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Press Releases

December 28, 2007
Wallbridge Mining Company Limited (TSX:WM, FWB:WC7) Announces Closing of Private Placement with MineralFields

Toronto, Ontario -- December 28, 2007 -- Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) (the "Corporation") is pleased to announce that it has completed the brokered private placement for aggregate proceeds of $800,000 (Canadian) through the sale of 2,000,000 flow-through units (the "Units") at a purchase price of $0.40 per Unit to the MineralFields Group. This represents the first half of the private placement financing announced on December 17, 2007. The second half of this placement is expected to close shortly.

Each flow-through Unit is comprised of one flow-through common share to be issued as a "flow-through share" as defined in the Income Tax Act (Canada) (a "Flow-Through Unit Share") plus one half of one common share purchase warrant (each full common share purchase warrant hereinafter referred to as a "Warrant"). Each Warrant entitles the holder thereof to purchase up to one additional common share of the Company (each a "Warrant Share") as follows: (i) to the extent such Warrant is exercised during the first 12 month period from the closing date (the "Closing Date"), one Warrant share at $0.80 (Canadian) per share, and (ii) to the extent such full Warrant is exercised after the end of the first 12 month period from the Closing Date and on or before the end of the second 12 month period from the Closing Date, one Warrant Share at $1.00 (Canadian) per share.

"We are very pleased with this investment and our relationship with the MineralFields Group", said Alar Soever, President. "These additional funds will allow us to accelerate the pace of exploration work on our holdings in Ontario."

100% of the gross proceeds of the Units sold under the Flow-Through Offering will be used for Canadian exploration expenses (within the meaning of the Income Tax Act (Canada)) (the "Tax Act") which qualify as "flow-through mining expenditures" for purposes of the Tax Act related to the Company's exploration projects in Ontario, Canada. The Company will renounce such Canadian exploration expenses with an effective date of no later than December 31, 2007.

About MineralFields Group

MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about MineralFields Group is available at First Canadian Securities (r) is active in leading resource financings (both flow-through and hard dollar) on competitive, effective and service-friendly terms, with investors both within, and outside of, MineralFields Group.

About Wallbridge Mining

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 Duluth Metals Limited, which has a significant property position in the rapidly emerging Duluth Complex base metal camp in 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]

Mara Strazdins, Vice-President, Investor Relations
Tel: (416) 369-1500, 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.