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November 29, 2005
Wallbridge Announces Broken Hammer Resource

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Toronto, Ontario - November 29, 2005 - Wallbridge Mining Company Limited (TSX: WM) today announced the initial mineral resources estimate as prepared by Roscoe Postle Associates Inc. (RPA) for the Broken Hammer Zone on the Wisner Property.

The total Inferred Mineral Resources as estimated by RPA to NI-43-101 standards, are 251,000 tonnes at a grade of 3.80 g TPM/t (1.56 g/t Pd, 1.62 g/t Pt, and 0.61 g/t Au), 1.00% copper, and 0.10% nickel.

In RPA's opinion, the density of drilling, and the surface exposure is such that much of the deposit could be classified as Indicated. However, there are several other factors that dictate that at this time it should be classified as Inferred under NI-43-101.

These factors are:
  • the lack of detailed resolution of the high-grade veins;
  • lack of bulk density measurements;
  • the apparent high local variability of grade demonstrated by geostatistics carried out to date;
  • presence of coarse PGM minerals resulting in highly variable platinum assays;
RPA recommends that additional work be carried out to resolve these issues, in order to upgrade the current Mineral Resources to Indicated.

In addition, RPA recommends that a bulk sample should be mined from the deposit in order to check the accuracy of the Mineral Resource estimate and to help determine what density of sampling would be required to increase the resource classification from Inferred to either Measured or Indicated. A bulk sample would also provide a sufficient volume of material to carry out definitive metallurgical testing.

Initial metallurgical work was also recently completed at SGS Lakefield Research on a sample of approximately 150 kg of drill core from the Broken Hammer zone. The mineralization showed good recoveries of copper and PGEs in response to flotation as practiced at Falconbridge's Strathcona mill. Nickel recoveries were low, but this was expected given the low nickel head grade.

Initial gravity concentration results were encouraging, particularly with respect to platinum. Platinum assay results were highly variable, with nugget effects upsetting several metallurgical balances. Further gravity concentration test work is planned.

Once results of this work are received, processing options will be reviewed, and incorporated into an initial economic assessment of the property.

Mineral Resource Estimate

The Mineral Resource estimate was completed by RPA on November 21, 2005 and is in accordance with National Instrument 43-101 (NI 43-101).

RPA carried out its Mineral Resource estimate for the Broken Hammer Zone using a block model constrained by wireframe models. Grade was interpolated into the blocks using a combination of
Indicator Kriging (IK) and Inverse Distance Squared weighting (ID2). IK was used for estimation of the relative proportion of high-grade vein-hosted mineralization within each block. ID2 was used to estimate Ag, Au, Co, Cu, Ni, Pd, and Pt grades into both the high-grade and low-grade portion of each block. These two block models were combined using the relative vein proportion as a weighting factor.

High grades for Ag, Au, Pd, and Pt were cut prior to compositing. For the high-grade component grades were cut to 50 g/t Ag, 30 g/t Au, 25 gt/ Pd, and 50 g/t Pt. In the low grade portion, grades were capped at 15 g/t Ag, 10 g/t Au, 7.5 g/t Pd, and 10 g/t Pt.

Wallbridge have not carried out any bulk density measurements for the Broken Hammer deposit. For the purpose of this estimate, RPA used a value of 2.8 t/m3 for all material, regardless of sulphide content or lithology.

The cut-off used for the deposit was a gross dollar value derived from estimates of grade, metal price, and recoveries.

The parameters used are listed below:
Metal prices ($US)   Recoveries ($US)
   Au = $400/oz           Au = 80.5%
   Ag = $6.00/oz          Ag = 80.0%
   Co = $11.00/lb         Co = 50.0%
   Cu = $1.40/lb          Cu = 94.8%
   Ni = $5.00/lb          Ni = 34.2%
   Pd = $180/oz           Pd = 88.1%
   Pt = $800/oz           Pt = 80.1%
Exchange Rate: $1CAN = $US0.83
Using the estimated block grades, the dollar value for each block was estimated. A cut-off value of $CAN40/t was then applied to derive the Mineral Resource estimate.

At this cut-off value of $CAN40/t, the total estimated Inferred Mineral Resources are 251,000 t grading 4.7 g/t Ag, 0.61 g/t Au, 0.005% Co, 1.00% Cu, 0.10% Ni, 1.56 g/t Pd, and 1.62 g/t Pt (3.80 g/t TPM).

The full Resource Estimate report will be posted at with a link from the Wallbridge Mining Company website.

Metallurgical Testwork

The metallurgical testwork at SGS Lakefield Research included determination of the metallurgical response to flotation as practiced at Falconbridge's Strathcona mill and to preliminary gravity concentration testing.

Flotation test results were reasonable with good recovery of copper and PGEs, but only ~50% recovery of nickel.

Locked cycle flotation testing of a simplified Falconbridge Strathcona Mill flowsheet yielded the following results:
Locked Cycle Summary Results
             Cu        Ni       S          Pt        Pd         Au
                    Copper Concentrate, mass pull = 2.68%
Grade      20.6 %    1.31 %   21.3 %   74.2 g/t   39.9 g/t   11.7 g/t
Recovery   90.4 %   31.6 %    89.3 %   61.2 %     81.5 %     74.3 %
                    Nickel Concentrate, mass pull = 0.95%
Grade       2.8 %    0.31 %    3.0 %   63.4 g/t    8.6 g/t    3.1 g/t
Recovery    4.4 %    2.6 %     4.5 %   18.6 %      6.2 %      7.1 %
                      Bulk Concentrate, mass pull = 3.63%
Grade      15.9 %    1.05 %   16.5 %   71.4 g/t   31.7 g/t    9.4 g/t
Recovery   94.8 %   34.2 %    93.8 %   79.8 %     87.7 %     81.4 %
Despite several re-assays of test products, platinum data does not balance well. This, together with the variability observed in head assay, suggests that the test charges used for flotation work were subject to unusual levels of variability in Pt grade, resulting from fairly severe nuggeting due to the presence of coarse grained platinum minerals.

As a result, the grade and recovery reported for platinum cannot be viewed with the same reliability as other elements.

Initial gravity concentration results were encouraging, particularly with respect to platinum. Accountability of platinum was generally poor, with nugget effects upsetting several metallurgical balances.

Combined Knelson/Mozley testing produced a high grade concentrate at reasonable recoveries. A scavenger test provided a lower grade concentrate at higher recoveries. Gravity Recoverable Platinum Group Element (GRPGE) testing was inconclusive. Results are summarized below:
Gravity Test Results
                               Knelson/   Knelson  
                                Mozley      Scav.       GRPGE
Pt grade (g/t)/recovery (%)   108.0/61.0  12.5/81.3   39.9/69.2
Pd grade (g/T)/recovery (%)    37.7/26.2   5.9/52.5   23.8/36.7
Au grade (g/t)/recovery (%)    22.7/40.9   2.9/63.7    9.8/53.0
Additional gravity testwork is currently underway, with a view to defining the optimum processing scenario for this mineralization.

The Broken Hammer Zone is located on the northern edge of the Wallbridge/Falconbridge 4X Joint Venture Wisner Property. Wallbridge currently has a 64% interest in the Wisner property, while joint venture partner Falconbridge Limited has the remaining 36%.

Alar Soever, P.Geo, is the Qualified Person for Wallbridge Mining Company Limited who has reviewed the technical content of this press release.

About Wallbridge

Wallbridge Mining Company Limited was established to explore for and develop 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, Nova Scotia and near Duluth, Minnesota.

For Further Information

Please visit the Company's website at, or contact:

Wallbridge Mining Company Limited
Alar Soever, President
Tel: (705) 682-9297
Email: [email protected]

Cavalcanti Hume Funfer Inc., Investor Relations
Nick Kohlmann, M.Sc.,Vice President
Tel: (416) 868-1079 ext. 222
Email: [email protected]

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.

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