Mr. Brian Wesson reports

WOULFE MINING REPORTS DRILL RESULTS FOR THE SANGDONG DRILLING PROGRAM

Woulfe Mining Corp. has provided assay results for three batches of samples associated with the drilling program at Sangdong. The results for the drilling completed during 2011 will be used in the calculation of the feasibility study resource estimate. Drilling from underground locations is continuing at Sangdong.

This batch of assay results comprises 17 holes, of which eight were drilled from Taebaek level mostly to test the Main zone, and nine were drilled from Sangdong level mostly to test the Footwall zones. Three of the holes encountered poor ground conditions and were abandoned prior to hitting the target.

Overall nine Footwall and six Main zone intersections were recorded. Significant Main zone intersections include 3.9 metres true width at 1.04 per cent tungsten oxide (WSDD0047) and 5.3 metres true width at 0.49 per cent WO3 (WSDD0080). Significant Footwall zone intersections include 11.9 metres true width at 0.44 per cent WO3 (WSDD0069) and 4.6 metres true width at 0.98 per cent WO3 (WSDD0071).

The significant drilling results are summarized as displayed in the table.

(The Main zone was not included in NI 43-101 resources March, 2010, but was included in the interim resource of July, 2011.)

                               MAIN ZONE 

               Interval            True width      Grade      Grade         
Hole                (m) Length (m)        (m)     (%WO3)    (%MoS2)     Zone

WSDD0047        4.0-9.0        5.0        3.9       1.04       0.23     Main
WSDD0080       0.0-11.0       11.0        5.3       0.49       0.07     Main
including       0.5-3.0        2.5        1.2       1.26       0.07     Main
WSDD0061      50.6-60.7       10.2        8.8       0.34       0.03     Main

                          FOOTWALL ZONES

               Interval            True width      Grade      Grade         
Hole                (m) Length (m)        (m)     (%WO3)    (%MoS2)     Zone

WSDD0069      13.0-30.0       17.0       11.9       0.44       0.03F2 and F3
Includes      25.0-30.0        5.0        3.5       0.92       0.08       F2
WSDD0071      20.0-26.0        6.0        4.2       0.34       0.03       F3
Intersection  34.5-41.0        6.5        4.6       0.98       0.02       F2
WSDD0070      12.5-15.0        2.5        1.8       0.54       0.00       F3
Intersection  25.5-29.5        4.0        2.8       0.81       0.03       F2

Significant drill intercepts, defined as any mineralization of one-metre lengths or longer, are presented in the attached tables. A cut-off of 0.15 per cent WO3 was used for the intersection calculations.

The drilling program is targeting the unmined mineralization in the upper section of the mine above the old No. 2 level for mine planning and feasibility reserve estimation purposes. This represents approximately one-quarter of the dip length of known mineralization from the old mine. The resource for this section of the mine was recently re-estimated (see company release dated Jan. 24, 2012), resulting in an indicated resource of 16.4 million tonnes at 0.45 per cent WO3, 0.04 per cent molybdenum disulphide and an inferred resource of 19.4 million tonnes at 0.44 per cent WO3, 0.05 per cent MoS2 at a cut-off of 0.2 per cent WO3. This compares with the scoping study inferred resource of 103.6 million tonnes at 0.35 per cent WO3, 0.04 per cent MoS2 at a cut-off of 0.1 per cent WO3 for the entire mine.

The samples are prepared on site in Korea to appropriate industry standards and sent to SGS Perth, Australia, for analysis. Samples are analyzed by inductively coupled plasma mass spectrometry (ICP) and for ore-grade quantities of specific elements by aqua regia or four-acid digestion followed by ICP analysis. Molybdenum is analyzed by X-ray fluorescence. The quality assurance/quality control protocol comprises insertion of one standard, one blank (crushed glass) and one pulp duplicate in every batch of 20 samples. No QA/QC results are available as yet.

This news release has been reviewed and approved in the form and context in which it appears by Paul Gribble, FIMMM, CEng, of Wardrop, a Tetra Tech company, who is working with Woulfe on the Sangdong studies. Mr. Gribble has appropriate qualifications and sufficient relevant experience to qualify as a qualified person for the reporting of exploration results and mineral resources for the Sangdong deposit.

We seek Safe Harbor.