Wallbridge Mining Confirms Copper, Gold and Molybdenum Mineralization on
Miocene Metals Spin-out Properties

TORONTO, Aug. 12 /CNW/ - Wallbridge Mining Company Limited ("Wallbridge" or the "Company") (TSX: WM) today announced that prospecting and initial sampling by its subsidiary, Miocene Metals Limited, have yielded high-grade copper values ranging up to 23.40% copper and elevated gold values up to 1.65g/t gold from chip and grab samples collected on the Mackenzie property along a structure that has been traced over a horizontal distance of approximately 1,000 metres.

Bruce Jago, President and CEO of Miocene Metals stated that "The results of this early sampling demonstrate that our exploration model in this under-explored porphyry belt is valid. We are very pleased that outcrop sampling on the Mackenzie and Salal properties has confirmed the presence of copper-gold and molybdenum mineralization, respectively. We look forward to a very active late summer and fall exploration season."

Copper, gold and molybdenum mineralization has been discovered on three of the eight British Columbia properties; Rogers Creek, Salal and Mackenzie. In addition, anomalous gold and copper results were obtained from a stream sediment program on four other properties. Results from chip and grab sampling on the Mackenzie Property are as follows:

    
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    Sample                 Length
     No.         Type       (cm)     Cu (%)    Au (ppm)   Ag (ppm)   Mo (ppm)
    -------------------------------------------------------------------------
    361580       Chip*    100      23.40       0.186      14.4       19.8
    361581       Grab         -       1.04       0.101       9.2       26.4
    361583       Grab         -       3.06       0.110       7.8        4.9
    361592       Chip        60       1.64       0.077       3.1       30.5
    361604      Float         -       4.25       1.650      73.8        8.3
    361605      Float         -       3.05       0.483      25.5       23.0
    61610        Grab         -       2.51       0.109      11.0       78.5
    361611       Grab         -       2.19       0.111       7.9       49.5
    SC01         Grab         -       4.57       0.055       2.9       n.a.
    SC02         Chip       100       2.16       0.297      27.5       n.a.
    SC03         Grab         -       6.04       0.080       3.6       n.a.
    SC04         Chip        30      13.10       0.126       6.3       n.a.
    SC05         Chip        40       1.83       0.244      10.4       n.a.
    SC08         Chip       100       1.35       0.046       5.6       n.a.
    SC16         Grab         -       4.70       0.000      37.0       n.a.
    SC16a        Grab         -       5.46       0.000      34.2       n.a.

    *  - chip samples were taken perpendicular to the contacts of the host
           structure
    SC01 - SC16a are historic samples
    n.a. - Not analyzed
    

Porphyry-style molybdenum mineralization was confirmed in the Mud Lake area of the Salal property, which is located about 10 kilometres south of Mackenzie. Re-sampling of known molybdenum showings in the northern part of the property returned values up to 3.24% Mo and 3.55 g/t Re-confirming the rhenium-enriched nature of molybdenum mineralization on the property as indicated by historical sampling. Historic sampling has discovered molybdenum mineralization along a 15 kilometre arc, which traces the contact between an inner coarse-grained and outer fine-grained phase of the host granodiorite. Continued summer exploration work includes drilling targets on the Rogers Creek, Salal and possibly the MacKenzie properties.

    
    Stream Sampling Results:
    ------------------------
    

Stream sediment sampling was carried out on three other properties, the Mount Barr, Custer Ridge, and Sunshine Properties. The sampling has identified several areas with anomalous gold, copper and molybdenum values. Values on the Mount Barr property range up to 0.86 g/t Au, 120 ppm Cu and 18.75 ppm Mo; values on the Custer Ridge property range up to 2.3 g/t Au; and a single anomalous silt result (0.22 g/t Au) was obtained from the core of the Sunshine property, which will also be followed up. At Shulaps Property, near Lillooet, a number of anomalous gold, (up to 0.393 g/t Au) copper (up to 104 ppm Cu) and molybdenum (up to 11.0 ppm Mo) values were obtained from streams in the northern half of the property, one supported by a cluster of three medium level copper anomalies.

Stream sediment and rock samples were delivered directly to ALS Chemex Ltd. Laboratories in Vancouver for preparation and analysis. Rock samples were crushed to 70% passing 2 mm, after which a split was taken with a riffle splitter and pulverized to 85% passing 75 microns. The samples were then analyzed for 48 elements using Chemex's ME-MS61 package, which is an inductively-coupled plasma mass spectrometry (ICP-MS) method utilising a near total four acid digestion. The samples were assayed for Au by standard lead collection/fire assay fusion (Au-ICP21) using a 30 gram pulp split and an inductively coupled plasma atomic emission spectrometry (ICP-AES) finish. Silt samples were screened to minus 200 microns, and analysed by the same techniques as described above for the rocks.

The Qualified Person responsible for the technical content of this press release is Clinton Smyth, P.Geo, Vice-President, Exploration of Miocene Metals Limited.

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 is a spin out company from Wallbridge which will be 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]