Updated Positive PEA Of Fenelon Gold Project

TORONTO - Wallbridge Mining Company Limited announced a positive Preliminary Economic Assessment (PEA) completed on its Fenelon gold project located in the Abitibi Greenstone Belt, along the Detour-Fenelon Gold Trend, Quebec. A PEA prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101) has been filed.

The PEA Highlights are: 1) Average annual gold production of 107,000 oz per year over 16-year life of mine (LOM); 96% average gold recovery. 2) Average annual gold production of 127,000 oz during the first five years. 3) Average annual free cash flow of $120 million over LOM. 4) After-tax Internal Rate of Return (IRR) of 21%. 5) After-tax Net Present Value (NPV) of $706 million at base case gold price of US$2,200 and CAD$:US$ of 1.35:1.00 at a 5% discount rate. 6) Initial capital expenditures (1) of $579 million. 7) Sustaining capital expenditures (1) of $449 million. 8) Total cash costs (1) of US$851/oz. 9) All-in sustaining costs (1) (“AISC”) of US$1,046/oz. 10) 16.6 Mt of mineralized material mined at an average grade of 3.34 g/t.

The Company cautions that the results of the PEA are preliminary in nature and include inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them to be classified as mineral reserves. There is no certainty that the results of the PEA will be realized.

Brian Penny, CEO, said, “Fenelon is a gold project with tremendous potential. This updated Fenelon PEA generates strong project economics under a lower risk, higher grade, lower startup capital scenario. Fenelon has now reached another milestone with a robust PEA that demonstrates a viable path to development and attractive economic returns based on reasonable assumptions. The PEA was designed to be rigorous, using current cost data from contractors, suppliers and mining companies operating in the region to arrive at realistic projections. It represents a new starting point to build upon as we scope out the full opportunities at Fenelon and Martiniere, the two most advanced projects on our large, underexplored property.

In this historically high gold price environment, we need to rapidly advance the project. The current plan has a shorter payback than the previous plan and allows us to consider expansion options after payback has been achieved.

I would like to thank everyone who contributed to the completion of this study, as well as our employees, stakeholders, and shareholders for their continuous support. I believe Wallbridge has a bright future, and we look forward to taking the necessary steps to increase value for our shareholders.”