Wallbridge Intersects 98.90 g/t Gold Over 2.71 Metres And 24.30 g/t Gold Over 6.37 Metres In The Habanero Zone

Wallbridge Mining Company Ltd. (TSX:WM, FWB:WC7) (“Wallbridge” or the “Company”) 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 (“Fenelon”).

Highlights

• Visible gold was observed to be present in 45 of 69 holes drilled to date.
• Since the last press release (see Wallbridge Press Release dated October 02, 2018), highlights of received assay results are as follows:
• 18-0990-009: 242.00 g/t gold over 0.49 metres in the Paprika zone
• 18-0990-013: 24.30 g/t gold over 6.37 metres in the Habanero zone
• 18-0990-017: 98.90 g/t gold over 2.71 metres in the Habanero zone,
  134.57 g/t gold over 1.70 metres and
  11.23 g/t gold over 3.90 metres in the Paprika zone
• Assay results from 30 underground drill holes are pending.
• The third stope (CH-02) is being prepared and development on the 5180 Level is nearing the fourth stope (NV-02).
• Over 10,000 tonnes of ore have been shipped to the Camflo mill and processing of the first batch was completed at the end of September. A final reconciliation of mill performance will be available in the next few weeks.

“The mineralization in the West extension area and the continuity of high-grade gold mineralization, particularly in the Habanero zone, is remarkable,” stated Attila Péntek, Vice-President, Exploration of Wallbridge. “We are looking forward to drifting into this area in the latter part of the bulk sample program.”

“We have successfully advanced the Fenelon bulk sample development over the last few months and will continue to do so until the completion of the bulk sample. This has been coupled with exceptional exploration drilling results from underground within the vicinity of the same development,” stated Marz Kord, President & CEO of Wallbridge. “The final result of the bulk sample is expected to generate approximately 35,000 tonnes of ore grading in the range of 18 to 25 grams per tonne of gold. The first batch which has been processed included the material from our first stope and lower grade material left behind on surface and underground during the 2004 bulk sample conducted by previous operators. As part of our bulk sample plans, we included this lower grade material in our first batch while we optimize the milling processes. Our focus during this bulk sample testing is to determine the best mining method, the best mining practices, and the best processing approach to maximize recoveries. We look forward to the 4th quarter and beyond as we complete additional development and extract the remaining stopes while we build a modern, scalable mining operation for years to come.”

Underground 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 focus on adding high grade resources in the East Extension areas and at depth, below the 5130 Level.

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 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. 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 now also underway 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 as well as on the Company website.

*Au capped at 140 g/t following InnovExplo’s 2016 Mineral Resource Estimate.

**Intervals containing visible gold (“VG”).