Parkin Offset Joint Venture

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TORONTO, April 5, 2012 /CNW/ - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) ("Wallbridge") today announced that South African platinum producer Impala Platinum
Holdings Limited (Impala) has advised Wallbridge that, having completed
the $6.2 million in required expenditures, it intends to vest its 50%
interest in Wallbridge's Parkin Offset Property in Sudbury.




"Impala has been a strong partner and we look forward to continuing
exploration of the Parkin project with them in the coming years,"
stated Marz Kord, President of Wallbridge, "Impala's continued
participation and their vesting decision will allow Wallbridge to
advance the Parkin project while minimizing dilution to our current
shareholders."




Under the terms of the Option and Joint Venture Agreement dated August
19, 2008, and subsequent amendments (the "Agreement"), Impala has
earned a 50% undivided interest in the Parkin Offset Property by
having completed the funding of C$6.2 million in exploration
expenditures during the Option Phase of the Agreement. Impala has
provided formal notice of its intention to proceed with the joint
venture phase of the Agreement subject to South African Reserve Bank
approval.




Under terms of the Agreement, a 50/50 Joint Venture will now be formed
between Wallbridge and Impala, with each partner funding its
proportionate share. Wallbridge will be the initial Operator.
Operation of the Joint Venture will be governed by a management
committee with each partner having votes in proportion to its ownership
interest.


Impala has the option to acquire an additional 15% undivided interest in
the Property, exercisable by completing at its sole cost a Definitive
Feasibility Study on a deposit which is in whole or in part on the
Property and providing an undertaking to arrange the financing
contemplated by the Definitive Feasibility Study.




The Parkin Offset Joint Venture is exploring for platinum group metals,
nickel, copper and gold within the 9.4 kilometre Parkin Offset dyke on
the northeast margin of the Sudbury basin. The next phase of
exploration is expected to start this quarter and will include greater
than 5000 metres of drilling focused on the Milnet Mine area and the
recently discovered Milnet 1500 Zone.




The Property includes the Milnet Mine property, a southern block of
claims which are held 1.5% by Xstrata Nickel, and two blocks of claims
on either side of the Milnet Mine property which are subject to an
option and joint venture agreement between Wallbridge and Champion Bear
Resources.




The Milnet Mine reported past production of 157,130 tons averaging 2.25
g/t Pt, 2.98 g/t Pd, 0.33 g/t Au, 1.49 % Ni and 1.54 % Cu. Drilling
beneath the Milnet Mine in 2009, Wallbridge discovered the Milnet 1500
zone intersecting 14.24 metres containing 1.50 g/t Pt, 2.52 g/t Pd,
3.99 g/t Au, 0.78 % Ni and 2.57 % Cu from 1499.66 to 1513.90 metres
down hole (see Wallbridge Press Release dated November 13, 2009). More
recent drilling intersected 8.0 metres containing 1.40 g/t Pt, 2.68 g/t
Pd, 0.23 g/t Au, 4.11 % Ni and 0.60 % Cu from 1473.00 to 1481.00 metres
down hole (see Wallbridge Press Release dated October 14, 2011).




The Parkin Offset dyke hosts Ni-Cu-PGE mineralization typical of other
offset dykes in Sudbury, such as at Vale's Copper Cliff North and South
mines and the Totten mine development. Exploration is at an early stage
and the property has very significant discovery potential.




Samples were prepared at ALS Chemex Ltd. laboratories in Sudbury and
then shipped to their analytical facilities in Vancouver. Samples were
analyzed for Au, Pt, and Pd by standard lead collection, fire assay
fusion with an atomic emission spectrometry (ICP-AES) finish. Samples
were analyzed for base metals, silver and trace elements using a four
acid (HNO3-HCIO4-HF and HCI) near total digestion and a combination of
ICP-MS and ICP-AES finish.




The Qualified Person responsible for the technical content of this press
release is Joshua Bailey P.Geo., Vice President Corporate Development
For Wallbridge Mining Company Limited.




About Wallbridge Mining




Wallbridge Mining Company Limited (WM:TSX) is an established metals company working to build sustainable growth
for investors through discovery and development of mineral resources.




Wallbridge specializes in nickel, copper, platinum, palladium and gold
projects in mining friendly jurisdictions of North America, with a
particular focus on Sudbury, Ontario. Wallbridge's position in Sudbury
offers unique large-scale discovery upside in Canada's premier mining
district.




Wallbridge has a record of generating high potential projects and
financing exploration through joint ventures or spin-out companies.
Wallbridge has 48 exploration to pre-feasibility stage mineral
projects. These include 12 joint ventures with partners Impala Platinum
Holdings Limited, Lonmin Plc, Xstrata Nickel and a number of junior
mining companies.




Wallbridge also holds significant equity interests in spin-out companies
Duluth Metals Limited (DM:TSX) and Miocene Metals Limited (MII:TSV).




This document may contain forward-looking statements relating to
operations of Wallbridge or its subsidiaries or to the environment in
which they operate. 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 http://www.wallbridgemining.com/">www.wallbridgemining.com, or contact:

Wallbridge Mining Company Limited

Joshua Bailey, M.Sc., P.Geo Vice President Corporate Development Tel: (705) 682-9297 ext. 240 Email: jbailey@wallbridgemining.com