Mr. Brian Wesson reports

WOULFE MINING TO DRILL INVESTIGATION HOLE AT MUGUK GOLD DEPOSIT

Woulfe Mining Corp. will execute the drilling of a 520-metre exploration hole to investigate the possible extension of the vein 2 lode at the Muguk prospect. Vein 2 was historically the generator of around 75 per cent of the gold production from the mine. Analysis of geological trends and historical underground sampling suggests that vein 2 may extend to the north of the historically defined resource.

The hole is targeted to intersect the ore position at around 165 m to the north of the last mine, working on the level 12 (420 m from surface) and 125 m below a historical exploration drive on the level 8 (285 m from surface). The most northerly historical underground sampling on the level 12 indicates the vein to be 2.1 m true thickness at 10.7 grams per tonne gold. On level 8 immediately above the target area, historical sampling shows the vein to be 1.6 m true thickness with grades varying from 5.8 g/t to 14.7 g/t. The drilling is scheduled to commence on Feb. 15.

The Muguk mine was the most productive gold mine in South Korea with a reported historical cut-off grade of eight grams per tonne and a life of mine head grade of 11 g/t with mill recovery rates reported as 96 per cent. The mine ceased operation in 1997 due to very low gold prices with significant historical resource left in situ.

Brian Wesson, president, chief executive officer and director of Woulfe, stated: "The Muguk gold mine has the potential to be a major asset in the Woulfe portfolio. We are committed to defining the resource to NI 43-101 standards. This hole will test the northern extension of the historical resource. If the mineralization continues, we will develop a plan which includes expanding the resource in addition to bringing it to current standards."

The information described in this news release has been reviewed and approved by Colin Lutherborrow, a qualified person under National Instrument 43-101.

We seek Safe Harbor.