Woulfe Mining Corp.

Woulfe Mining Corp.

August 31, 2012 13:26 ET

Woulfe Mining Completes $5.23 Million Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 31, 2012) - Woulfe Mining Corp. ("Woulfe" or the "Company") (TSX VENTURE:WOF)(OTCQX:WFEMF)(FRANKFURT:OZ4) is pleased to announce that it has completed the brokered private placement with Dundee Securities Ltd. as lead agent ("Dundee" or the "Lead Agent") announced on August 14, 2012, placing an aggregate of 21,150,000 units (the "Units") of the Company at a price of $0.20 per Unit for aggregate gross proceeds of $4,230,000 ("the "Brokered Offering"). The Units comprised one common share of the Company and one-half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant is exercisable into one common share of the Company at a price of $0.30 per share until August 31, 2014.

Dundee received a cash commission of $211,500 representing 5.0% of the gross proceeds from the sale of the Units forming the Brokered Offering and an aggregate of 1,057,500 warrants ("Agent's Warrants") equal to 5.0% of the number of Units issued in the Brokered Offering. Each Agent's Warrant will entitle the holder, on exercise, to purchase one Unit of the Company at a price of $0.20 per Unit until August 31, 2014.

In addition to the Brokered Offering, the Company completed a non-brokered private placement of a further 5,000,000 Units for aggregate proceeds of $1,000,000 (the "Non-Brokered Offering" and together with the Brokered Offering, the "Offerings").

All securities issued in connection with the Offerings will be subject to a four month hold period expiring on January 1, 2013.

The gross proceeds of the Offerings will be used for the advancement of the Company's properties in South Korea, the repayment of short term debt and for general working capital purposes.

On Behalf of the Board of Directors

Woulfe Mining Corp.

Brian Wesson (FAusIMM), President, CEO and Director

About Woulfe Mining Corp "Unearthing Global Assets"

Woulfe Mining Corp is focused on 'Unearthing Global Assets' through the recognition and development of undervalued natural resource projects. Woulfe differentiates itself by boasting significant technical expertise in the design, development and operation of mining projects.

Our flag ship project is the Sangdong tungsten mine in South Korea, historically the world's largest tungsten mine for over 40 years. Sangdong is expected to return to production by Q4 of 2013. Woulfe has entered into strategic agreements with International Metalworking Companies B.V. ('IMC'). This partnership brings strategic advantage given Woulfe's mining and processing technical abilities and IMC's downstream manufacturing skills, high level of innovation and quality of products sold into the global tungsten market. Woulfe Mining Corp. is a TSX-V listed company. Further information can be found on Woulfe's website www.woulfemining.com or on info@woulfe.com.au.

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.

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