Milnet Mine, Sudbury

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TORONTO, Sept. 4, 2012 /CNW/ - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) ("Wallbridge") today provided an update on the 5,000 metre diamond drilling and
borehole geophysics program underway with partner Impala Platinum
Holdings Limited (Impala) on the Parkin Offset Joint Venture in
Sudbury, Ontario. Drilling is focused on extensions of the platinum,
palladium, nickel, copper and gold bearing massive sulfide of the
Milnet 1500 Zone discovered by the joint venture beneath the Milnet
Mine.


Two drill holes totalling 2,030 metres of drilling have been completed
at Milnet year to date. WMM-017, a shallow 212 metre drill hole, was
completed south of the Milnet 1500 Zone to constrain the location,
width and dip of the Parkin Offset Dyke in preparation for a deeper
geophysics platform hole in that area.


Another drill hole, WMM-018-W1, is a 100 metre step-out to the north of
the Milnet 1500 Zone and was completed to a depth of 1,779 metres.
Borehole electromagnetic geophysics identified a 300 by 30 metre
high-conductance off-hole anomaly located 35 metres to the east of
WMM-018-W1 at a depth of 1,680 metres. This extends the area of
conductance associated with sulfide at the Milnet 1500 Zone an
additional 200 metres to the north of where modelling from earlier
surveys indicated. The total size of the Milnet 1500 Zone indicated by
diamond drilling and borehole geophysics to date has been increased to
400 metres by 30 to 60 metres with unknown thickness (see attached
figure).


Currently, wedge-cut WMM-018-W2 is in progress, targeting the new
conductive anomaly.


The Milnet Mine reported past production of 157,130 tons averaging 2.25
g/t Pt, 2.98 g/t Pd, 0.93 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 Milnet 1500 Zone occurs where the Parkin Offset Dyke is cutting a
large gabbro intrusion and Sudbury breccia zone. Modelling of borehole
electromagnetic geophysics indicates a minimum 400 metre long
conductive trend. The thickness and depth extent of the zone is not
known. The current drilling is testing 100 metre step-outs from the
Milnet 1500 Zone and shallower targets beneath and near the
past-producing Milnet Mine. Detailed three dimensional modelling of the
entire nine kilometre strike length of the Parkin Offset dyke is also
underway to identify additional drill targets.


The Property is subject to the 50/50 Parkin Offset Joint Venture between
Wallbridge and Impala Platinum with Wallbridge as Operator. Impala may
acquire an additional 15% interest in the Property by funding a
Feasibility Study on a deposit and an undertaking to arrange the
financing contemplated by the Feasibility Study.


The Parkin Offset Joint Venture 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 Ltd.


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 Parkin Offset Dyke hosts platinum, palladium, nickel, copper and
gold mineralization typical of other Offset dykes in Sudbury with
examples at Vale's Copper Cliff North and South mines and Vale's Totten
mine development. Offset dyke type deposits in Sudbury can occur with
up to 5 to 10 million tonnes containing 1-3 g/t platinum, 1-3 g/t
palladium, 0.5-2 g/t gold, 1-3 % nickel and 1-3 % copper. These
estimates are based on existing and historical deposits in Sudbury and
are conceptual in nature. There has been insufficient exploration on
the Parkin Offset Joint Venture to define a mineral resource of this
size and it is uncertain if further exploration will result in
discovering a mineral resource of this size.


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.


Joshua Bailey, M.Sc., P.Geo., Vice President, Exploration, is the
qualified person responsible for the technical content of this press
release.


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.











SOURCE: Wallbridge Mining Company Limited



For further information:

Wallbridge Mining Company Limited

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

Linda Zubal Director of Corporate Communications Tel: (705) 682-9297 ext. 263 Email: lzubal@wallbridgemining.com