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Press Releases

March 18, 2014
Wallbridge Announces Production Decision for Broken Hammer Project in Sudbury

Toronto, Ontario -- March 18, 2014 - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) ("Wallbridge") today announced that its Board of Directors have approved the production decision for the Broken Hammer copper and platinum group metal project in Sudbury, Ontario.

"We are very excited by the prospect of starting the company's first mining project in Sudbury" said Marz Kord, President and CEO of Wallbridge Mining. "Based on the results of the 2011 bulk sample and the 2012 prefeasibility study as well as the contract mining and milling and smelting terms which have now been secured, the Broken Hammer project has the potential to not only generate positive cash flow in the near future but is also open at depth and to the west leaving the possibility of extending its mine life".

Mr. Kord added, "Our 2014 exploration activities on Wisner Properties (see Press Release dated December 17, 2013), where we have already initiated an aggressive geophysics and drilling program for possible extensions as well as new targets, surrounds the Broken Hammer deposit."

Broken Hammer Project Description

The Broken Hammer project is an open pit operation which will be used to extract approximately 195,000 tonnes of in-pit Cu-Ni-PGE mineral reserve utilizing the services of William Day Construction Limited, a local mining contractor. The ore will be transported to Northern Sun's Redstone facility in Timmins, Ontario and subsequently the concentrates are under a contract with a nearby copper smelter. The Definitive Agreement with Northern Sun is expected to be finalized this week and the construction and subsequent production is expected to commence in April 2014. The open pit mining is expected to be completed within 10-12 months at an average daily rate of approximately 800 tonnes of ore per day.

Summary of the Broken Hammer Updated Mineral Resource Estimate

An updated resource estimate prepared by Roscoe Postle Associates Inc. ("RPA") according to CIM Standards was filed in a NI 43-101 technical report on the property dated July 27, 2012 (refer to June 19, 2012 press release). This resource was later updated in September 2013 incorporating additional mineralization intersected while conducting geotechnical studies. Summary of the Updated Mineral Resource is in Table 1 below.

Table 1: Updated mineral resource estimate, with an effective date of September 12, 2013

The Qualified Person for the Broken Hammer resource estimates is Mr. Bruce Churchill, P. Geo., who prepared the 2012 resource estimate contained in the prefeasibility study for the Broken Hammer Project dated October 8, 2012 which was filed on August 2, 2012 and the updated resource in September 2013 (see Press Release dated September 18, 2013). Mr. Churchill is a Qualified Person under NI 43-101 and is independent of Wallbridge.

Wallbridge prepared an updated in-pit mineral reserve estimate based on a global mining recovery of 95% and 5% dilution (at zero grade). Table 2 below summarizes the in-pit reserve.

Table 2: Mineral Reserve estimate, with an effective date of February 28, 2014

The Qualified Person for the Broken Hammer updated reserve estimate is Mr. Marz Kord, P. Eng., President & CEO for Wallbridge. The updated Mineral Reserve estimate is based on updated economic inputs and does not represent a material difference from the previous Mineral Reserves estimated by RPA Inc.(see Press Release dated September 18, 2013).

Wallbridge estimates that the project is expected to generate an Earnings Before Interest & Taxes (EBIT) of $5.84M and a net cash flow of $4.8 M.

The parameters used in the evaluation of the project are as follows:

Summary of projected revenue, operating costs and capital expenses are as follows:

Capital Costs

The total capital cost to build the Broken Hammer open pit is estimated to be $1.04M. Specific details are as follows:

Cautionary Notes regarding the production decision

The Broken Hammer production decision was not prepared based on a final feasibility study. The production decision was made based on the results of an internal metallurgical study of recoveries expected at the Redstone mill using a gravity separation and flotation process. It was further based on the sale of concentrate to a copper facility based on a binding agreement as well as a firm quotation from William Day Construction Limited, a local mining contractor whose invoices will be paid after the receipt of payments from the copper smelter. The information available at the time of production decision reflects current technical and economic conditions. These conditions can change significantly over relatively short periods of time. The achievability of life of mine plans, budgets and forecasts are inherently uncertain. There can be no assurance that the results from our production estimates will be realized. Readers are cautioned that, although our assumptions are considered reasonable at this time, they may prove to be imprecise and, as such, undue reliance should not be placed on them.

Qualified Persons

The Qualified Person for the Broken Hammer resource estimates is Mr. Bruce Churchill, P. Geo., who prepared the 2012 resource estimate contained in the prefeasibility study for Broken Hammer Project dated October 8, 2012 referenced herein and the updated resource in September 2013. Mr. Churchill is a Qualified Person under NI 43-101 and is independent of Wallbridge.

In addition to the Qualified Person responsible for the preparation of the above referenced technical report, Mr. Alar Soever, P. Geo., Executive Chairman for Wallbridge Mining, has acted as Qualified Person, as defined by NI 43-101, concerning the exploration portion of this disclosure and Mr. Marz Kord, P. Eng., President & CEO for Wallbridge Mining, has acted as Qualified Person regarding the engineering and economic portions of this disclosure. Both Mr. Soever and Mr. Kord are employees of Wallbridge Mining, and thus are not independent.

About Wallbridge Mining

Wallbridge Mining Company Limited (WM:TSX)
is an established junior company, formed in 1996, whose mission is to explore and develop platinum group elements (PGE's) in mining friendly jurisdictions of North America.

Wallbridge is currently exploring and developing a large package of properties in Sudbury, Ontario, Canada's premier mining district. These include the pre-feasibility stage Broken Hammer development project and significant exploration joint ventures with partners Lonmin Plc, Impala Platinum Holdings Limited and Glencore.

In 2005, Wallbridge created Duluth Metals Limited (TSX:DM) to explore and develop projects in Minnesota, USA. Duluth Metals has since defined the world's largest undeveloped sulfide PGEs, copper and nickel deposit which it is developing through Twin Metals Limited, a joint venture with copper producer Antofagasta Plc. Wallbridge currently retains 10.1 million shares of Duluth Metals (8.1%).

In 2010, Wallbridge created Miocene Metals Limited (TSXV:MII) to explore and develop seven porphyry copper-gold-molybdenum projects in British Columbia, Canada, within a previously under-recognized belt of Miocene-age intrusions. These projects are early stage with large mineralized structures and alteration zones that are ready for drilling with potential for large tonnage deposits. Wallbridge currently retains 28.4 million shares of Miocene Metals (40.5%).

For Further Information

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

Wallbridge Mining Company Limited

Joshua Bailey, M.Sc., P.Geo
Vice President, Exploration
Tel: (705) 682-9297 ext. 240
Email: [email protected]

Linda Zubal
Vice President Corporate Communications
Tel: (705) 682-9297 ext. 263
Email: [email protected]

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.