Mr. Lewis Black reports

WOULFE ANNOUNCES UPDATED SANGDONG PROJECT 2015 FEASIBILITY STUDY RESULTS

Woulfe Mining Corp. has completed its NI 43-101-compliant 2015 resource update and feasibility study for the Sangdong tungsten project in Korea. This study enhances the economic and technical viability of the project and increases the confidence that the Sangdong mine will be one of the most robust and competitive tungsten mines, outside of China. The 2015 updated resource estimate was prepared by Tetra Tech with an effective date of June 1, 2015. The 2015 feasibility study components were prepared by a number of consultants, all co-ordinated by A-Z Mining Professionals Ltd. of Canada and also has an effective date of June 1, 2015. A detailed summary of the feasibility study in the form of a technical report has been filed and is available under the company's profile on SEDAR and on the company's website.

Resource update

The Tetra Tech 2015 resource estimate includes the 2013 phase 4 drilling program (sufficient for the purposes of this feasibility study). Subsequently performed phase 5 detailed drilling will be included in a mining model used for detailed mine planning.

      TETRA TECH NI 43-101-COMPLIANT RESOURCE ESTIMATE 
                (At 0.15% WO3 cut-off grade)

Category/zone                     Tonnes           WO3 grade
                                                          (%)
Indicated
F2                             2,140,000                0.62
F3                             2,040,000                0.62
Main                           5,120,000                0.46
Total indicated                9,300,000                0.53
Inferred
F2                               900,000                0.45
F3                               800,000                0.45
Halo                           8,300,000                0.28
Hangingwall                   24,700,000                0.42
Total inferred                34,700,000                0.39

Woulfe and A-Z Mining have not retained the AMC Consultants resource model, referred to in past press releases (Oct. 15, 2014, and thereafter), based on a review of its technical methodology and such resource model should no longer be relied upon. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The resource is only reported above minus-three level (600 mrl). The minus-three level to the bottom of the mine (approximately an additional 18 levels) is flooded and there is no current plan to dewater to this depth, therefore this mineralization has not been assessed and is not reported as resource. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing or other relevant issues.

The quantity and grade of reported inferred resources in this estimate are conceptual in nature, and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource, and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.

                     FORECAST PRETAX FINANCIAL RESULTS
                    (Based on 65% WO3 concentrate prices)

                                         Concentrate price ($US)

                                   $15,000/t       $18,200/t       $21,000/t
                               ($290/mtu APT)  ($350/mtu APT)  ($400/mtu APT)

Reserves F2 & F3                     3.9 million tonnes @ 0.610% WO3
Reserves Main                        2.0 million tonnes @ 0.492% WO3
Total revenue WO3
concentrate(ii)                      $US626M         $US760M         $US876M
Total operating margin               $US333M         $US466M         $US583M
Pretax IRR                               50%             70%             87%
Pretax NPV @ 8% discount             $US130M         $US209M         $US278M
Rate payback period                1.7 years       1.3 years       1.1 years
Annual production rate
(tonnes)                             640,000         640,000         640,000
WO3 processing plant
recovery rate                            81%             81%             81%
Average annual WO3
concentrate production
(tonnes)                               4,393           4,393           4,393
Preproduction capital
expenditures(iii)                   $US62.7M        $US62.7M        $US62.7M
Mine life (years)                        9.5             9.5             9.5

(i) F2, F3 and Main zones, four levels out of 20 levels, at a cut-off grade 
of 0.275 per cent WO3.
(ii) No APT downstream minority revenue participation.
(iii) Capital expenditures using contractor mining equipment and confirmed 
major processing equipment supplier prices. Includes average 10-per-cent 
contingency and working capital.

Feasibility study highlights for 2015

Based on the June, 2015, spot price of approximately $13,000 (U.S.) per tonne of 65-per-cent-tungsten (WO3) concentrate ($247 (U.S.)/metric tonne unit APT), the Sangdong project pretax internal rate of return and net present value (8 per cent discount rate) are 36 per cent and $81-million (U.S.), respectively.

Revenue is based on an existing off-take agreement with IMC based on Asian Metal China Pricing.

The tungsten concentrate prices are for the last three years: low ($15,000 (U.S.)); average ($18,200 (U.S.)); and highest quartile ($21,000 (U.S.)) as published by Edison Investment Research in late 2014

The Sangdong project has a projected low-tier operating cost of $107/mtu. A comparative analysis of worldwide tungsten projects, by Edison Investment Research, places Sangdong with the highest ratio of WO3 reserve of mtus per U.S. dollars invested (of projects outside China).

The project designs and costs presented in the 2015 feasibility study are premised on the Tetra Tech 2015 resource block model. The Sangdong project will be an underground mine employing mechanized selective mining methods using mobile diesel-powered mining equipment; a conventional crushing-grinding-flotation tungsten recovery processing plant; and surface support facilities and services (such as offices, warehouse, power) distributed between site and wherever possible from local communities. The vast majority of the work force will be Korean.

The project capital expenditures (not including working capital) total approximately $62.7-million (U.S.), spent over 20 months. Capital expenditure advanced estimates were prepared by Korea Engineering Consultants Corp. (processing plant, except equipment and surface infrastructure); METSO (processing plant equipment); a large Korean underground mining and tunnelling contractor (mining development and equipment); and A-Z Mining Professionals and PRB Mining Services Inc. Average operating costs are forecast to be $49.56 (U.S.) per tonne of ore, over a project life of approximately 9.5 years.

Malcolm Buck, PEng, of A-Z Mining Professionals, a qualified person under National Instrument 43-101, reviewed the information that forms the basis of the written disclosure in this news release.

We seek Safe Harbor.