Mr. Michel Gaucher reports

WOULFE MINING CORP.: SANGDONG PROJECT UPDATE

Woulfe Mining Corp. is providing a shareholder update on the Sangdong tungsten project in the Republic of Korea.

Results of the latest financial model update are set out in the attached table.

              PHASE 1 (i) MINING PLAN OPTIONS FOR MINUS 1 TO TAEBAEK LEVELS
    (Using 65-per-cent tungsten trioxide concentrate price of $15,000 (U.S.) per tonne)
                                                                            
Annual mill feed production rate
(tonnes per year)                                      633,000 tpy               792,000 tpy
Annual revenue, WO3 concentrate (ii)          $46.6-million (U.S.)      $58.3-million (U.S.)
Earnings before interest, taxes,
depreciation and amortization -- annual       $23.6-million (U.S.)      $30.1-million (U.S.)
EBITDA per share                                         7.5 cents                 9.5 cents
Pretax internal rate of return                         36 per cent               39 per cent
Net present value at 8-per-cent
discount rate                                  $114-million (U.S.)       $121-million (U.S.)

All figures above are 75 per cent of total project values and attributable to Woulfe after
the transaction with International Metal working Companies BV (IMC).

Reserves included in phase 1                    6.4 million tonnes grading 0.49 per cent WO3
Annual production rate                              633,000 tonnes            792,000 tonnes
WO3 processing plant recovery rate                     85 per cent               85 per cent
Annual WO3 concentrate production                     4,139 tonnes              5,178 tonnes
Preproduction capital expenditures (iii)      $73.4-million (U.S.)      $78.4-million (U.S.)
Mine life                                                 10 years               Eight years

(i) Three levels out of 20 levels in phase 1.
(ii) No APT downstream minority revenue participation should have been included since 
     February, 2012.
(iii) Capital expenditure using all new equipment, including processing equipment from
      China, and includes a 15-per-cent contingency.

The financial analysis uses part of the 2012 TetraTech Inc. reserves.

Woulfe Mining received the TetraTech feasibility study for the Sangdong project in mid-2012. Review of the TetraTech study in 2013 by significant shareholder Dundee Corp. has been followed, starting in May, 2014, by derisking critical elements of the project, involving:

• Additional 7,200 metres of definition drilling and 470 geotechnically logged holes;
• Phase 1 mining detailed resource model by AMC Consultants Pty. Ltd. -- September, 2014;
• Highly detailed mining plan using targeted and selective mining methods -- November, 2014;
• Substantially reduced capital expenditures from $151-million (U.S.) to $73.4-million (U.S.) and $78.4-million (U.S.), for the 633,000- and 792,000-tonne-per-year options, respectively, in processing plant and mining development.

Update

Phase 4 and 5 drilling programs totalling approximately 7,200 metres of diamond drilling increased the mineral resources confidence. This infill drilling was on 20-metre centres, instead of on the previous 40-metre centres.

The TetraTech-calculated probable reserve of 13.3 million tonnes at a grade of 0.425 per cent tungsten trioxide was for the entire deposit (for all 20 levels). In addition, TetraTech included inferred resources in the HW zone of 23.1 million tonnes at a grade of 0.66 per cent WO3. A new National Instrument 43-101-compliant resource block model and resource estimate for a section of the deposit above the minus 3 level was prepared to feasibility-study accuracy for purposes of NI 43-101 by AMC Mining Consultants Pty. Ltd. of Australia. This was completed during the third quarter of 2014, and included phase 4 and phase 5 drilling results. AMC's resource estimate included 3.81 million tonnes at a grade of 0.56 per cent WO3, measured and indicated resources, and inferred resources in the HW zone of 7.93 million tonnes at a grade of 0.68 per cent WO3 (using a 0.40-per-cent WO3 cut-off grade).

During October, 2014, Woulfe commenced drilling the HW zone above the minus 1 level in a phase 6 drilling program. The drilling by Woulfe so far has outlined indicated resources of 419,000 tonnes at a grade of 0.95 per cent WO3 (using a 0.35-per-cent WO3 cut-off grade) undiluted, representing 6 per cent of the total volume associated with the inferred resources above the minus 3 level. The drill tested contained metal content therefore is substantially higher than predicted. Drilling continues with the aim of converting a further three million tonnes of inferred resources, above the minus 3 level, to the indicated resources category, by early 2015.

Rock mechanics and stope design analysis data were substantially increased by undertaking oriented core drilling and increasing geotechnical logging of drill holes. Turner Mining and Geotechnical Pty. Ltd. of Australia, retained originally by TetraTech, completed the rock mechanics analysis to feasibility-study accuracy for purposes of NI 43-101. Rock mass data from less than 30 drill holes were increased to data from over 500 drill holes and included in excess of 40,000 measurements.

The TetraTech high-volume, bulk-mining method was necessarily reviewed. Based on the AMC resource model, the mining method was fundamentally changed to adapt to the variable nature of the mineralization envelopes. The new mining model and associated operating costs estimated to feasibility-study accuracy, for purposes of NI 43-101, were completed by Services Miniers PRB Inc. of Val d'Or, Canada, and A-Z Mining Professionals Ltd. of Thunder Bay, Canada.

The TetraTech processing plant flow sheet included the key use of a Chinese proprietary collector, of unknown composition, and which supply would not be guaranteed. To eliminate this concern, an alternative collector was tested and found to provide better results than the Chinese product. Commissioned by Woulfe, this work was supervised by Rod Elvish, metallurgist, of Australia, who had previously been retained by TetraTech for feasibility study metallurgical testwork and process flow sheet design. The reduced mining rate and derisking of capital expenditures indicated a significantly smaller (50 per cent) processing plant would be optimal. Bumigeme Inc. of Montreal, Canada, has just completed a preliminary economic assessment accuracy design and cost estimates on the processing plant, based on the Chinese 20-tonne pilot plant test flow sheet. Woulfe also revisited the use of gravity separation to reduce the mill feed portion sent to flotation. Testwork just completed at SGS Lakefield in Canada confirmed the use of flotation on all mill feed for WO3 recovery. The processing plant flow sheet is similar to that proposed by TetraTech, using flotation to produce a 65-per-cent WO3 concentrate.

Environmental studies and approvals have been completed. Permits required for the present state of project advancement have been awarded.

Combining the AMC updated resource estimate and the mining study by PRB identifies reserves of approximately 6.4 million tonnes at a grade of 0.49 per cent WO3. An updated project financial model including the reserves and potentially minable resources was developed to ensure project viability continues.

An updated feasibility study will be completed by Woulfe's consultants during the first quarter of 2015. The main outstanding components requiring completion to the amended NI 43-101 feasibility study accuracy are:

• Processing plant engineering and cost estimates;
• A detailed hydrogeology study.

The feasibility study team consists of:

A-Z Mining Professionals:  Study management, financial analysis and report preparation

AMC Consultants:  Geology and resources

Mr. Elvish:  Metallurgy

Services Miniers PRB:  Mining

Turner Mining & Geotechnical:  Geotechnical

Bumigeme:  Processing

The completed feasibility study will, based on a positive study, be followed immediately by project financing and construction.

Malcolm Buck, PEng, of A-Z Mining Professionals, a qualified person under National Instrument 43-101, supervised preparation of the information that forms the basis of the written disclosure in this news release.

The IMC $10-million (U.S.) loan, due Dec. 15, 2014, has been extended to Sept. 15, 2015, on the condition that the minority interest of Woulfe in a downstream APT operation be cancelled. There was no assurance of a revenue stream to Woulfe as a minority participant and 100-per-cent-leveraged participant in this operation.

We seek Safe Harbor.