Mr. Michel Gaucher reports

WOULFE MINING ANNOUNCES A REVISED MINERAL RESOURCE ESTIMATE FOR ITS SANGDONG TUNGSTEN PROJECT

Woulfe Mining Corp. has released a revised mineral resource estimate for its Sangdong tungsten project. The company determined, after a detailed review during calendar year 2013 (see news releases dated May 17, 2013, and Oct. 28, 2013) that it was urgent and necessary to reassess and derisk the 2012 Tetra Tech feasibility study of the Sangdong project.

To this end, the company embarked on an additional phase 5, closely spaced grid drilling program, which started in April, 2014, and was completed in August, 2014. The recent drilling program added 11,340 metres of resource definition drilling to the data available for the 2012 Tetra Tech feasibility study. In addition to the drilling program, an important and necessary geotechnical study was carried out by Turner Mining and Geotechnical Pty. Ltd. during June and July, 2014, using a database that increased from 22 to over 400 geotechnically logged boreholes. The 2014 drilling program, combined with an enhanced geotechnical database, provides satisfactory input for the completion of a revised feasibility study which is currently being prepared for the company and which is expected to be released by the end of calendar year 2014.

Woulfe commissioned AMC Consultants Pty. Ltd. of Melbourne, Australia, in August, 2014, to undertake a mineral resource update to be reported in accordance with Canadian National Instrument 43-101 for the Sangdong tungsten property. This study was based on the additional available data.

The AMC report details a mineral resource estimate carried out by independent qualifed person Dr. Andrew P. Fowler, MAusIMM (CP). The mineral resource estimate complies with NI 43-101 and is in line with industry good practice as defined in the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Mineral Resources and Mineral Reserves Best Practice Guidelines (which are referenced by NI 43-101). The mineral resource was estimated using a block modelling approach in Datamine's dynamic anisotropy application.

The attached table, extracted from the AMC report, shows the mineral resource and metal content for the Sangdong property as of Sept. 15, 2014. The cut-off grade of 0.4 per cent WO3 (tungsten trioxide) was provided by the company, and was based on an assumed mining method, production rate, metallurgical recovery and metal prices. AMC reviewed these assumptions and considered that they met the requirement of reasonable prospects of eventual economic extraction.

               MINERAL RESOURCE ESTIMATE AS OF SEPTEMBER, 2014
                                                                    Contained
Resource          Mineralized        M  Density                     WO3 metal
category                 zone   tonnes    (t/m3)   WO3 %  MoS2 (%)        (Mt)

Measured                 Main     0.55     3.19     0.61    0.066        0.33
                           F2     0.86     3.01     0.56    0.057        0.48
                           F3     0.74     3.06     0.55    0.057        0.41
Measured total                    2.15     3.07     0.57    0.059        1.22
Indicated                  HW     0.19     2.90     0.46    0.095        0.09
                         Main     0.31     3.19     0.62    0.031        0.19
                           F2     0.58     2.96     0.55    0.029        0.32
                           F3     0.57     2.97     0.53    0.026        0.31
Indicated total                   1.66     3.00     0.55    0.036        0.91
Measured plus
indicated                         3.81     3.04     0.56    0.049        2.12
Inferred                   HW     7.93     2.90     0.68    0.089        5.38
                         Main     0.34     2.93     0.74    0.047        0.26
                           F2     0.93     2.91     0.53    0.073        0.49
                           F3     0.76     2.91     0.48    0.047        0.37
                           F4     1.31     2.92     0.52    0.053        0.69
Inferred total                   11.28     2.90     0.64    0.080        7.18

Notes:                                                                      
(1) There are no current mineral reserves that are based on this September,
    2014, mineral resource.
(2) Exclusive of mine production to Sept. 15, 2014.
(3) Rounding of some figures may lead to minor discrepancies in totals.

In Dr. Fowler's opinion, the geological data used to inform the Sangdong property block model estimates above minus-3 level (594 mRL) were collected in line with industry good practice as defined in the CIM Exploration Best Practice Guidelines, and the CIM Mineral Resources and Mineral Reserves Best Practice Guidelines. As such, the data are suitable for use in the estimation of mineral resources. There is inadequate documentation for the geological data below minus-3 level, which precludes an assessment of its quality. The resulting uncertainty in the location and/or grade below minus-3 level is reflected in the mineral resource classification.

AMC confirms measured and indicated resources, prepared in accordance with NI 43-101, at the plus-0.4-per-cent cut-off grade, of 3.81 million tonnes at a grade of 0.56 per cent WO3 containing 21,336 tonnes of metal. The AMC report also reports substantially less inferred resources compared with those in the Tetra Tech feasibility study when using the same cut-off grade used by Tetra Tech, which was 0.15 per cent WO3.

The 2012 Tetra Tech feasibility study produced mineral resource estimates at a cut-off grade of 0.15 per cent WO3 based on a bulk-mining approach contemplated at that time. By comparison, the AMC report, having been delivered to the company on Oct. 3, 2014, uses a cut-off grade of 0.4 per cent WO3 based on a more selective mining approach currently being considered.

The first phase of development of the Sangdong property will be focused between level minus-1 to the Taebaek level, which are three immediately reachable levels above a further 15 levels to be dewatered progressively after start-up of operations, which all represent reasonable prospects of eventual economic extraction.

In the AMC report, which is expected to be available on SEDAR within 45 days, AMC recommends that Woulfe continue to investigate the lower levels down to the minus-16 level, as the mine is progressively dewatered in the future, and to grid drill the thicker part of the hangingwall mineralization from the minus-1 to Taebaek levels, which represents 75 per cent of the inferred resources and contains widely spaced historic drill intersections containing plus 0.5 per cent WO3 across 10-plus metres. Grid drilling of the hangingwall mineralization commenced in late September, 2014, and is expected to finish during November, 2014.

Woulfe is now developing a revised mining plan adapted to the mineral resource model established by AMC. The new mining plan is anticipated to be substantially different from the 2012 Tetra Tech feasibility study.

The mining plan is expected to be completed by early November, 2014, and will be an important building block in the finalization of the revised feasibility study expected to be completed by the end of calendar year 2014.

The technical information disclosed in this press release was reviewed and approved by Dr. Andrew P. Fowler, AusIMM CP (Geo), Phd, of AMC, who is a qualified person as defined in NI 43-101.

We seek Safe Harbor.