VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 05/02/12

Woulfe Mining Corp. ("Woulfe" or the "Company") (TSX VENTURE:WOF)(OTCQX:WFEMF)(FRANKFURT:OZ4) is pleased to announce that the Inferred Resource in the Three Brothers vein (one of nine mineralized veins within the project area) has increased to 900,000 tonnes grading 10 g/t gold at a cut-off of 4 g/t gold with a minimum mining width of 1.2 meters (approximately 289,000 ounces). The mineralization also contains silver, but silver has been excluded from the mineral resource estimate due to a lack of data and was not modeled as part of the Preliminary Economic Assessment (PEA).

Some areas of the vein that were previously considered not to have reasonable prospects of economic extraction are now considered to be potentially mineable due to a revised access strategy that AMC has developed as part of the PEA. These additional areas have sufficient sample support to be included in the Inferred Resource. Additional production data from the period 1992 to 1996, demonstrates that the mined ore bulk density was generally 2.7 t/m3 and this has been used in the current mineral resource estimate. This differs from the 3.5 t/m3 originally stated by Woulfe, and the 3 t/m3 used by AMC in the 10 January 2012 release. AMC has also increased the cut-off grade from 3 g/t gold to 4 g/t gold to make it consistent with the PEA.

Figure 1 shows the area of the Inferred Resource colored in red. The main reasons for the difference to the Inferred Resource released on10 January 2012 are:

--  The proposed decline access strategy allows smaller and more dispersed
    packages of the resource to potentially be mined relative to the
    original shaft access strategy. Addition of the smaller packages of the
    resource has increased the tonnage by 475,000 tonnes and decreased the
    grade by 1 g/t gold. 
--  The bulk density has been changed from 3 t/m3 to 2.7 t/m3. Decreasing
    the bulk density has decreased the tonnage by 90,000 tonnes, with no
    change in the gold grade. 
--  The change in cut-off grade from 3 to 4 g/t gold. Increasing the cut-off
    grade has decreased the tonnage by 5,000 tonnes, with no significant
    change in the gold grade. 

The net effect of these changes is to increase the tonnes and lower the grade of the Inferred Mineral Resource relative to the 10 January 2012 release from 520,000 tonnes at 11 g/t gold to 900,000 tonnes at 10 g/t gold.

To view Figure 1 Extent of Mineralization and the Inferred Mineral Resource, please visit the following link: http://media3.marketwire.com/docs/787014_fig_1.pdf

NB: AMC Consultants considered the economics of only one vein in the field of nine veins in the Preliminary Economic Assessment. On this basis alone the assessment indicated it is economic to reopen the field. The update of the Inferred Resource is principally a result of the PEA access method and the increased Inferred Resource does not imply that the PEA requires updating.

The financial metrics of the project are summarized below:                  
NPV (8% discount rate): US$31.8 million                                     
IRR: 22%                                                                    
Gold price: US$1,600                                                        
Mine life: 7 years                                                          
Production rate: 145,000 tonnes per annum                                   
Average gold recovered per annum: 26,000 ounces                             
Operating cost: US$676 per ounce                                            

Woulfe cautions that the PEA is preliminary in nature. It is based on an inferred mineral resource. Inferred resources are based on limited information, and grade continuity has been assumed, but not verified. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resource that is the subject of the PEA will be converted into mineral reserve. No mineral reserves were estimated as part of the PEA.

Mr. Brian Wesson, CEO of Woulfe, comments that AMC Consultants has assessed the economics of one vein of nine at Muguk and have shown that it is economic to open Muguk to unlock the upside potential in the Three Brothers vein on strike and down dip and in the other veins in the field. Our recent focus has been the Sangdong project that is moving forward into construction. Muguk will now be moved forward as our exploration staff is freed up from Sangdong and the permanent staff takes control. Sangdong now has 65 staff.

The AMC resource estimate has been reviewed and approved in the form and context in which it appears by Woulfe's geological advisor, Dr Andrew Fowler M.AIG, MAusIMM, PhD, BSc (hons), of AMC Consultants Pty Ltd and Woulfe's mining engineering advisor, Mr. Edward Gleeson MAusIMM (CP) BEng (mining). Dr Fowler and Mr. Gleeson have appropriate qualifications and sufficient relevant experience to qualify as Qualified Persons for the reporting of a Mineral Resource for the Three Brothers Vein of the Muguk Gold Mine.

On Behalf of the Board of Directors

Woulfe Mining Corp.

Brian Wesson (FAusIMM), President, CEO and Director

About Woulfe Mining Corp.

Woulfe Mining Corp. is a TSX-V listed company with a diversified portfolio of mining licenses for tungsten, molybdenum, gold, base metals and uranium-vanadium in South Korea.

The company's current projects include the Sangdong tungsten-molybdenum mine, historically, one of the largest tungsten mines in the world; the Muguk gold-silver mine, formerly South Korea's largest gold mine, as well as a number of other properties with significant known mineralization and excellent regional exploration potential.

Woulfe has high expectations for near-term, low-cost production. The company has assembled a highly skilled, in-country, bilingual technical team and a board of directors with an outstanding track record of success.

Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. We have made certain assumptions about the forward-looking statements and information and even though our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statement or information will prove to be accurate. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors include, among others, the following: commodity price volatility; discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries; mining operational and development risk; litigation risks; regulatory restrictions, including environmental regulatory restrictions and liability; failure to complete the strategic arrangement described in this release, including because of the failure to satisfy the conditions to closing of the transaction, risks of sovereign investment; currency fluctuations; speculative nature of mineral exploration; global economic climate; dilution; share price volatility; competition; loss of key employees; additional funding requirements.

There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change and you are referred to the full discussion of the Company's business contained in the Company's reports filed with the appropriate regulatory authorities.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:
Nicola Street Capital
Nick Smith
Mobile phone +1 (415) 595-0865
nsmith@nicolastreetcapital.com

Renmark Financial Communications
Barbara Komorowski
Office phone +1 (514) 939-3989
bkomorowski@renmarkfinancial.com

Woulfe Mining Corp.
Administration Office
+1 604 684 6264
+1 604 684 6242 (FAX)
info@woulfe.com.au
www.woulfemining.com