Woulfe Mining Corp.
TSX VENTURE : WOF
OTCQX : WFEMF
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Woulfe Mining Corp.

November 21, 2011 09:00 ET

Woulfe Mining Reports Drill Results for the Phase 2 Feasibility Drilling Program

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 21, 2011) - Woulfe Mining Corp. ("Woulfe" or the "Company") (TSX VENTURE:WOF)(OTCQX:WFEMF)(FRANKFURT:OZ4) is pleased to announce assay results for the first batches of samples associated with the phase 2 drilling program at Sangdong. Following the completion of the highly successful phase 1 drilling program earlier this year, Woulfe has embarked on a second round of drilling to upgrade the Inferred resources in the upper portion of the deposit.

The initial phase 2 holes were located on the eastern extremity of the deposit to close off the mineralisation for mine planning purposes. The holes are located on Sangdong, Taebaek and No 1 Levels.

Brian Wesson, CEO and President of Woulfe, commented, "The initial 5000 metre drill program earlier this year was very successful, moving close to 6 million tonnes into indicated and delineating over 18 million tonnes in inferred based on only new drilling. The current 3,800 metre campaign is focused on the inferred areas, in-filling them to get them into the high category. It can be seen from these results that the tungsten grades are holding up and are higher than expected."

The recent drilling results are summarised as below:

Main Zone
(The Main Zone was not included in NI43-101 resources March 2010 but was included in the Interim Resource of July 2011)
Hole Interval
(m)
Length
(m)
True Width
(m)
Grade
(%WO3)
Grade
(%MoS2)
Zone
WSDD0050A Collar 4111550N, 485352E, Azimuth 25, Dip +6, Depth 88m, Target H/W, Main, F/W
Intersection 11.5-44.0 32.5 16.7 0.91 0.05 Main
Includes 11.5-37.5 26.0 13.4 1.06 0.06 Main
WSDD0040 Collar 4111608N, 485366E, Azimuth 265, Dip -17, Depth 130m, Target H/W, Main, F/W
Intersection 80.0-86.5 6.5 3.4 0.69 0.09 Main
WSDD0038 Collar 4111643N, 485454E, Azimuth 180, Dip -5, Depth 283m, Target H/W, Main, F/W
Intersection 133.0-146.0 13.0 5.9 0.37 0.00 Main
includes 133.0-136.5 3.5 1.6 0.71 0.00 Main
includes 142.5-146.0 3.5 1.6 0.61 0.00 Main
Footwall Zones
Hole Interval
(m)
Length
(m)
True Width
(m)
Grade
(%WO3)
Grade
(%MoS2)
Zone
WSDD0049 Collar 4111472N, 485358E, Azimuth 180, Dip -65, Depth 70m, Target H/W, Main, F/W
Intersection 29.0-42.5 13.5 13.5 0.53 0.01
Includes 29.0-35.0 6.0 6.0 0.82 0.02
WSDD0029 Collar 4111624N, 484774E, Azimuth 17, Dip +40, Depth 71m, Target H/W, Main, F/W
Intersection 14.0-27.0 13.0 11.6 0.46 0.01 F/W
Includes 14.0-16.0 2.0 1.8 0.87 0.03 F/W
includes 19.5-27.0 7.5 6.7 0.53 0.02 F/W
WSDD0030 Collar 4111525N, 484880E, Azimuth 11, Dip +50, Depth 44m, Target H/W, Main, F/W
Intersection 22.0-29.5 7.5 7.2 0.54 0.00 F/W
WSDD0036 Collar 4111607N, 485366E, Azimuth 180, Dip -11, Depth 241m, Target H/W, Main, F/W
Intersection 223.0-230.5 7.5 4.0 0.58 0.00 F/W
WSDD0044 Collar 4111472N, 485358E, Azimuth 180, Dip +12, Depth 250m, Target H/W, Main, F/W
Intersection 108.0-115.0 7.0 3.7 0.92 0.03 F/W
Intersection 211.0-224.0 13.0 6.9 0.26 0.01 F/W
WSDD0048 Collar 4111423N, 485352E, Azimuth 321, Dip +34, Depth 25m, Target H/W, Main, F/W
Intersection 13.5-21.0 7.5 3.1 0.50 0.31 F/W
Hangingwall Zone

Hole
Interval
(m)
Length
(m)
True Width
(m)
Grade
(%WO3)
Grade
(%MoS2)

Zone
WSDD0042 Collar 4112063N, 484829E, Azimuth 220, Dip +5, Depth 105m, Target H/W
Intersection 12.0-89.0 77.0 38.1 0.76 0.12 H/W
includes 24.5-39.5 15.0 7.4 1.10 0.20 H/W
includes 44.5-58.0 13.5 6.7 1.56 0.15 H/W
includes 68.0-72.5 4.5 2.2 0.93 0.11 H/W
includes 78.0-88.0 10.0 4.9 1.06 0.12 H/W
WSDD0041 Collar 4112120N, 484629E, Azimuth 220, Dip +5, Depth 122m, Target H/W
Intersection 26.0-47.0 21.0 7.1 0.27 0.07 H/W
includes 36.5-47.0 10.5 3.5 0.34 0.08 H/W
Intersection 110.0-122.2 12.2 4.1 0.84 0.07 H/W
WSDD0043 Collar 4112122N, 484592E, Azimuth 230, Dip -10, Depth 78m, Target H/W
Intersection 47.0-63.0 16.0 8.9 0.47 0.12 H/W
includes 51.0-63.0 12.0 6.6 0.55 0.14 H/W
WSDD0035 Collar 4111907N, 485004E, Azimuth 220, Dip -5, Depth 63m, Target H/W, Main, F/W
Intersection 39.0-52.0 13.0 6.4 0.59 0.04 H/W
WSDD0034 Collar 4111791N, 485169E, Azimuth 220, Dip -5, Depth 61m, Target H/W, Main, F/W
Intersection 52.0-60.0 8.0 4.0 0.49 0.05 H/W
WSDD0045 Collar 4111474N, 485357E, Azimuth 360, Dip +62, Depth 47m, Target H/W, Main, F/W
Intersection 36.0-40.0 4.0 3.9 0.27 0.14 H/W
WSDD0040 Collar 4111608N, 485366E, Azimuth 265, Dip -17, Depth 130m, Target H/W, Main, F/W
Intersection 6.5-9.0 2.5 1.3 0.42 0.01 H/W

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 phase 2 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 the phase 1 program, resulting in an Indicated Resource of 6.0 million tonnes at 0.42% WO3, 0.04% MoS2 and an Inferred Resource of 18.6 million tonnes at 0.45% WO3, 0.05% MoS2 at a cut-off of 0.2% WO3. This resource represents approximately one quarter of the dip length of known mineralisation from the old mine, and compares with the Scoping Study Inferred Resource of 103.6 million tonnes at 0.35% WO3, 0.04% MoS2 at a cut-off of 0.1% WO3 for the entire mine.

This batch of assay results comprises 17 holes, of which 5 were drilled from 1 Level to test the Hangingwall Zone, 5 were drilled from the eastern end of Sangdong Level to determine the limit of economic mineralisation, 1 was drilled from Taebaek Level to test the Main and Hangingwall Zone, and the rest were drilled from Sangdong Level to test the various zones.

Significant Main Zone intersections include 16.7 metres true width at 0.91% WO3 (WSDD0050A) and 3.4 metres true width at 0.69% WO3 (WSDD0040). Significant Footwall Zone intersections include 13.5 metres true width at 0.53% WO3 (WSDD0049), 11.6 metres true width at 0.46% WO3 (WSDD0029) and 7.2 metres true width at 0.54% WO3 (WSDD0030). Significant Hangingwall Zone intersections include 38.1 metres true width at 0.76% WO3 (WSDD0042), 8.9 metres true width at 0.47% WO3 (WSDD0043) and 6.4 metres true width at 0.59% WO3 (WSDD0035).

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, a Tetra Tech company, 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 is focused on the development of the Sangdong tungsten mine (one of the World's largest and most renowned tungsten mine for 40 years). This property has substantial value for our shareholders given the outcome of the scoping study in March 2010 that determined that the project NPV was US$467 million at a commodity price of $2500 per tonne Ammonium Paratungstate (APT). Today, the APT price is over US$45,000 per tonne. Given the robust project and market, Woulfe has accelerated the project. An updated resource statement is due at the end of June and detailed design, final construction permitting and feasibility will be complete year end. The company's target is to move to production towards the end of 2012. The current market for tungsten and molybdenum is very strong with Taegutec (a global manufacturer) close on doubling production in Korea of powders and finished tungsten goods. There is also a large shortage in markets especially outside China. It is believed that China is moving from being a major exporter of tungsten to a net importer as tungsten is a high level strategic metal needed for most manufacture and high tech applications in developing technologies.

In the last 18 months the company has focused on building the Sangdong tungsten mine team and opening the mine. The project is well staffed with professionals and is moving forward rapidly. Woulfe Corporate has now turned its focus to the Muguk gold project, historically Korea's largest gold mine. In 1998, Muguk was reported by Korea Resources Corporation (KORES) to contain a combined resource of 1,418,980 tonnes @ 13.5 g/t gold, 72.8 g/t silver (615,956 oz gold and 3,321,599 oz silver). Woulfe cautions that a Qualified Person has not done sufficient work to classify the historical estimate as current, that it is not treating the historical estimate as current and that the historical estimate should not be relied upon. A drill campaign is starting drilling the down dip extensions of the Three Brothers Vein in June, 2011. Woulfe's other projects will be considered once these two projects are moving to production, in order to unlock value for shareholders and to move the company to a positive cash flow as quickly as possible.

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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