Woulfe Mining Corp.
TSX VENTURE : WOF

Woulfe Mining Corp.

January 25, 2011 10:27 ET

Woulfe Mining approves Korean Zinc Co Ltd Investment at Annual General Meeting

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 25, 2011) - Woulfe Mining Corp. (TSX VENTURE:WOF) ("Woulfe" or the "Company") approved the investment of Korea Zinc Co Ltd ("Korea Zinc") into the Company's wholly owned Korean subsidiaries at the annual general meeting on Friday January 21st 2011. As announced on January 5, 2011 the proposed investment would have Korea Zinc invest CDN$38,000,000 to receive a 51% stake in the subsidiary which holds the Sangdong tungsten/molybdenum project and CDN$1,800,000 into Muguk Gold Corporation to acquire 51% of that project.

Other resolutions passed at the meeting included agreeing the new stock option plan, setting the number of directors to six (6) and reappointing the previous directors. Mr. Yun Birm Choi was also appointed to the board. Mr. Choi holds a Juris Doctorate degree from the US and is an executive director of Korea Zinc. He is currently serving as a Chief Executive Officer of ICM Pachapaqui S.A.C in Peru and Vice-president of Pan Pacific Metal Mining Corporation in Canada. ICM Pachapaqui and Pan Pacific Metal Mining Corporation are wholly-owned subsidiaries of Korea Zinc.

"We welcome Mr. Choi to our board and know that his advice and assistance will be very valuable to Woulfe as we continue to build value in Korea for shareholders," stated Brian Wesson, President, CEO and Director of Woulfe.

On Behalf of the Board of Directors

Woulfe Mining Corp.

Brian Wesson, 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.

Contact Information