Mr. Michel Gaucher reports

WOULFE MINING ANNOUNCES SHARES FOR DEBT AND PROVIDES A CORPORATE UPDATE

Woulfe Mining Corp., subject to approval of the Canadian Securities Exchange, has agreed with one of its creditors to settle debts of $697,011 by making a cash payment of $120,583 (representing 17.3 per cent of the debt), as well as by issuing 5,764,281 common shares of the company at a deemed price of 10 cents per common share, and with a second creditor to settle debts of $199,295 by making a cash payment of $149,471 and by issuing 498,237 common shares of the company at a deemed price of 10 cents per common share. The common shares issued on the settlement of the debts will be subject to a four-month hold period from the date of issuance.

In addition, the company, along with two of its service providers in South Korea, has agreed to issue common shares of the company as partial compensation for continuing services. Payments due to such service providers in shares will be settled at the end of each calendar month, with each share being issuable at a price equivalent to the market price of the company's shares on the last trading day of such calendar month.

Corporate update

Michel Gaucher, chief executive officer of Woulfe Mining, announces that the company commenced its phase 5 drilling program on April 7, 2014. This will be a 4,000-metre drilling program designed to narrow the grid spacing to 20 metres on all three levels.

This drilling program is expected to generate approximately 6,000 samples, which will be assayed by SGS in Australia, of which 25 per cent have already been shipped for assaying.

This drilling program is expected to be completed by mid-July, 2014, and the results of the assays are expected during the second half of August, 2014.