Wallbridge Mining Announces Closing of Private Placement

TORONTO, March 26 /CNW/ - Wallbridge Mining Company Limited (TSX:WM,

FWB: WC7) (the "Corporation") is pleased to announce that it has completed a

brokered private placement of an aggregate of 9,298,200 units in the capital

of the Corporation (the "Units") placed through the facilities of Raymond

James Ltd., subject to approval of the Toronto Stock Exchange (the "TSX")

(collectively, the "Offering"). 1,298,200 of the Units represent the balance

of the 4,000,000 Unit placement announced by the Corporation on December 19,

2007.

Commenting on the placement, Alar Soever, President of Wallbridge stated,

"This placement greatly reinforces the finances of the Corporation in

turbulent economic times and will allow us the flexibility to greatly

accelerate the pace of work on our Ontario properties".

The Offering raised aggregate proceeds of CAD$3,719,280. The Units were

sold at $0.40 (Canadian) per Unit with each Unit being comprised of one common

share issued as a "flow-through share" as defined in the Income Tax Act

(Canada) (a "Flow-Through Unit Share") and one-half of one common share

purchase warrant (each full common share purchase warrant hereinafter referred

to as a "Warrant"). Each Warrant entitles the holder thereof to purchase one

additional common share of the Corporation (each a "Warrant Share"), such

Warrant Shares to be issued as follows: (i) to the extent such Warrant is

exercised during the first 12 month period from the closing date (the "Closing

Date"), one Warrant share at $0.80 (Canadian) per share, and (ii) to the

extent such Warrant is exercised after the end of the first 12 month period

from the Closing Date and on or before the end of the second 12 month period

from the Closing Date, one Warrant Share at $1.00 (Canadian) per share.

100% of the gross proceeds of the Units sold under the Flow-Through

Offering will be used for Canadian exploration expenses (within the meaning of

the Income Tax Act (Canada)) (the "Tax Act") which qualify as "flow-through

mining expenditures" for purposes of the Tax Act related to the Corporation's

exploration projects in Ontario, Canada. The Corporation will renounce such

Canadian exploration expenses with an effective date of no later than

December 31, 2008.

About Wallbridge Mining

Wallbridge Mining Company Limited explores for and develops nickel,

copper and platinum group element ("PGE") deposits. The Company's principal

properties are located in the Sudbury Basin in Ontario. The Sudbury area hosts

the world's largest concentration of nickel deposits and is currently the most

active mining camp in North America. Wallbridge also has a major shareholding

in Duluth Metals Limited, which has a significant property position in the

rapidly emerging Duluth Complex base metal camp in Minnesota.

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.

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For further information: please visit the Corporation's website at

www.wallbridgemining.com, or contact: Wallbridge Mining Company Limited, Alar

Soever, President, Tel: (705) 682-9297, Email: asoever@wallbridgemining.com;

Mara Strazdins, Vice-President, Investor Relations, Tel: (416) 369-1500, Ext.

222, Email: mstrazdins@wallbridgemining.com

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