Wallbridge Intersects 122.35 g/t Gold Over 2.95 Metres And 41.02 g/t Gold Over 5.52 Metres In Newly Discovered Habanero Zone

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:

• 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$1,720per 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.