Wallbridge Announces Closing of Fully Subscribed $1,500,000 Private Placement and Making Second Payment Towards Purchase of Fenelon Mine Propertyless than 1 minute ago by CNW Group

Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) ("Wallbridge") is pleased to announce that it completed a non-brokered private placement of an aggregate of 18,750,000 units in the capital of Wallbridge (the "Units") at $0.08 (Canadian) per Unit raising aggregate proceeds of $1,500,000 (collectively, the "Offering"). The private placement offering was fully subscribed. Gross proceeds of the Units sold under the Offering will be used for payments towards the purchase of Fenelon Mine Property and for general working capital purposes.

"This placement will enable the Company to make the second payment towards purchase of Fenelon Mine Property from Balmoral Resources Ltd. while we continue to conclude a debt financing as well as a short form prospectus offering", said Marz Kord, President & CEO of Wallbridge Mining Company. "We are pleased to report that we are in advanced discussions with a group for debt financing towards purchase and development of Fenelon Mine Property. We believe that this $1.5 million private placement, the debt facility as well as our prospectus offering will leave us well-funded to complete the necessary studies and permitting of the project by the end of the first quarter of 2017 and upon positive results of the studies and securing the permits, make a production decision in early second quarter of 2017 with the expected production start-up by mid-2017."

The Offering received preliminary approval of the Toronto Stock Exchange on July 28, 2016, to a maximum of $1,500,000, 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 and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one additional common share of Wallbridge on or before August 19, 2019 at an exercise price of $0.10 (Canadian) per share.

Fenelon Mine Property

The Fenelon Mine Property is an advanced stage project with drill intersections suggesting exploration potential for resource expansion. The project is located in West-Central Quebec. Geologically, it is situated proximal to the Sunday Lake Deformation Zone which hosts the Detour Gold Mine in Ontario as well as the Martiniere gold project being explored by Balmoral.

A total of over 50,000 metres of drilling has been completed on the property and, significantly, two bulk samples have been mined and processed from the Discovery Zone deposit. In 2001, a 13,835 tonne bulk sample mined from a small open pit at the Discovery Zone was test milled at the Camflo mill in Malartic and returned 132,039 grams (4,245 ounces) of gold giving a reconciled head grade of 9.84g/t gold using a calculated recovery of 97%. A second bulk sample, mined from underground and also milled at Camflo was comprised of 8,169 tonnes and returned 80,731 grams (2,596 ounces) of gold giving a reconciled head grade of 10.7 g/t gold.

The current measured and indicated 43-101 mineral resource is 91,100 Tonnes at 12.97 grams per tonne gold containing 38,000 ounces of gold. The current resource is restricted to the area located in close proximity to existing underground workings at shallow depth. The bulk of the resource is located in the first 150m from surface (87% of the tonnes and 91% of the ounces). There are several opportunities to add to the current resource by 1) testing the depth extensions of the ore shoots that originate in the resource area, 2) in-fill drilling on modelled exploration targets currently not included in the resource, 3) subparallel mineralized zones in the vicinity of the currently identified zones.

The full 43-101 Resource Estimate report is posted under the Wallbridge Mining profile at www.sedar.com, and can be accessed by following the link 2016 Fenelon Mineral Resource Report.

Acquisition Terms

The property is currently owned 100% by Balmoral and Wallbridge has signed a definitive purchase agreement ("PA") for the outright purchase of the Fenelon Mine Property. Under terms of the PA Wallbridge can purchase a 100% undivided interest in the Fenelon Mine Property (subject to certain royalty provisions), by making the following payments to Balmoral:

    --  $200,000 in common shares of Wallbridge (2,381,575 common
        shares). This payment was made on signing of the Letter Of
        Intent on May 25, 2016. (see press release May 25, 2016)
    --  $200,000 in cash on or before July 28, 2016. This payment has
        been made (see press release August 2, 2016)
    --  $300,000 in cash on or before August 22, 2016. This payment was
        made on August 22, 2016 (amended to reduce from $800,000 to
        $300,000 on August 18, 2016)
    --  A final payment of $3,000,000 on or before September 21, 2016.

In all cases Balmoral shall retain a 1% NSR on any future production from the Fenelon Mine Property.

Financing

To finance the acquisition of the Fenelon Mine Property, Wallbridge announced on July 11, 2016 that it has filed a preliminary short form prospectus in the Provinces of Ontario and British Columbia and obtained a receipt therefor from the Ontario Securities Commission to qualify the distribution of units of Wallbridge (the "Units") and flow-through Shares of Wallbridge (the "FT Shares") and the common shares and warrants underlying the Units. If the maximum offering is completed, the Company will raise aggregate gross proceeds of $4,500,000 (the "Offering").

The Units are to be issued at a price of $0.08 per Unit, with each such Unit consisting of one common share and one common share purchase warrant (the "Unit Warrants"), with each Unit Warrant entitling the holder to purchase one common share at a price of $0.12 per share for a period of 36 months from the closing date of the Offering.

The FT Shares are to be issued at a price of $0.10 per FT Share, whereby each such FT Share will be a common share in the capital of the Company that qualifies as a "flow-through share" within the meaning of the Income Tax Act (Canada) and the regulations thereunder. The Offering is being conducted by a syndicate of agents led by Secutor Capital Management Corporation and including Canaccord Genuity Corp.

For further information please contact Arie Papernick of Secutor Capital Management Corporation at 416-847-1220.

Marz Kord, P. Eng. is the Qualified Person for the contents of this Press Release and Pierre-Luc Richard, P.Geo., Catherine Jalbert, P.Geo., and Bruno Turcotte, P. Geo. are the Qualified Persons responsible for the 2016 Fenelon Mineral Resource Report and have reviewed the technical content of this press release.