Mr. Nonhyun-Dong Gangnam-Gu of Korea Zinc reports

KOREA ZINC COMPANY, LTD. ANNOUNCES ACQUISITION OF COMMON SHARES OF WOULFE MINING CORP.

On Jan. 6, 2011, Korea Zinc Company, Ltd. (KZ) purchased for its own account 29,999,983 common shares of Woulfe Mining Corp., representing approximately 11.31 per cent of the issued and outstanding shares, at a price per share of 30 cents. The acquisition took place pursuant to a subscription agreement dated Dec. 15, 2010. KZ now holds 29,999,983 shares and, through Colwell Kennedy Australia Pty., Ltd., a wholly owned subsidiary of KZ, one million warrants to purchase shares that were purchased in a prior transaction. If each of the warrants were exercised today, KZ would hold approximately 11.65 per cent of the issued and outstanding shares.

The acquisition of shares by KZ was made for investment purposes and was made on a prospectus-exempt, private placement basis, in reliance on the "minimum amount" exemption in Section 2.10 of National Instrument 45-106 -- Prospectus and Registration Exemptions of the Canadian Securities Administrators. In connection with the transaction, KZ and Woulfe also entered into an equity participation agreement dated as of Dec. 15, 2010, providing KZ with a pre-emptive right to participate in all future issuances by Woulfe of equity securities.