Mr. Donald Hoy reports

WOLFDEN ANNOUNCES ADDITIONAL DRILL RESULTS FROM PICKETT MTN. MAINE

Wolfden Resources Corp. has released results for the next five drill holes completed on its wholly owned Pickett Mountain base metal project in northern Maine. Pickett Mountain is one of the highest-grade undeveloped VMS (volcanogenic massive sulphide) projects in North America.

The continuing 10,000-metre drill program is intended to infill and confirm historical results from the 1980s that included approximately 90 drill holes. The program will soon focus on expanding the limits of the previously defined massive sulphide mineralization that consists of two lenses approximately 400 metres in length, four to 10 m in width and up to 800 m in depth. Wolfden intends to complete a qualified mineral resource estimate by year-end using the historical data in combination with its own data.

Drill holes PM-18-004, 005 and 006 tested the east lens while PM-18-007 and 008 tested the west lens. Holes PM-18-005 and 006A both intersected wide zones of massive sulphide comprising primarily pyrite and, as a result, returned lower values of base metal mineralization in the uppermost portion of the east lens. The other holes returned high-grade base metal mineralization over appreciable widths. Results for all of the drill holes are shown in the associated table.

  
Hole               From     To   Length    True width     Zn    Pb     Cu      Ag      Au     Zn-Pb-Cu
ID                  (m)    (m)      (m)           (m)    (%)   (%)    (%)   (g/t)   (g/t)          (%)

PM-18-004         173.6  180.9      7.3           6.5   13.8   5.1    1.3   144.7     1.1         20.3
PM-18-005         278.1  323.9     45.8          30.0    1.3   0.5    0.6    24.0     0.4          2.4
PM-18-005   incl. 278.1  282.0      3.9           2.6    2.9   1.1    0.5    31.9     0.4          4.6
PM-18-006A        254.5  296.9     42.4          28.0    1.7   0.6    0.6    22.8     0.4          2.9
PM-18-006A  incl. 290.7  294.9      4.2           2.8    3.4   1.2    1.0    40.9     0.6          5.6
PM-18-007         279.7  311.2     31.5          20.0    4.4   1.6    1.0    60.5     0.6          7.0
PM-18-007   incl. 279.7  287.6      7.9           5.1   14.8   5.7    2.4   187.3     1.3         22.9
PM-18-008         342.3  346.0      3.7           2.8   12.8   3.6    0.3    63.9     0.5         16.7

To date, 15 drill holes have been completed and the program is expected to continue based on positive results. Laboratory results from the drilling have been slower than expected as result of the high level of activity in the area from other companies. Wolfden will explore all possibilities to speed up the return of results.

Expansion potential

Ground geophysical surveys have commenced over the main mineralization and potential extensions in order to generate the next round of drill targets. Surveys include a recently completed induced polarization (IP) survey where preliminary results exhibit a very strong IP signature associated with the main zone as well as a similar and continuing signature along strike to the northeast and southwest extensions. Once these results have been refined, they will be followed up with ground truthing and drilling.

An upcoming large-loop ground electromagnetic (EM) survey as well as borehole EM surveys will further assist in identifying potential drill targets, particularly at depth. This survey is expected to be completed in April.

A regional airborne geophysical survey (VTEM (versatile time domain electromagnetic)) will follow the completion of the ground EM survey to explore approximately 20 kilometres of the favourable belt of volcanic rocks with the goal of identifying look-alike signatures to the Pickett Mtn. main zone. Typically, massive sulphide districts in the North American Appalachians, including Bathurst and Buchans, are characterized by the presence of several deposits or clusters of lenses and mineralization. Ground truthing will follow up any new targets identified by the regional survey that should be completed by early May.

Quality assurance/quality control

Wolfden adheres to strict quality assurance and quality control protocols including routine insertion of blanks and certified reference standards in each sample batch of drill core that is sent to the lab for analyses. Drill core samples are split in half using a diamond saw with one-half saved for reference and the other half shipped via secure transport to Activation Laboratories sample preparation facility in Fredericton, N.B. Core samples are analyzed for zinc, lead and copper utilizing sodium peroxide fusion, acid dissolution followed by ICP-OES (inductively coupled plasma optical emission spectrscopy) (code 8). Gold is analyzed by fire assay (30 g) utilizing atomic absorption finish (code 1A2) and samples with over five g/t are analyzed by fire assay with gravimetric finish (code 1A3). Silver is analyzed by fire assay with gravimetric finish (code 8-Ag).

About Wolfden Resources Corp.

Wolfden is a Canadian exploration and development company focused on advancing its wholly owned high-grade (zinc, lead, copper, silver) VMS Pickett Mountain project in Maine. Located close to excellent infrastructure, the company plans to complete sufficient exploration, definition drilling and various technical studies in order to demonstrate the economic potential for an underground mining scenario on the project.

The information in this news release has been prepared and approved by Donald Hoy, MSc, PGeo, president and chief executive officer, who is a qualified person under National Instrument 43-101.

We seek Safe Harbor.