Mr. Michel Gaucher reports

WOULFE MINING CORP. ANNOUNCES PROPOSED ISSUANCE OF SHARES

Woulfe Mining Corp., subject to approval of the Canadian Securities Exchange, has agreed with two of its creditors to settle debts totalling $49,925 by issuing in the aggregate 652,325 common shares of the company, of which 439,214 are being issued at a deemed price of seven cents per common share and 213,111 are being issued at a deemed price of nine cents per share.

In addition, the company announces that it will be issuing 38,280 common shares, at a deemed price of 10 cents per common share, to one of its service providers in South Korea as partial compensation for continuing services.

The common shares issued on the settlement of debt and for services will be subject to a four-month hold period from the date of their issuance.