Wallbridge Mining Company Limited (TSX:WM) (FWB: WC7) is pleased to announce continued positive results from its underground drill program and to provide an update on the ongoing development as part of the 35,000-tonne bulk sample and underground exploration program at its 100%-owned Fenelon Gold Property.

Highlights

• Visible gold was observed to be present in 41 of 63 holes drilled to date.
• Since the last press release (see Wallbridge Press Release dated September 05, 2018), highlights of received assay results are as follows:
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• Assay results from 31 drill holes are pending.
• Production from the second stope (NV-01) is currently underway and development on the second level (5180 Level) is nearing the CH-02 stope.
• Over 8,000 tonnes of ore have been shipped to the Camflo mill and processing of the first batch is nearly completed.

“The results released today confirm the exceptional quality of the mineralization discovered in 2017 in the West Extension area. We are especially pleased with the fact that the sort of grades and thicknesses that have been shown in the Chipotle and Naga Viper zones are now also being intersected in the Habanero zone, which is a new structure discovered during last year’s surface drill program,” stated Attila Péntek, Vice-President, Exploration of Wallbridge. “This West Extension area remains to be one of the main focuses of our continued resource expansion drilling both from underground and surface.”

Drilling to date from the 5213 Level has mainly targeted the high-grade shoots down to 5130 Level (~120 m depth), which is the lowermost level that is planned to be developed during the 2018 bulk sample program. In the next few weeks drilling will continue to focus on adding high grade resources in the West and East Extension areas.

A new underground drill station has been developed on the 5180 Level, which will be used to target the main high-grade shoots down-plunge to 200 m depth.

 “The successful extraction of the first production stope has shown that our team is well prepared to continue moving this project forward in a safe and efficient manner. Development and production activities continue to progress well with our next production level coming on line. We look forward to demonstrating continued success and providing value for all of our stakeholders.” stated Frank Demers, Vice President, Mining & Projects of Wallbridge.

The bulk sample is expected to produce 19,000 to 26,000 ounces of gold with close to 50% of gold priced at C$1,720 per ounce. The expected cash flow upon completion of this bulk sample, net of all bulk sample costs and including the financing costs is expected to be sufficient to cover the budgeted working capital requirements.

The bulk sample program is designed to test a few stopes in several zones. Overall grade from these planned stopes is estimated to average 18 to 25 g/t gold. The geology team has developed an extensive sampling program to characterize the mineralized material during this bulk sample. Chip samples are collected from a sampling line across each development face and muck samples are also taken in a regular pattern on surface.

A 10,000-metre surface drilling program is also starting up this week to follow known mineralized zones and expand resources at depth and further away from the mine workings.

A summary of the drill hole results from the underground drilling are reported in Tables 1 and 2 and also shown on the Figures below.

Wallbridge’s Fenelon Gold Property is located in northwestern Quebec proximal to the Sunday Lake Deformation Zone which hosts the Detour Gold Mine in Ontario, and Balmoral Resources’ gold deposits at Martiniere. The Fenelon Gold Property hosts the Discovery Zone gold deposit and surrounding 4 km strike length of a gold-hosting secondary splay of the SLDZ.

Since acquiring the property in late 2016, Wallbridge has completed an updated resource estimate and a positive pre-feasibility study on the existing resource (see Wallbridge Press Release dated February 02, 2017). In addition, Wallbridge has completed surface exploration drilling campaigns and is currently drilling from underground as part of its 35,000-tonne bulk sample at Fenelon. Drilling to date has significantly extended existing zones and discovered several new parallel zones.

Drill core samples from the ongoing drill program at Fenelon were cut and bagged on site and transported to SGS Canada Inc. Samples, along with standards, blanks, and duplicates included for quality assurance and quality control, were prepared and analyzed at SGS Canada Inc. laboratories. Samples are crushed to 90% less than 2mm. A 1kg riffle split is pulverized to >95% passing 106 microns. 50g samples are analyzed by fire assay and AAS. Samples >10g/t Au are automatically analyzed by fire assay with gravimetric finish or screen metallic analysis. To test for coarse free gold and for additional quality assurance and quality control, Wallbridge requests screen metallic analysis for samples containing visible gold. These and future assay results may vary from time to time due to re-analysis for quality assurance and quality control.

The Qualified Persons responsible for the technical content of this press release are Marz Kord, P. Eng., M. Sc., MBA, President & CEO and Attila Péntek, P.Geo., Ph.D., Vice President Exploration for Wallbridge Mining Company Limited.

About Wallbridge Mining

Wallbridge is establishing a pipeline of projects that will support sustainable production and revenue as well as organic growth through exploration and scalability.

Wallbridge is currently developing its 100%-owned high-grade Fenelon Gold property in Quebec with ongoing exploration and a bulk sample in 2018. Wallbridge is also pursuing other additional advanced-stage projects which would add to the Company’s near-term project pipeline. These discussions benefit from the operating capabilities Wallbridge demonstrated by safely and efficiently mining the Broken Hammer deposit in Sudbury, which was completed in October 2015. Wallbridge is also continuing partner-funded exploration on its large portfolio of nickel, copper, and PGM projects in Sudbury, Ontario, with a focus on its high-grade Parkin project.

Wallbridge also has exposure to exploration for copper and gold in Jamaica and British Columbia through its 11.3% ownership of Carube Copper Corp. (CUC:TSX-V, formerly Miocene Resources Limited, a Wallbridge spin-out of its BC assets).