Wallbridge Announces Fully-Funded $4.0 Million Exploration Program on Sudbury Joint Ventures

August 30, 2016

TORONTO , Aug. 30, 2016 /CNW/ - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) ("Wallbridge") announces that the Exploration Committees for the Lonmin funded joint ventures in Sudbury have approved programs totalling $3.958 million for approximately 20,000 metres of drilling and other work to start October 1, 2016 . The approved programs of joint venture committees are subject to the usual final approval by Lonmin's board of directors.

"The exploration program for 2016-2017 is exciting in that it not only follows up on this year's success at expanding the near-surface mineralization at Parkin, but also will test other exploration targets at depth" said Marz Kord , President and CEO of Wallbridge, "This exploration program will advance Wallbridge's exploration stage assets in Sudbury and complements Wallbridge's current efforts in acquiring an advanced stage gold asset, the Fenelon Mine Property, from Balmoral Resources, which the company is planning to rapidly advance to a production decision by mid-2017".

On Wallbridge's Parkin Properties, the North Range Joint Venture Exploration Committee has approved a 2017 Scope of Work and Budget which includes $3.358 million to complete approximately 18,000 metres of drilling, ground and borehole geophysics, as well as studies and permitting to evaluate and be prepared for a potential bulk sample.

Drilling in 2015 and earlier in 2016 at Parkin significantly expanded the extent of near surface mineralization around the historic resource and identified several areas with significantly thicker mineralization than previously intersected (see Parkin Properties Overview, below). The 2017 drilling program will follow-up these results with the objective of establishing a significant near-surface resource. In addition, initial drilling to test several targets at depth and along strike will also be completed.

On the North Range and Wisner Properties, the North Range Joint Venture Exploration Committee has approved a 2017 Scope of Work and Budget which includes $0.3 million to complete fieldwork, surveys, and possibly some drilling. Further exploration totalling $1.7 million has been recommended on these properties but limited work is budgeted in order to focus on the more advanced exploration targets on the Parkin Properties.

On the Sudbury Camp Joint Venture, the Exploration Committee has approved a 2017 Scope of Work and Budget which includes $0.3 million to complete fieldwork, surveys, and possibly some drilling. Further exploration totalling $6.0 million has been recommended on these properties but limited work is budgeted in order to focus on the more advanced exploration targets on the Parkin Properties.

The 2017 programs include up to $200,000 in rebates which are expected to be received by Wallbridge in 2017 from the Junior Exploration Assistance Program ("JEAP") sponsored by the Ontario Prospectors Association and the Northern Ontario Heritage Fund Corporation. JEAP has committed to provide Wallbridge with a grant equal to 33.3 percent of approved eligible exploration expenditures up to a total of $100,000 on each of two projects including drilling at Parkin and a regional boot and hammer exploration project underway this summer and fall.

Parkin Properties Overview

Wallbridge is exploring the Parkin Properties for high-grade polymetallic nickel, copper and PGMs within the Parkin Offset Dyke in Sudbury, Ontario . The property includes the past-producing Milnet Mine, the high grade Milnet 1500 Zone, an historical resource at surface, and a number of high grade surface occurrences.

Lonmin Plc may earn up to a 50% interest in the Parkin Properties by funding aggregate payments and exploration expenditures of CAD $11.083 million over four years (see Wallbridge press release dated September 16, 2015 ). Lonmin may then earn up to an additional 15% in each Parkin Property by funding them through to a feasibility study.

Between 2008 and 2012 Wallbridge completed drilling on the Parkin Properties through the earlier joint venture funded largely by Implats. That work included drilling in 2008 and 2009 in the current target area which yielded significant mineralization. Drilling from 2010 to 2012 was directed further north with much deeper drilling beneath the Milnet mine after the discovery in 2009 of the very high grade Milnet 1500 Zone, which remains open.