VANCOUVER, BRITISH COLUMBIA -- (MARKET WIRE) -- 05/03/12

Woulfe Mining Corp. ("Woulfe" or the "Company") (TSX VENTURE:WOF)(OTCQX:WFEMF) is pleased to announce assay results for samples associated with the drilling program at Sangdong. Drilling from underground locations at Sangdong is continuing and the results will be used to progressively update the Resource estimate.

This batch of assay results comprises 16 holes, of which nine were drilled from Sangdong Level and seven were drilled from raises between Sangdong and 1 Levels. Most were short holes of 30-50 metres length targeting the Footwall Zones between 1 Level and Taebaek Level. Two were longer holes to test all three zones, however both terminated at the Main Zone after intersecting stoped out areas.

Significant Footwall Zone intersections include 13.1 metres true width at 0.60% WO3 (WSDD0096), including 4.5 metres true width at 0.85% WO3, and 6.9 metres true width at 0.52% WO3 (WSDD0105). One hole intersected the Hangingwall Zone with an intersection was 7.3 metres true width at 0.35% WO3 (WSDD0100).

The significant drilling results are summarised as below:

Footwall Zones                                                              
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                Interval      Length        True      Grade      Grade      
Hole                  (m)         (m)   Width (m)     (%WO3)    (%MoS2) Zone
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WSDD0096     Collar 4111635N, 484762E, Azimuth 29, Dip +23, Depth 51m,      
             Target F/W zones                                               
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Intersection   12.0-29.5        17.5        13.1       0.60       0.12  F/W 
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Includes       12.5-18.5         6.0         4.5       0.85       0.08  F3  
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Includes       27.0-29.5         2.5         1.9       1.46       0.01  F2  
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WSDD0104     Collar 4111755N, 484647E, Azimuth 22, Dip +46, Depth 30m,      
             Target F/W zones                                               
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Intersection    9.0-13.5         4.5         4.2       0.68       0.04  F2  
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WSDD0114     Collar 4111567N, 484890E, Azimuth 205, Dip -33, Depth 14m,     
             Target F/W zones                                               
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Intersection     2.0-6.5         4.5         4.2       0.58       0.08  F3  
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WSDD0105     Collar 4111722N, 484639E, Azimuth 134, Dip +57, Depth 65m,     
             Target F/W, Main zones                                         
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Intersection   15.0-23.5         8.5         6.9       0.52       0.28  F2  
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WSDD0106     Collar 4111735N, 484617E, Azimuth 359, Dip +25, Depth 50m,     
             Target F/W zones                                               
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Intersection   14.5-21.0         6.5         4.7       0.48       0.10  F3  
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Includes       14.5-17.5         3.0         2.2       0.74       0.01  F3  
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Intersection   29.5-35.0         5.5         4.0       0.75       0.08  F2  
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Significant drill intercepts, defined as any mineralisation of 1 metre lengths or longer, are presented in the tables above. A cut-off of 0.15% WO3 was used for the intersection calculations.

The drilling program is targeting the unmined mineralisation in the upper section of the mine above the current water level for mine planning and feasibility reserve estimation purposes. The resource for this section of the mine was re-estimated following the completion of 90 holes in the current drilling program, resulting in an Indicated Resource of 16.4 million tonnes at 0.45% WO3, 0.04% MoS2 and an Inferred Resource of 19.4 million tonnes at 0.44% WO3, 0.05% MoS2 at a cut-off of 0.15% WO3. The resource below the valley floor is 34.519 million tonnes at 0.47% WO3, 0.07% MoS2 cut off 0.15% WO3.

The samples are prepared on-site in Korea to appropriate industry standards and sent to SGS Perth, Australia for analysis. Samples are analysed by Inductively Coupled Plasma Mass Spectrometry (ICP) and for ore-grade quantities of specific elements by aqua regia or 4-acid digestion followed by ICP analysis. Molybdenum is analysed by X-ray fluorescence. The QA/QC protocol comprises insertion of one standard, one blank (crushed glass) and one pulp duplicate in every batch of 20 samples. No QA/QC results are available as yet.

This news release has been reviewed and approved in the form and context in which it appears by Mr Paul Gribble FIMMM, C.Eng, of Tetra Tech Wardrop, who is working with Woulfe on the Sangdong studies. Mr Gribble has appropriate qualifications and sufficient relevant experience to qualify as a Qualified Person for the reporting of exploration results and Mineral Resources for the Sangdong deposit.

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; 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