Mr. Brian Wesson reports

WOULFE MINING REPORTS CONTINUED STRONG DRILL RESULTS FROM THE ONGOING SANGDONG DRILLING PROGRAM

Woulfe Mining Corp. has released assay results for samples associated with the drilling program at Sangdong. Drilling from underground locations at Sangdong is continuing, and the results will be used to progressively update the resource estimate.

This batch of assay results comprises 16 holes, of which nine were drilled from the Sangdong level and seven were drilled from raises between the Sangdong and 1 levels. Most were short holes of 30 to 50 metres length targeting the Footwall zones between the 1 level and the Taebaek level. Two were longer holes to test all three zones; however, both terminated at the Main zone after intersecting stoped-out areas.

Significant Footwall zone intersections include 13.1 metres true width at 0.6 per cent tungsten trioxide (WO3) (WSDD0096), including 4.5 metres true width at 0.85 per cent WO3, and 6.9 metres true width at 0.52 per cent WO3 (WSDD0105). One hole intersected the Hangingwall zone with an intersection of 7.3 metres true width at 0.35 per cent WO3 (WSDD0100).

The significant drilling results are summarized in the accompanying table.

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

WSDD0096
Intersection   12.0-29.5        17.5        13.1       0.60       0.12  
Includes       12.5-18.5         6.0         4.5       0.85       0.08    
Includes       27.0-29.5         2.5         1.9       1.46       0.01    
WSDD0104                                              
Intersection    9.0-13.5         4.5         4.2       0.68       0.04    
WSDD0114                                               
Intersection     2.0-6.5         4.5         4.2       0.58       0.08    
WSDD0105                                        
Intersection   15.0-23.5         8.5         6.9       0.52       0.28    
WSDD0106                                              
Intersection   14.5-21.0         6.5         4.7       0.48       0.10    
Includes       14.5-17.5         3.0         2.2       0.74       0.01    
Intersection   29.5-35.0         5.5         4.0       0.75       0.08  

Significant drill intercepts, defined as any mineralization of one-metre lengths or longer, are presented in the table. 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 current water level for mine planning and feasibility reserve estimation purposes. The resource for this section of the mine was re-estimated following the completion of 90 holes in the current drilling program, resulting in an indicated resource of 16.4 million tonnes at 0.45 per cent WO3 and 0.04 per cent molybdenum disulphide (MoS2) and an inferred resource of 19.4 million tonnes at 0.44 per cent WO3 and 0.05 per cent MoS2, at a cut-off of 0.15 per cent WO3. The resource below the valley floor is 34,519,000 tonnes at 0.47 per cent WO3 and 0.07 per cent MoS2 at a cut-off of 0.15 per cent WO3.

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 the insertion of one standard, one blank (crushed glass) and one pulp duplicate in every batch of 20 samples. No quality assurance/quality control 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 Tetra Tech Wardrop, 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.