Wallbridge Mining's Spin-Out Miocene Metals Completes Initial Public Offering

TORONTO, Aug. 8, 2011 /CNW/ --
TORONTO, Aug. 8, 2011 /CNW/ - Wallbridge Mining Company Limited (TSX:WM,
FWB: WC7) ('Wallbridge' or the 'Company') is pleased to report that its
subsidiary, Miocene Metals Limited ('Miocene Metals'), has closed on
its Initial Public Offering ('IPO') of $5,028,200. Miocene Metals'
common shares will commence trading on the TSX Venture Exchange (the
'Exchange') at the opening of business on Tuesday, August 9, 2011,
under the trading symbol MII as a Tier 1 Mining Issuer.

The Miocene Special Warrants, which were distributed as a
dividend-in-kind to those Wallbridge shareholders of record as of April
30, 2010, were automatically converted into common shares of Miocene
Metals upon completion of the IPO. Wallbridge shareholders who hold
their Special Warrants in a brokerage account, including on-line
trading accounts, should see the Miocene Metals common shares in their
accounts within approximately two weeks' time. Wallbridge shareholders
who hold their Special Warrants in their own name will receive their
Miocene Metals common shares directly.

Commenting on the closing of the initial public offering, Alar Soever,
the President and CEO of Wallbridge stated: 'We are excited to announce
that another one of Wallbridge's former subsidiaries has been
successfully spun-out into a publicly traded company. This spin-out was
modeled after the highly successful spin-out of Duluth Metals Limited,
another former subsidiary of Wallbridge. We are optimistic that Miocene
Metals will enjoy similar success to that Duluth Metals has had since
its initial public offering. Walbridge will continue to look for other
value-enhancing opportunities for its shareholders in the future and we
are pleased that our shareholders have been able to participate in the
benefits of this transaction with Miocene Metals.'

As a result of the spin out transaction and its participation in the IPO
Wallbridge currently holds 28,447,326 common shares in the capital of
Miocene Metals, representing about 43% of the total issued and
outstanding shares of Miocene after giving effect to the closing of the
IPO and the conversion of the Special Warrants into Miocene common
shares.

Additional detailed disclosure regarding the Company and of Miocene
Metals can be found on SEDAR at www.sedar.com and on the Company's website at www.wallbridgemining.com and on Miocene
Metals' website at www.miocenemetals.com.

About Miocene Metals Limited

Miocene Metals is focused on the exploration and development of seven
porphyry copper-gold-molybdenum properties in south-western British
Columbia that occur within the Tertiary-aged Cascade Magmatic Arc. The
Cascade Arc shares many geological characteristics with Tertiary-age
porphyry belts that stretch the length of Chile and Peru in South
America and hosts some of the world's largest porphyry
copper-gold-molybdenum deposits.

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 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.

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.

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