Wallbridge Mining Company

Mar. 4, 2011 (Canada NewsWire Group) --

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TORONTO, March 4 /CNW/ - Miocene Metals Limited and Wallbridge Mining Company Limited (TSX: WM) (FSE: WC7) today announced that Miocene Metals Limited ("Miocene"), the private company formed to finance exploration of Wallbridge's seven British Columbia porphyry copper-gold-molybdenum properties, filed a Preliminary Prospectus for its Initial Public Offering on March 1, 2011 with the Ontario, Alberta and British Columbia Securities Commissions which was receipted on March 2, 2011. The Offering consists of Flow-Through Shares and Units of Miocene, where each Unit consists of one common share of Miocene and one half of one common share purchase warrant of Miocene. The preliminary prospectus is still subject to completion or amendment. There will not be any sale or any acceptance of an offer to buy the securities until a receipt for the final prospectus has been issued.

Bruce Jago, President and CEO of Miocene commented that "Filing of the preliminary prospectus is an important milestone on the path to becoming a public issuer and building a new copper, gold and molybdenum producer in British Columbia."

Macquarie Private Wealth Inc. (the "Agent") has been appointed by Miocene Metals Limited as the exclusive sales agent pursuant to the Offering on a commercially reasonable efforts agency basis subject to completion of due diligence. Miocene filed a preliminary prospectus in connection with a prospectus offering in British Columbia, Alberta and Ontario of up to $7,200,000 consisting of up to 10,000,000 units ("Units") at a price of $0.36 per Unit and up to 9,000,000 of flow-through common shares ("Flow-Through Shares") at a price of $0.40 per Flow-Through Share. Each Unit will be comprised of one common share ("Common Share") and one half of one Common Share purchase warrant ("Warrant"). Each whole Warrant shall be exercisable into one Common Share at a price of $0.50 per Common Share for a period of 2 years from the closing date of the Offering. Each Flow-Through Share will be issued as a "flow-through share" within the meaning of the Income Tax Act (Canada) (the "Tax Act").

Macquarie Private Wealth is part of the Macquarie Banking and Financial Services Group, the primary relationship manager for Macquarie's retail client base and has over $13.7 billion of clients' assets under advice, administration or management. Macquarie belongs to the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor Protection Fund (CIPF). A copy of the preliminary prospectus is available on Miocene's corporate profile page which may be accessed at www.sedar.com or may be acquired directly from Macquarie Private Wealth Inc. at 4100 Yonge Street, Suite 500, North York, ON, M2P 2B5, Attention: Bijan Levine, Tel: (416) 512-3680, e-mail: bijan.levine@macquarie.com. Please direct all inquiries to Mr. Bijan Levine.

About Miocene Metals Limited

Miocene is focused on the exploration and development of seven porphyry copper-gold-molybdenum properties acquired from Wallbridge in south-western British Columbia within the Miocene-aged Cascade Magmatic Arc. The Cascade Arc shares many geological characteristics with the Miocene-age porphyry belt that stretches the length of Chile and Argentina in South America and hosts some of the world's largest porphyry copper-gold-molybdenum deposits including Chuquicamata, El Teniente and Los Bronces.

About Wallbridge Mining Company Limited

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, 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 and recently announced a joint venture with Antofagasta plc, which will see the project financed through feasibility.

This document may contain forward-looking statements relating to Miocene'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 Miocene's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements. 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. Miocene 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.

Please visit the Miocene's website at www.miocenemetals.com, or contact:

Miocene Metals Limited
Linda Zubal, Investor Relations
Tel: (705) 682-9297 ext. 247
Email: lzubal@miocenemetals.com

Ron Poirier, Investor Relations
Tel: (705) 682-9297 ext 263
Email: rpoirier@miocenemetals.com

Please visit Wallbridge's website at www.wallbridgemining.com, or contact:

Wallbridge Mining Company Limited
Mara Strazdins, Vice-President, Investor Relations
Tel: (416) 369-1500 ext 222
Email: mstrazdins@wallbridgemining.com

Ron Poirier, Investor Relations
Tel: (705) 682-9297 ext 263
Email: rpoirier@wallbridgemining.com