Mr. Brian Wesson reports

WOULFE MINING ANNOUNCES CLOSE OF $10 MILLION EQUITY FINANCING WITH KOREA ZINC

Woulfe Mining Corp. has closed a non-brokered private placement raising $10-million. This financing will be 100 per cent subscribed by Korea Zinc Co. Ltd. as announced by the company in Stockwatch news on Nov. 23, 2010. The funds from this financing will be used to identify and progress new projects and as general working capital.

The financing will consist of 33,333,334 units at a price of 30 cents per unit. Each unit will consist of one common share of the company.

In conjunction with this financing, Korea Zinc will invest $38-million directly into the Woulfe subsidiary Sangdong Mining Co. Ltd. As a result of this investment, Korea Zinc will own 51 per cent of SMCL with Woulfe retaining ownership of the remaining 49 per cent. These funds will be used to progress the Sangdong project through the feasibility study, due in 2011. Upon completion of a positive feasibility study, Korea Zinc will provide debt financing for all subsequent development of the Sangdong project without further dilution to SMCL.

Additionally, Korea Zinc will invest $1.8-million into the Woulfe subsidiary Muguk Gold Mining Co. Ltd. As a result of this investment, Korea Zinc will own 51 per cent of MGMCL. Korea Zinc will also invest $200,000 into the Woulfe subsidiary Chongyang Mining Co. Ltd. resulting in Korea Zinc owning 51 per cent of CMCL.

"Korea Zinc investing $50-million into Woulfe and our subsidiaries is a very significant milestone for our team and our shareholders," stated Brian Wesson, president and chief executive officer of Woulfe. "The direct investment into Sangdong will allow that project to progress without further dilution either to the subsidiary or Woulfe directly. The investment into Woulfe will allow us to develop other assets in our portfolio with Korea Zinc as a potential partner for anything we may identify with economic potential."

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