Woulfe Mining Corp.

Woulfe Mining Corp.

May 11, 2011 09:00 ET

Woulfe Mining Corp.: Sangdong Progress Report

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 11, 2011) - Woulfe Mining Corp. ("Woulfe" or the "Company") (TSX VENTURE:WOF) is pleased to provide an update on the feasibility study in progress on its Sangdong tungsten-molybdenum project in South Korea. The feasibility study is being undertaken by Wardrop (a Tetra Tech Company) UK. The structural design of crushing and grinding areas are well advanced and the process plant position has been locked in which will allow the civil design work to commence. The 5,000 metre drilling program announced in late 2010 has been completed and the results are being analysed, with a follow-up Phase 2 program proposed.

The detailed structural engineering design of the process plant is being undertaken by Contromation Energy Services of Jakarta in conjunction with Woulfe and Wardrop engineering. Representatives of Contromation visited Sangdong in April to inspect the site and discuss the plans with a Korean counterpart who will review the drawings for conformity with Korean design standards.

The civil design work will now commence. A geotechnical drilling proposal for the site has been prepared and a drilling rig utilised during the surface drilling campaign is on stand-by to undertake the geotechnical drilling. A Wardrop geotechnical/tailings specialist will be on site for a week during May to review the surface geotechnical program for both the plant site and the site of a proposed tailings dam. With respect to tailings, Woulfe's preference is to cement-fill the underground cavities, however, there may be a requirement for some surface storage facility particularly in the initial years.

The Phase 1 drilling program is now largely complete and the core is being logged and sampled, and the analytical results will be made available progressively. The results of the first two sample batches have been released to the market, and the results generally have been highly encouraging. It was anticipated that the high grade area of the Main Zone would be unmined in places and this has been confirmed with several holes intersecting this zone. As a result, a second phase of drilling is proposed to further define the remnant Main Zone, and also to confirm historical drill results for the Hangingwall Zone. The main vein was not included in the scoping study completed April 2010.

Brian Wesson, CEO/President of Woulfe, commented, "We have an experienced team on the ground in Korea who have opened the underground and have caught up delays over Christmas and New Year. Wardrop and Woulfe are working on the resource model for the infrastructure pillar targeting an updated NI43-101 mid year. The resource model update is needed to underpin the feasibility study due in the latter part 2011."

The information described in this news release, has been reviewed and approved by Paul Gribble FIMMM C.Eng of Wardrop UK, a Qualified Person under National Instrument 43-101.

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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