Woulfe Mining Corp.
TSX VENTURE : WOF

Woulfe Mining Corp.

May 10, 2011 09:00 ET

Woulfe Mining Corp.: Encouraging Drilling Results Reported at Sangdong

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 10, 2011) - Woulfe Mining Corp. ("Woulfe" or the "Company") (TSX VENTURE:WOF) announces drill results for the second batch of samples from the drilling program in progress at its Sangdong tungsten-molybdenum project in South Korea. These results are similar to or above the average grade estimated in the Scoping Study produced by Wardrop (a Tetra Tech Company) UK in 2010.

As previously announced, this drilling program is targeting the unmined ore in the upper section of the mine above the current water level for feasibility reserve estimation and mine planning purposes. The tungsten-molybdenum mineralisation at Sangdong is hosted within three parallel, shallow-dipping skarn veins (Main, Hangingwall and Footwall) with a lateral extent of up to 1,200 metres along strike and 1,500 metres down dip.

With the initial drilling program comprising 38 holes now essentially complete, Woulfe has released three of the surface rigs, with one surface rig and three underground rigs operating. Several additional holes have been proposed based on results to date, and drilling will continue during May. An updated NI 43-101 resource statement is scheduled to be published by end June to underpin the Feasibility Study.

Results will be released on a regular basis as they are received over the next few weeks.

The second batch of samples are from the following three holes:

WSDD0022A - Collar 4111472N, 485283E, Azimuth 166.3, Dip -50.3, Depth 55m, Target F/W
WSDD0025 - Collar 4111506N, 485316E, Azimuth 337, Dip +8, Depth 90m, Target H/W
WSDD0010 - Collar 4111545N, 485119E, Azimuth 298, Dip -21, Depth 168m, Target F/W
Hole IDInterval (m)Length (m)True Width (m)Grade (%WO3)Grade (%MoS2)Vein
WSDD0022A40.5-54.514.011.80.330.03F/W
includes44.5-54.510.08.40.420.02F/W
includes45.5-47.82.31.90.940.03F/W
includes52.5-54.52.01.70.680.05F/W
WSDD00254.0-11.57.54.70.420.22Main
WSDD001070.0-71.11.10.40.730.02F/W
WSDD001076.0-106.030.09.60.550.03F/W
includes77.0-79.02.00.60.700.04F/W
includes89.0-92.03.01.01.750.06F/W
Includes96.0-98.72.70.91.040.05F/W
includes103.0-106.03.01.01.510.04F/W
Note: a cut-off of 0.15% WO3was used for the intersection calculations

All significant drill intercepts, defined as any mineralisation of 1 metre lengths or longer, are presented in the table above. It should be noted that some of these intercepts are narrow and will almost certainly be less than the minimum mining width.

Two holes reported here targeted the Footwall Vein, with the third hole (WSDD0025) designed to pass through the area outside the Main Vein towards the Hangingwall Vein. The Footwall Vein comprises a number of alteration veins separated by unaltered partings. Holes WSDD0022A and WSDD0025 are located on the eastern margin of the skarn which historical information indicates as having a lower grade than the central area.

Noted is that the results from the above holes including the test hole for vein configuration are similar to or above the average grade estimated by Wardrop in the Scoping Study. The National Instrument 43-101 resource estimate undertaken in early 2010 by Wardrop (a Tetra Tech Company) UK as part of the Scoping Study, totalled 103.2 million tonnes at 0.35% WO3 and 0.04% MoS2, based on a cut-off grade of 0.1% WO3, and included only the Hangingwall and Footwall Veins. Refer to "Woulfe Mining Corporation, Sangdong Project, Scoping Study", dated April 2010, by Wardrop, a Tetra Tech company, UK office, available on Woulfe's website, for further technical information on the project.

Hole WSDD0022A was drilled at a dip of 55 degrees to the south to test the Footwall Vein with a proposed length of 54 metres. Results to 49.0 metres were reported in the first release on April 19th 2011, with an intersection of 7.3 metres (true width of 6.1 metres) with an average grade of 0.38% WO3 from 40.5 to 47.8 metres. With all assays now available, this intersection has been extended to 54.5 metres, with a true width of 11.8 metres averaging 0.33% WO3, with the intersection from 44.5 to 54.5 metres averaging 0.42% WO3 over a true thickness of 8.4 metres. This is considered a very encouraging result for the Footwall Vein on the eastern margin of the deposit.

Hole WSDD0025 was drilled at an incline of 8 degrees in a northerly direction and was designed to pass through the Hangingwall contact of the Main Vein and test the parting between the Main and Hangingwall Veins, in which fault structures have been interpreted. Although it was planned to intersect the Hangingwall Vein, it did not encounter mineralisation beyond the Main Zone to the proposed depth of 89 metres. Further interpretation is required in this area.

Hole WSDD10 was drilled at a dip of 21 degrees in a westerly direction to test the Footwall Vein along strike beyond the rehabilitated development limit. This hole intersected 30.0 metres (true width 9.6 metres) with an average grade of 0.55% WO3, confirming the excellent width and grade of the Footwall Vein encountered in WSDD22A.

The full sample and assay results from which the above intercepts have been calculated are shown in the following table. Note that not all the samples are contiguous, including a 3.0 metre gap between 72.0 to 75.0 metres in hole WSDD0010. Once these assay results are available, the Footwall Vein is likely to extend from 70 to 106 metres (true width 11.5 metres). Additional sampling is being undertaken where required and these results will be presented in future news releases.

Sample #Hole IDFrom (m)To (m)Length (m)True Width (m)Grade (%WO3)Grade (%MoS2)
WSD00119WSDD0022A49.050.01.00.840.010.00
WSD00120WSDD0022A50.050.50.50.420.290.00
WSD00121WSDD0022A50.551.51.00.840.000.00
WSD00122WSDD0022A51.552.00.50.420.330.02
WSD00123WSDD0022A52.052.50.50.420.180.00
WSD00125WSDD0022A52.553.00.50.421.730.05
WSD00126WSDD0022A53.054.01.00.840.190.05
WSD00127WSDD0022A54.054.50.50.420.610.07
WSD00128WSDD0022A54.555.00.50.420.060.03
WSD00129WSDD00250.01.01.00.620.090.00
WSD00130WSDD00251.02.01.00.620.110.00
WSD00131WSDD00252.03.01.00.620.140.00
WSD00132WSDD00253.04.01.00.620.100.00
WSD00133WSDD00254.05.01.00.620.870.07
WSD00134WSDD00255.06.01.00.620.281.00
WSD00135WSDD00256.07.01.00.620.150.03
WSD00136WSDD00257.08.01.00.620.250.12
WSD00137WSDD00258.09.41.40.870.280.02
WSD00138WSDD00259.410.00.60.371.160.03
WSD00140WSDD002510.010.40.40.250.220.03
WSD00141WSDD002510.411.00.60.370.390.05
WSD00142WSDD002511.011.50.50.310.350.77
WSD00143WSDD002511.512.00.50.310.050.00
WSD00144WSDD002513.013.60.60.370.080.02
WSD00145WSDD002513.614.00.40.250.050.02
WSD00146WSDD002514.015.01.00.620.030.00
WSD00147WSDD002515.016.01.00.620.050.00
WSD00148WSDD002516.017.01.00.620.100.00
WSD00149WSDD002517.018.01.00.620.060.00
WSD00151WSDD002518.018.50.50.310.130.02
WSD00152WSDD002518.519.00.50.310.220.08
WSD00154WSDD002519.019.50.50.310.060.00
WSD00155WSDD002519.520.00.50.310.050.00
WSD00156WSDD002521.022.01.00.620.080.00
WSD00157WSDD002522.023.01.00.620.050.00
WSD00158WSDD002523.024.01.00.620.040.00
WSD00159WSDD002524.025.01.00.620.340.00
WSD00160WSDD002525.026.01.00.620.040.00
WSD00162WSDD002526.027.01.00.620.140.00
WSD00163WSDD002527.027.50.50.310.030.00
WSD00164WSDD002527.528.00.50.310.090.12
WSD00165WSDD002528.028.50.50.310.040.00
WSD00166WSDD002528.529.00.50.310.430.05
WSD00167WSDD002529.030.21.20.740.040.00
WSD00168WSDD002530.230.60.40.250.350.03
WSD00169WSDD002530.631.40.80.500.030.00
WSD00170WSDD002531.432.00.60.370.060.00
WSD00172WSDD002584.385.00.70.430.000.02
WSD00173WSDD002585.086.01.00.620.000.48
WSD00174WSDD002586.086.50.50.310.000.03
WSD00176WSDD002586.587.00.50.310.080.05
WSD00177WSDD002587.087.50.50.310.240.05
WSD00178WSDD002587.588.00.50.310.000.05
WSD00179WSDD001017.018.01.00.320.050.02
WSD00180WSDD001018.019.01.00.320.000.00
WSD00181WSDD001019.020.01.00.320.000.03
WSD00182WSDD001020.021.01.00.320.000.03
WSD00183WSDD001044.045.01.00.320.000.00
WSD00184WSDD001045.046.01.00.320.000.15
WSD00185WSDD001046.047.01.00.320.000.00
WSD00186WSDD001047.048.01.00.320.040.48
WSD00187WSDD001048.049.01.00.320.000.00
WSD00188WSDD001049.051.02.00.640.000.68
WSD00189WSDD001051.053.02.00.640.010.03
WSD00190WSDD001053.054.01.00.320.040.02
WSD00191WSDD001054.054.50.50.160.300.00
WSD00192WSDD001054.555.00.50.160.000.00
WSD00193WSDD001055.056.01.00.320.010.03
WSD00194WSDD001056.056.50.50.160.010.00
WSD00195WSDD001056.557.51.00.320.000.00
WSD00196WSDD001057.558.51.00.320.000.05
WSD00197WSDD001058.559.00.50.320.350.20
WSD00201WSDD001059.060.01.00.320.130.05
WSD00202WSDD001066.067.01.00.320.000.02
WSD00203WSDD001067.067.70.70.220.000.00
WSD00204WSDD001067.768.10.40.130.280.00
WSD00205WSDD001068.169.00.90.290.000.20
WSD00206WSDD001069.070.01.00.320.000.08
WSD00207WSDD001070.070.80.80.260.730.02
WSD00208WSDD001070.871.10.30.100.730.03
WSD00209WSDD001071.172.00.90.290.010.00
WSD00210WSDD001075.076.01.00.320.050.00
WSD00211WSDD001076.077.01.00.320.150.08
WSD00212WSDD001077.078.01.00.320.800.07
WSD00213WSDD001078.079.01.00.320.590.02
WSD00214WSDD001079.080.01.00.320.040.03
WSD00215WSDD001080.081.01.00.320.040.00
WSD00216WSDD001081.082.01.00.320.130.00
WSD00217WSDD001082.083.01.00.320.800.05
WSD00218WSDD001083.084.01.00.320.000.00
WSD00219WSDD001084.085.01.00.320.050.00
WSD00220WSDD001085.085.50.50.160.320.03
WSD00221WSDD001085.586.51.00.320.010.00
WSD00225WSDD001086.587.30.80.260.060.00
WSD00226WSDD001087.388.00.70.220.000.00
WSD00227WSDD001088.089.01.00.320.100.00
WSD00228WSDD001089.090.01.00.322.190.05
WSD00229WSDD001090.091.01.00.320.570.03
WSD00230WSDD001091.092.01.00.322.490.10
WSD00231WSDD001092.092.50.50.160.150.05
WSD00232WSDD001092.593.51.00.320.010.00
WSD00233WSDD001093.594.00.50.160.000.00
WSD00234WSDD001094.095.01.00.320.000.00
WSD00235WSDD001095.096.01.00.320.000.00
WSD00239WSDD001096.097.01.00.321.520.03
WSD00240WSDD001097.098.01.00.320.820.05
WSD00241WSDD001098.098.70.70.220.670.07
WSD00242WSDD001098.799.00.30.100.080.02
WSD00243WSDD001099.099.40.40.130.470.00
WSD00244WSDD001099.4100.00.60.190.330.03
WSD00245WSDD0010100.0100.50.50.160.090.03
WSD00246WSDD0010100.5101.00.50.160.480.03
WSD00247WSDD0010101.0102.01.00.320.050.00
WSD00248WSDD0010102.0102.50.50.160.090.00
WSD00249WSDD0010102.5103.00.50.160.230.00
WSD00250WSDD0010103.0103.50.50.160.760.03
WSD00251WSDD0010103.5104.00.50.162.490.03
WSD00252WSDD0010104.0104.50.50.161.730.05
WSD00253WSDD0010104.5105.00.50.161.850.07
WSD00254WSDD0010105.0105.50.50.160.770.02
WSD00255WSDD0010105.5106.00.50.161.480.07
WSD00256WSDD0010106.0106.50.50.160.130.00
WSD00257WSDD0010106.5107.00.50.160.110.00
WSD00258WSDD0010107.0107.50.50.160.050.00
WSD00262WSDD0010107.5108.00.50.160.090.02

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 Wardrop who are 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 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.

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