Mr. Brian Wesson reports

WOULFE MINING CORP ACQUIRES LAND FOR DEVELOPMENT OF SANGDONG PROCESSING PLANT

Woulfe Mining Corp. has signed a purchase agreement to acquire 60,000 square metres of land adjacent to the Sangdong mine. The acquisition of this land from a local contractor gives Woulfe the option to improve the layout of the process plant and to increase stockpile capacity to around 30,000 tonnes (10 days mine production). The land acquisition is required to allow Woulfe to apply for the final permit to local government for the physical construction of the process plant.

The terms of the acquisition are:

• Total land area is 60,208 square metres within six blocks;
• Total purchase price is 1.3 billion South Korean won (approximately $1.2-million (U.S.)), equivalent to 21,590 won per square metre (approximately $19.90 (U.S.) per square metre);
• Down payment of 10 per cent upon signing (paid on Oct. 23), with the balance to be paid within 30 days of signing;
• Transfer of ownership to take place upon the payment of the remaining 90 per cent.

Brian Wesson, chief executive officer and president, commented: "The acquisition of the land provides twice the area for the process plant, which will improve operations and access, reduce costs, and provide increased fine ore storage. The milling and flotation plants will now all be sited next to one another on flat ground."

We seek Safe Harbor.