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Press Releases

March 26, 2008
Wallbridge Mining Announces Closing of Private Placement

Toronto, Ontario -- March 26, 2008 -- Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) (the "Corporation") is pleased to announce that it has completed a brokered private placement of an aggregate of 9,298,200 units in the capital of the Corporation (the "Units") placed through the facilities of Raymond James Ltd., subject to approval of the Toronto Stock Exchange (the "TSX") (collectively, the "Offering"). 1,298,200 of the Units represent the balance of the 4,000,000 Unit placement announced by the Corporation on December 19, 2007.

Commenting on the placement, Alar Soever, President of Wallbridge stated, "This placement greatly reinforces the finances of the Corporation in turbulent economic times and will allow us the flexibility to greatly accelerate the pace of work on our Ontario properties".

The Offering raised aggregate proceeds of CAD$3,719,280. The Units were sold at $0.40 (Canadian) per Unit with each Unit being comprised of one common share issued as a "flow-through share" as defined in the Income Tax Act (Canada) (a "Flow-Through Unit Share") and 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 one additional common share of the Corporation (each a "Warrant Share"), such Warrant Shares to be issued 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 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.

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 Corporation's exploration projects in Ontario, Canada. The Corporation will renounce such Canadian exploration expenses with an effective date of no later than December 31, 2008.

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 Corporation'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.