Mr. Brian Wesson reports

WOULFE MINING CORP. MOVING FORWARD IN SOUTH KOREA

Woulfe Mining Corp. is providing an update to shareholders.

• The feasibility study is on schedule for release on Tuesday, April 24, 2012.
• Sangdong is in discussion with prospective banks to obtain project financing. The debt financing is intended to provide all the necessary capital through the production with no dilution to existing shareholders.
• The detail design drawings for the process plant have been completed and will be submitted to the appropriate Korean government authorities for final construction approval.
• Woulfe welcomes Brian Burdett, project manager, on-site in Korea. Mr. Burdett is a metallurgist by training with an extensive 47-year background in tungsten and resources globally.
• Sangdong has paid its contribution for the installation of two 10-megawatt power feeds to the minesite from different regional substations to allow for security of supply. The plan released by Korea Electric Power Corp. indicates the installation of the first 10 megawatts by October, 2012, and the second 10 megawatts by December, 2012.
• Paste fill disposition and plant design were completed for reaching feasibility. The paste filling is important as it disposes of all tailings into the new and old voids behind mining of virgin blocks and reclamation, and stabilizes the mining areas which will be mined through a cut-and-fill method.
• Resource drilling is continuing in the western block of the orebody 1,200 metres on strike from the main mine entrance. The eastern area of the upper section will be mined for the initial 12 years of operations.
• Moody's upgraded South Korea from A1 to AA3 credit rating this month.
• The ruling party in Korea has been re-elected with a vast majority in the congressional election held on the April 1, 2012. This is important for Woulfe as the government departments have worked with the company to move the project forward, visiting site and understanding all the parameters of mining.

Brian Wesson, chief executive officer of Woulfe, added: "We are now in a development phase and detail design is nearing completion at the Sangdong project. Woulfe is unique as we are completing our construction drawings in parallel with the feasibility study which allows us to move directly to construction. The company is well positioned with physical advantage in a low-risk, OECD country and we believe production from Sangdong in 2013 will bridge the current gap in the tungsten market. Woulfe is poised to move forward having a good asset and a large strategic partner that provides us with a great platform for success in our drive to be the world's largest tungsten producer outside China."

Background

Sangdong is one of the world's largest tungsten deposits with the longest history of supplying high-grade tungsten globally. Woulfe is bringing the project back to life using modern mining and processing technology. The project is unique as it will produce concentrates but also has a refinery to value add the product to be directly used by the tungsten manufacturing industry. The company's strategic partner IMC brings a strong balance sheet, process technology and a fixed market for 90 per cent of concentrate and refined product. It has taken Woulfe two years to bring the plan to final execution for shareholders when tungsten is above $40,000 per tonne.

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