Toronto, Ontario - March 31, 2016 - Wallbridge Mining Company Limited (TSX: WM, FWB: WC7) ("Wallbridge") announced its results for the year ended December 31, 2015.

KEY DETAILS - Year ended December 31, 2015
 

• Production: The Broken Hammer open pit Mine produced 174,000 tonnes of ore containing 3.20 million pounds of contained copper, 8,500 ounces of palladium, 13,100 ounces of platinum, 2,800 ounces of gold 20,400 ounces of silver during the year ended December 31, 2015.


• Operation: The open pit mining operations were completed on October 30, 2015.


• Revenue: Revenue for the year ended December 31, 2015 was $26.02 million, or $149.56 per tonne of ore shipped.


• Total production costs: Total production costs were $22.54 million for the year ended December 31, 2015, or $129.55 per tonne of ore shipped.


• Operating Profit: The Company had an operating profit (revenue less production costs) of $3.48 million before royalty expense, and amortization and depletion for the year ended December 31, 2015.


• Net Loss: The Company had a net loss of $2.47 million for the twelve months ended December 31, 2015.


• At December 31, 2015, the Company's cash & cash equivalents were $2.3 million.

The Company's audited 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 December 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.)

OUTLOOK FOR 2016

Wallbridge is undergoing an exciting transition as it works to acquire its next production platforms while maintaining active partner funded exploration in Sudbury.

In 2015, Wallbridge assembled an in-house geology and mining team to review acquisition opportunities and is currently in advanced discussions regarding a number of prospective acquisitions. Wallbridge is targeting:

• Gold or Nickel-Copper-PGM projects in Ontario or Quebec;
• 1-2 years to production;
• 1-5 years initial operation;
• Exploration upside and scalability;
• $10-20 million Initial Capital; and
• Net Present Value to Initial Capital ratio of greater than 1

On-going drilling on the Parkin Properties is designed to establish a significant resource above 600 metres depth. In addition, the viability of initial mining of a bulk sample or starter pit is being evaluated. Lonmin Plc is funding the exploration on the Parkin Properties and is in the first year of an option to earn 50% by funding $11 million expenditures over four years.

Wallbridge has a long term track record of consistently maintaining high levels of partner-funded exploration. Future partner commitments may vary according to market and other conditions.

Wallbridge's spin-out company Miocene Resources Limited ("Miocene") merged with Carube Copper Corp. ("Carube Copper") in 2015. Carube Copper has copper and gold exploration properties in Jamaica, including two joint ventures funded by OZ Minerals. Carube Copper also maintains its properties in British Columbia. Wallbridge is Carube Copper's second largest shareholder with approximately 16.8% ownership on a non-diluted basis and we look forward to realizing value from our investment.

Wallbridge's future profitability, operating cash flows and financial position will be closely related to the prevailing metal prices, Canadian dollar performance, and the company's ability to finance its targeted acquisitions to production. Key factors influencing metal prices include, but are not limited to, the supply of and demand for metals due to economic strengths of emerging countries, the relative strength of the United States dollar and macroeconomic factors such as current and future expectations for inflation and interest rates. Management believes that the short-to-medium term economic environment is likely to remain bearish for commodity prices with continued volatility. In order to decrease risks associated with commodity price and currency volatility, the Company will continue to evaluate potential future opportunities using short-term price forecasts as well as available protection programs.

SUMMARY OF FINANCIAL AND OPERATING RESULTS

In the year ended December 31, 2015, the Company reported revenue of $26.0 million, total production costs of $22.5 million, amortization and depletion and royalties of $3.8 million for loss from mining operations of $0.3 million. Other expenses were $2.8 million. The reported loss for the year was $2.5 million. See below for a summary of the Statement of Loss:

The Broken Hammer open pit Mine produced 174,000 tonnes of ore containing 3.20 million pounds of contained copper, 8,500 ounces of palladium, 13,100 ounces of platinum, 2,800 ounces of gold 20,400 ounces of silver during the year ended December 31, 2015. For further information on the project's status, please see the "Broken Hammer" section of the MD&A.

EXPLORATION

In the year ended December 31, 2015, our joint venture partner funded approximately $4.5 million on exploration and made option payments of $0.4 million and the Company spent $1.1 million on exploration. During the same period in 2014, our joint venture partner funded approximately $3.9 million and Wallbridge received cash option payments of approximately $1.0 million and spent $1.5 million on exploration.

INVESTMENTS

Wallbridge sold its founding stake in its first spin-out company, Duluth Metals Limited ("Duluth Metals"), to Antofagasta Investment Company Limited 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.

On June 18, 2015, Wallbridge's second spin-out company, Miocene completed a reverse takeover transaction ("RTO") with Carube Resources Inc. ("Carube"), a private mineral exploration company with copper-gold exploration properties in Jamaica. Miocene shareholders will continue to have interests in the business of Miocene and, as a result of the RTO, will also hold an interest in the Carube properties on which exploration is funded by Carube's joint venture partner, OZ Minerals Limited. As part of the concurrent financing requirements, Wallbridge subscribed for 3,050,000 units at $0.20 on June 16, 2015. Each unit is comprised of one common share and one-half of one common share purchase warrant exercisable for 24 months. Upon conclusion of the RTO, the resulting issuer changed its name to Carube Copper Corp. . On July 7, 2015, Carube Copper commenced trading on the TSXV. Wallbridge holds 10,894,732 shares representing approximately 16.8% of the outstanding shares of Carube Copper. At December 31, 2015, given the significant decline in the share price of Carube Copper, the investment was written down to the closing price of $0.05 per share resulting in an impairment charge of $1,536,592. As at March 29, 2016, the share price had recovered to $0.10 per share.

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 is working towards becoming a mid-tier mining company with sustainable revenue through acquisition, discovery, development, and production of metals. This will be achieved by building on our current assets and the strengths and capabilities demonstrated by our recent successes in developing and operating our Broken Hammer open pit, as well as our ongoing partner-funded exploration joint ventures, and the value generated within our spin-out companies.

In Sudbury, Canada, Wallbridge recently completed its open-pit Broken Hammer operation successfully. It also has active partner-funded exploration underway for nickel, copper, and PGMs on its Parkin Properties and other North Range Joint Venture and Sudbury Camp Joint Venture properties. Outside of Sudbury, Wallbridge has exposure to active exploration for copper and gold in Jamaica and British Columbia through its 18% ownership of Carube Copper Corp. ("Carube Copper", CUC:TSX-V, formerly Miocene Resources Limited).

Wallbridge's growth strategy is to focus on value-accretive near-term production opportunities (internal or external) while maintaining active exploration for large-scale discovery upside. Wallbridge mitigates exploration risk by financing early-stage opportunities at the asset level, either through joint venture partner funding or by creating separate subsidiary spin-out companies.

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.