Press ReleasesJanuary 23, 2009
Wallbridge Mining Announces Private Placement
Toronto, Ontario - January 23, 2009 - Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) (the "Corporation") is pleased to announce that it has completed two tranches of a non-brokered private placement for an aggregate of 3,672,500 units in the capital of the Corporation (the "Units") at $0.08 (Canadian) per Unit raising aggregate proceeds of $293,800 (collectively, the "Offering"). The Corporation will use the funds raised to complete an IP survey and initial drilling on its Rogers Creek porphyry copper-gold project in southwestern BC.
Commenting on the placement Alar Soever, President of Wallbridge stated, "This placement is in keeping with our philosophy of advancing our projects, while tailoring the size of placements to the immediate needs of our programs in order to minimize dilution during this period of relatively low valuations in the junior mining sector. The progress we made in 2008 on Roger's Creek dictated that we put ourselves in good shape to significantly advance this project in early 2009".
The Offering received preliminary approval of the Toronto Stock Exchange on December 18, 2008, subject only to filing closing documentation. The Units were sold at $0.08 (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) and one-half of one non flow-through common share purchase warrant. Each whole warrant entitles the holder thereof to purchase one additional common share of the Corporation on or before December 31, 2010 at an exercise price of $0.30 (Canadian) per share.
99.9% of the gross proceeds of the Units sold under the 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 British Columbia, Canada.
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 northeastern Ontario.
For Further Information
Please visit the Wallbridge website at www.wallbridgemining.com, 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.