Wallbridge Mining Announces Private Placement

TORONTO, April 14 /CNW/ - Wallbridge Mining Company Limited ("Wallbridge") (TSX: WM) is pleased to announce it has entered into an agreement with Industrial Alliance Securities Inc. and Secutor Capital Management Corporation in respect of a private placement for the sale of up to 3,125,000 flow-through common shares (the "Flow-Through Common Shares") at CDN$0.32 per Flow-Through Common Share for an amount of CDN$1,000,000 and up to 4,000,000 units (the "Units") at CDN$0.25 per Unit for an amount of CDN$1,000,000 on a "commercially reasonable efforts" agency basis.

Each Flow-Through Common Share will consist of one common share (the "Common Shares") of the Company to be issued on a flow-through bases. Each Unit will consist of one Common Share of the Company and one-half of one Common Share purchase warrant. Each whole warrant will entitle the holder to purchase one Common Share at a price of CDN$0.40 for a period of 18 months from the Closing Date.

The aggregate proceeds raised from the issuance of the Flow-Through Common Shares and Units will be used by the Company to incur exploration expenditures on its properties in Ontario which will constitute "Canadian exploration expenses" and "flow-through mining expenditures" (as defined in the Income Tax Act (Canada)) which can be renounced to purchasers for the 2010 taxation year as well as for working capital purposes.

It is anticipated that the private placement transactions will be completed on or before April 20, 2010. This will enable subscribers to become shareholders of record prior to the April 23, 2010 record date for purposes of receiving a dividend-in-kind of one special warrant of Miocene Metals Limited for every 6 Common Shares of the Company as previously announced by the Company on March 31, 2010.

About the Companies

Wallbridge Mining Company Limited's primary focus is the exploration for platinum group element ("PGE"), nickel, and copper 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.

Miocene Metals Limited will be a company focused on exploration for and development of copper-gold-molybdenum resources in southwestern British Columbia within the Cascade Magmatic Arc.

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.

For further information: Please visit the Company's website at www.wallbridgemining.com, or contact: Wallbridge Mining Company Limited, Alar Soever, President and CEO, Tel: [phone], Email: [email protected]; Mara Strazdins, Vice-President, Investor Relations, Tel: [phone] ext 222, Email: [email protected]