Wallbridge Reports Financial and Operating Results for the Three Months Ended March 31, 2015

TORONTO, May 19, 2015 (GLOBE NEWSWIRE) -- Wallbridge Mining Company Ltd. (TSX:WM) (FWB:WC7) ("Wallbridge") announced its results for the three months ended March 31, 2015.

KEY DETAILS – FIRST QUARTER OF 2015

• Production: The Broken Hammer open pit Mine produced 69,000 tonnes of ore containing 1.5 million pounds of contained copper, 3,400 ounces of palladium, 4,000 ounces of platinum, 1,100 ounces of gold 6,700 ounces of silver during the three months ended March 31, 2015.
  
• Revenue: Revenue for the three months ended March 31, 2015 was $11.48 million, or $166 per tonne of ore shipped.
  
• Total production costs: Total production costs were $9.1 million for the three months ended March 31, 2015, or $131 per tonne of ore shipped.
  
• Operating Profit: The Company had an operating profit of $2.4 million before royalty expense, and amortization and depletion for the three months ended March 31, 2015 and $0.1 million in derivatives and foreign exchange gains.
  
• Net Earnings: The Company had a net earnings of $1.1 million for the three months ended March 31, 2015 or earnings of $0.01 per share.
  
• In January 2015, the Company sold its remaining shares of Duluth Metals for proceeds of $2.28 million and recorded a gain of $1.0 million (see press release January 27, 2015).
  
• During the first quarter of 2015, the Company paid down all their substantial debt and interest owing to Callinan Royalties Corp. and Auramet International LLC of $1.9 million (see press release January 27, 2015).
  
• At March 31, 2015, the Company's cash & cash equivalents were $0.9 million.

The Company's unaudited condensed interim consolidated financial statements ("financial statements") and management's discussion and analysis ("MD&A") for the period have been filed on SEDAR and will be available at www.sedar.com and on the Company's website at www.wallbridgemining.com. This news release should be read in conjunction with the Company's financial statements and MD&A for the period ended March 31, 2015. This news release contains forward-looking information that is subject to the risks and assumptions set out in our cautionary statement on forward-looking information, which is located at the end of this news release. (All dollar amounts herein are in Canadian funds unless otherwise indicated.)

"We are pleased with the operating results to date. Our success has not been limited to just financial results as we have developed a core strength in operating small scale mining projects with a great safety record and community support," stated Marz Kord, President and CEO of Wallbridge. "The gained core strength provides us with the capability to operate other projects in the Sudbury mining camp as we develop these opportunities."

SUMMARY OF FINANCIAL AND OPERATING RESULTS

In the three months ended March 31, 2015, the Company reported revenue of $11.48 million, total production costs of $9.1 million, depletion and royalties of $1.7 million for earnings from mining operations of $0.7 million. Other income was $0.5 million. The reported earnings for the three months was $1.1 million. See below for a summary of the Unaudited Condensed Interim Consolidated Statement of Earnings (loss):

The Broken Hammer open pit Mine produced 69,000 tonnes of ore containing 1.5 million pounds of contained copper, 3,400 ounces of palladium, 4,000 ounces of platinum, 1,100 ounces of gold 6,700 ounces of silver during the three months ended March 31, 2015. For further information on the project's status, please see the section "2015 Outlook".

EXPLORATION

In the first quarter of 2015, our joint venture partner funded approximately $1.1 million on exploration and made option payments of $0.24 million and the Company spent $0.6 million on exploration. In 2014, our joint venture partner funded approximately $3.9 million and Wallbridge received cash option payments of approximately $1 million and spent $1.5 million on exploration.

INVESTMENTS

Wallbridge sold its founding stake in its first spin-out company, Duluth Metals Ltd. ("Duluth Metals"), to Antofagasta Investment Company Limited ("Antofagasta") which was completed in two tranches on November 10, 2014 and January 20, 2015. Wallbridge received total cash proceeds of $4.6 million from the sale of its 10,150,121 shares in the capital of Duluth Metals.

Wallbridge's second spin-out company, Miocene Resources Limited ("Miocene") is in the process of a merger with Carube, a private mineral exploration company with copper-gold exploration properties in Jamaica. Following completion of the merger, Miocene shareholders will continue to have interests in the business of Miocene and, as a result of the merger, will also hold an interest in the Carube properties on which exploration is funded by Carube's joint venture partner, OZ Minerals. The merger will create a new company, Carube Copper Corp., which has greater scale and scope, and which will benefit from the funding provided by joint venture partner OZ Minerals. The transaction is subject to TSX-Venture Exchange approval, which has been applied for, and is expected to be completed in early Q2 2015 after which Wallbridge's investment may gain more liquidity.

OUTLOOK FOR 2015

Broken Hammer open pit operating costs in the first quarter of 2015 were consistent with Company's plans (please refer to July 15, 2014 press release).

On March 26, 2015, Wallbridge suspended the operation of its Broken Hammer open pit due to spring thaw load restrictions imposed by municipalities. Wallbridge expects to resume operations by the first week of June 2015. With the shut-down, revenue for the second quarter will be reduced and the Company doesn't anticipate positive earnings until the third quarter when operations are in full production.

Wallbridge forecasts the expected cashflow from the operations for the remainder of the project to be in the range of approximately $3.0 million based on metal prices and USD exchange rate at March 31, 2015. The life-of-mine cash flow for the project is forecast to be in the range of approximately $5 million. This is in line with previous estimates (for details please refer to press release dated July 15, 2014). However, should the metal prices or US dollar exchange fluctuate, the forecasted cash flow would be affected accordingly.

Over the coming months, the Company will be evaluating a number of business opportunities in order to maintain a revenue stream. The Company continues to maintain its strategy of current joint venture funding as well as generating new projects and developing them through either a partnership or on its own.

Qualified Person

The foregoing technical information has been prepared and approved by Marz Kord, P. Eng., M. Sc., MBA, President & Chief Executive Officer of the Company.

About Wallbridge Mining

Wallbridge Mining Company Ltd. (TSX:WM) is currently operating its first polymetallic mine, producing copper, platinum, palladium, and gold from the Broken Hammer open pit mine in Sudbury, Ontario, Canada's premier mining district.

Wallbridge is also actively exploring a large package of properties in Sudbury, including operating several significant exploration joint ventures with partners Lonmin Plc and Glencore in Sudbury.

Wallbridge has a record of successfully generating high potential mineral projects and structuring partnerships and new companies to create value for its shareholders and its partners. As such, Wallbridge currently retains 2.84 million shares (32.4%) in its second spin-out company, Miocene Resources Limited (TSX-V:MII). Miocene is currently completing Reverse Takeover transaction with CaruBE Resources Inc., a private Canadian company, which has six copper-gold exploration licences in Jamaica with active exploration joint venture funding supplied by OZ Minerals (OZL:AX).

For Further Information

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

Wallbridge Mining Company Limited

Joshua Bailey, M.Sc., P.Geo
Vice President Exploration
Tel: (705) 682-9297 ext. 240
Email: jbailey@wallbridgemining.com

Linda Zubal
Vice President Corporate Communications
Tel: (705) 682-9297 ext. 263
Email: lzubal@wallbridgemining.com

This press release may contain forward-looking statements (including "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995) relating to, among other things, the operations of Wallbridge and the environment in which it operates. Generally, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Wallbridge has relied on a number of assumptions and estimates in making such forward-looking statements, including, without limitation, the costs associated with the development and operation of its properties. Such assumptions and estimates are made in light of the trends and conditions that are considered to be relevant and reasonable based on information available and the circumstances existing at this time. A number of risk factors may cause actual results, level of activity, performance or outcomes of such exploration and/or mine development to be materially different from those expressed or implied by such forward-looking statements including, without limitation, whether such discoveries will result in commercially viable quantities of such mineralized materials, the possibility of changes to project parameters as plans continue to be refined, the ability to execute planned exploration and future drilling programs, the need for additional funding to continue exploration and development efforts, changes in general economic, market and business conditions, and those other risks set forth in Wallbridge's most recent annual information form under the heading "Risk Factors" and in its other public filings. Forward-looking statements are not guarantees of future performance and such information is inherently subject to known and unknown risks, uncertainties and other factors that are difficult to predict and may be beyond the control of Wallbridge. Although Wallbridge has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. Consequently, undue reliance should not be placed on such forward-looking statements. In addition, all forward-looking statements in this press release are given as of the date hereof.

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. The forward-looking statements contained herein are expressly qualified by this disclaimer.