Wallbridge Mining Announces Closing of Private Placement

TORONTO, June 2, 2011 /CNW/ --
TORONTO, June 2, 2011 /CNW/ - Wallbridge Mining Company Limited ('Wallbridge' or the 'Company') (TSX:
WM) is pleased to announce it has completed a non-brokered private
placement of 3,808,076 flow-through common shares of the Company (each a 'Flow-Through Share')
at $0.26 per share (the 'Offering'), raising aggregate gross proceeds
of $990,100.

Commenting on the Offering, Alar Soever, President and CEO of Wallbridge
stated 'This placement provides us with additional funds to accelerate
a very active summer exploration program on our Sudbury properties.  We
are very pleased with the continued support of the MineralFields Group,
and our other long term shareholders.'

The gross proceeds raised from the issuance of the Flow-Through Shares
will be used by the Company to incur exploration expenditures on its
properties in Ontario which will constitute 'Canadian exploration
expenses' and 'flow-through mining expenditures' (as defined in the
Income Tax Act (Canada)) which can be renounced to purchasers for the
2011 taxation year.

A cash fee of 6% of the gross proceeds raised was paid to Topleft
Securities Ltd. and Limited Market Dealer Inc., being the finders used
by the Company in connection with the Flow-Through Offering.

About the Company

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 Inco, 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 world's 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.

About MineralFields, Pathway and First Canadian Securities ®

MineralFields Group (a division of Pathway Asset Management), based in
Toronto, Montreal, Vancouver and Calgary, is a mining fund with
significant assets under administration that offers its tax-advantaged
super flow-through limited partnerships to investors throughout Canada
as well as hard-dollar resource limited partnerships to investors
throughout the world. The sector focus is on gold and precious metals,
base metals, rare earths and lithium, potash, uranium, oil, coal and
gas.  Pathway Asset Management also specializes in the manufacturing
and distribution of structured products and mutual funds (including the
Pathway Multi Series Funds Inc. corporate-class mutual fund series).
Information about MineralFields Group is available at
www.mineralfields.com.  First Canadian Securities ® (a division of
Limited Market Dealer Inc.) is active in leading resource financings
(both flow-through and hard dollar PIPE financings) on competitive,
effective and service-friendly terms, and offers investment banking,
mergers and acquisitions, and mining industry consulting, services to
resource companies.  MineralFields and Pathway have financed several
hundred mining and oil and gas exploration companies to date through
First Canadian Securities ®, and have raised over $1 billion in their
10 year history.

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: