Mr. Ned Goodman reports

DUNDEE CORPORATION ACQUIRES FURTHER INTEREST IN WOULFE MINING CORP.

In accordance with regulatory requirements, Dundee Corp. has acquired 6,207,000 common shares of Woulfe Mining Corp. through the facilities of the TSX Venture Exchange. Dundee now owns 29,929,500 common shares and 10 million warrants, representing an approximate 8.92-per-cent interest in Woulfe Mining on an undiluted basis or 11.56 per cent assuming the exercise of all warrants.

The position in Woulfe Mining was acquired for investment purposes and may be increased or decreased in the future as considered appropriate in light of investment criteria, market conditions and other factors and in accordance with the provisions of applicable securities legislation.