Miocene Metals' Private Placement Fully Subscribed Raising Gross Proceeds of
$750,000

TORONTO, July 6 /CNW/ - Miocene Metals Limited (the "Corporation" or "Miocene Metals"), a wholly owned subsidiary of Wallbridge Mining Company Limited (TSX: WM), is pleased to announce that it has closed on its final tranche of a private placement financing of units ("Units") referenced in the Corporation's press release of June 17, 2010. Each Unit comprised in the offering (the "Offering") is issuable at $0.15 (Canadian) and consists of one common share in the capital of the Corporation and one-half of one common share purchase warrant with each whole warrant entitling the holder thereof to purchase one common share at an exercise price of $0.25 (Canadian) per share at any time on or before 5:00 p.m. (Toronto time) June 7, 2012. The private placement financing raised aggregate gross proceeds of $750,000 through the placement 5,000,000 Units.

Bruce Jago, President and CEO of Miocene Metals commented that "Completion of the expanded private placement in a negative financial environment underscores the high level of investor interest in Miocene's seven porphyry properties. We are very pleased to be in a strong financial position at an early stage in the Corporation's history and look forward to a very active summer exploration program."

About Miocene Metals Limited

Miocene Metals is focused on the acquisition and exploration of Wallbridge's seven porphyry copper-gold-molybdenum properties in south-western British Columbia within the Miocene-aged Cascade Magmatic Arc. The Cascade Arc shares many geological characteristics with the Miocene-age porphyry belt that stretches the length of Chile and Argentina in South America and hosts some of the world's largest porphyry copper-gold-molybdenum deposits including Chuquicamata, El Teniente and Los Bronces.

The Corporation is a private issuer. None of the Unit Shares, Warrants or Warrant Shares may be transferred without the express consent of a majority of the directors of the Corporation. Additionally under applicable securities laws, the securities issued pursuant to the private placement described herein are subject to a seasoning period of four months and a day after the date the Corporation becomes a reporting issuer in a jurisdiction of Canada.

This document may contain forward-looking statements relating to Miocene'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 Miocene'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. Miocene 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.

For further information: Please visit the Wallbridge website at www.wallbridgemining.com, or contact: Miocene Metals Limited, Bruce Jago, President and CEO, Tel: [phone], Email: [email protected]