Wallbridge Mining Reports on Miocene Metals Limited's Progress

TORONTO, May 17 /CNW/ --
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TORONTO, May 17 /CNW/ - Wallbridge Mining Company Limited (TSX:WM, FWB:
WC7) (the 'Company') is pleased to announce that Miocene Metals Limited
('Miocene Metals'),  the spinout company formed to finance the
exploration of Walbridge's former BC properties, has obtained a receipt
for its final prospectus dated May 6, 2011 (the 'Final Prospectus')
filed with the Ontario, Alberta and British Columbia Securities
Commissions.

The Company has also obtained conditional approval from the TSX Venture
Exchange (the 'TSXV') for the listing of its Common Shares. The TSXV
conditional approval is subject to the Company fulfilling all of the
listing requirements of the TSXV on or before August 6, 2011, including
completion of a financing of not less than $5 million.  At the time of
listing, the Miocene Special Warrants received by Wallbridge
shareholders last May will automatically convert into common shares of
Miocene on a one for one basis.

Commenting on Miocene Metals' progress, Warren Holmes, Chairman of
Wallbridge stated, 'These are important steps forward towards Miocene
Metals becoming an independent publicly traded company. We look forward
to Miocene Metals completing its Initial Public Offering ('IPO') and
launching its summer exploration program.  We can only hope it achieves
the same level of success enjoyed by our first spin-out company, Duluth
Metals Limited.'

Miocene Metals is currently in the process of completing its IPO.  The
Final Prospectus qualifies the distribution 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 (the 'Offering'). Each Unit is comprised of one
common share ('Common Share') and one-half of one Common Share purchase
warrant ('Warrant'). Each whole Warrant is 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).

Macquarie Private Wealth Inc. is acting as agent on a commercially
reasonable efforts basis for the Offering.

A copy of the Final Prospectus is available on Miocene Metals' 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.

Neither the TSXV nor its Regulation Services Provider (as that term is
defined in the policies of the TSXV) accepts responsibility for the
adequacy or accuracy of this release.

The securities being offered have not been, and will not be, registered
under the United States Securities Act of 1933, as amended, or any
state securities laws, and may not be offered or sold in the United
States unless pursuant to an exemption there from. This press release
is for information purposes only and does not constitute an offer to
sell or a solicitation of an offer to buy any securities of the Company
in any jurisdiction.

About Miocene Metals Limited

Miocene Metals 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-age 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 the Company

Wallbridge Mining Company Limited's primary focus is the exploration for
platinum group elements ('PGE'), nickel and copper deposits in the
Sudbury area of Ontario. The Sudbury area hosts one of  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 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.  Duluth
Metals is advancing this resource through feasibility in joint venture
with Antofagasta plc, one of the worlds major copper producers. 
Wallbridge also holds a significant shareholding Miocene Metals
Limited, which was formed to finance the exploration of a portfolio of
copper-gold-molybdenum properties in southwestern BC.

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