contact:

Wallbridge Mining Company Limited

Joshua Bailey, M.Sc., P.Geo
Vice President Exploration
Tel: (705) 682-9297 ext. 240
Email: jbailey@wallbridgemining.com

Linda Zubal
Vice President Corporate Communications
Tel: (705) 682-9297 ext. 263
Email: lzubal@wallbridgemining.com

This press release may contain forward-looking statements (including "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995) relating to, among other things, the operations of Wallbridge and the environment in which it operates. Generally, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Wallbridge has relied on a number of assumptions and estimates in making such forward-looking statements, including, without limitation, the costs associated with the development and operation of its properties. Such assumptions and estimates are made in light of the trends and conditions that are considered to be relevant and reasonable based on information available and the circumstances existing at this time. A number of risk factors may cause actual results, level of activity, performance or outcomes of such exploration and/or mine development to be materially different from those expressed or implied by such forward-looking statements including, without limitation, whether such discoveries will result in commercially viable quantities of such mineralized materials, the possibility of changes to project parameters as plans continue to be refined, the ability to execute planned exploration and future drilling programs, the need for additional funding to continue exploration and development efforts, changes in general economic, market and business conditions, and those other risks set forth in Wallbridge's most recent annual information form under the heading "Risk Factors" and in its other public filings. Forward-looking statements are not guarantees of future performance and such information is inherently subject to known and unknown risks, uncertainties and other factors that are difficult to predict and may be beyond the control of Wallbridge. Although Wallbridge has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. Consequently, undue reliance should not be placed on such forward-looking statements. In addition, all forward-looking statements in this press release are given as of the date hereof.

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. The forward-looking statements contained herein are expressly qualified by this disclaimer.