Woulfe Mining Corp.

Woulfe Mining Corp.

May 17, 2011 09:00 ET

Woulfe Mining Sangdong Project High Grade Main Zone Confirmed by Drilling

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 17, 2011) -Woulfe Mining Corp. ("Woulfe" or the "Company") (TSX VENTURE:WOF) announces drill results for the third batch of samples from the drilling program at its Sangdong tungsten-molybdenum project in South Korea. Of the seven holes reported here, one intersected the Main Zone and four intersected the Footwall Zone. The other two holes did not achieve their objectives for reasons reported below. The Main Vein intersection exceeded expectations with a true width of 18.3 metres at an average grade of 0.91% WO3.

Brian Wesson, CEO of Woulfe Mining stated, "The high grade, large intersection confirmed by this drilling is a significant as none of the main ore body was included in the scoping study resource. The drilling focused on the three ore zones above the valley floor that we are targeting for early low cost production during the first 10 years".

As previously announced, the 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 tungsten-molybdenum mineralisation at Sangdong is hosted within three parallel, shallow-dipping skarn zones (Main, Hangingwall and Footwall) with a lateral extent of up to 1,200 metres along strike and 1,500 metres down dip.

The initial drilling program comprising approximately 40 holes has been completed and a second phase drilling program is underway. The electric rig will continue to operate on Sangdong Level drilling up-holes targeting all three veins, and the two air-operated Kempe rigs will move to 1 Level once access rehabilitation is complete and target the Hangingwall Zone.

The third batch of samples is from the following seven holes, plus infill samples from all holes reported to date between the mineralised zones within the host slate unit. The infill samples are essentially barren but provide a complete analytical record across the mineralised zones.

WSDD0015 - Collar 4111544N, 485120E, Azimuth 35.9, Dip+3, Depth 90m, Target Main
WSDD0005 - Collar 4111485N, 485134E, Azimuth 22, Dip -34, Depth 111m, Target F/W
WSDD0004 - Collar 4111485N, 485132E, Azimuth 204, Dip -37, Depth 40m, Target F/W
WSDD0016 - Collar 4111544N, 485120E, Azimuth 219, Dip -45, Depth 73m, Target F/W
WSDD0009 - Collar 4111545N, 485119E, Azimuth 284, Dip -38, Depth 101m, Target F/W
WSDD0023 - Collar 4111479N, 485280E, Azimuth 358, Dip -32, Depth 57m, Target F/W
WSDD0019 - Collar 4111479N, 485280E, Azimuth 171, Dip +18, Depth 101m, Target F/W

Hole WSDD0015 was drilled at an incline of 3 degrees to the northeast to test the Main Zone and the Hangingwall Zone with a proposed length of 140 metres. This hole confirmed that the Main Zone is unmined above Sangdong Level some 400 metres in from the eastern margin, with an intersection of 39.0 metres (true width 18.3 metres) at an average grade of 0.91% WO3 from 14.0 to 53.0 metres, including 19.3 metres (true width 9.1 metres) grading 1.37% WO3 from 19.7 to 39.0 metres. A fault zone was intersected on the footwall of the Hangingwall Zone at 89.9 metres and the hole was abandoned. The intersection from 88.2 to 88.7 metres recorded a grade of 3.29% WO3.

Hole WSDD0016 was drilled at a dip of 45 degrees in a south westerly direction to test the Footwall Zone. This hole intersected two footwall zones 15 metres true width apart, the first intersection was 9.9 metres (true width 9.2 metres) with an average grade of 0.55% WO3 from 26.1 to 36.0 metres, and the second was 4.1 metres (true width 3.8 metres) with an average grade of 0.34% WO3 from 52.4 to 56.5 metres.

Hole WSDD0005 was drilled at a dip of 34 degrees in a north-northeast direction to test the Footwall Zone. This hole intersected 51.5 metres (true width 7.7 metres) with an average grade of 0.39% WO3 from 36.0 to 87.5 metres.

Hole WSDD0004 was drilled at a dip of 37 degrees in a south-southwest direction to test the Footwall Zone. This hole intersected 15.0 metres (true width 13.4 metres) with an average grade of 0.36% WO3 from 10.0 to 25.0 metres.

Hole WSDD0009 was drilled at a dip of 38 degrees in a westerly direction along strike of the mineralisation to test the Footwall Zone beyond the rehabilitated development limit. This hole intersected 23.5 metres (true width 5.2 metres) with an average grade of 0.26% WO3 from 43.0 to 66.5 metres.

Hole WSDD0019 was intended to be drilled at an incline of 18 degrees in a northerly direction to test the Main Zone. However it was inadvertently drilled to the south parallel to the ore body and failed to encounter significant mineralisation. Hole WSDD0023 was drilled at a dip of 32 degrees to the north to test the Footwall Zone. It encountered bad ground conditions at 57 metres before reaching the target and was abandoned, and was replaced by hole WSDD0023A drilled by the electric rig.

Hole IDInterval

Note: a cut-off of 0.15% WO3was used for the intersection calculations

Significant drill intercepts, defined as any mineralisation of 1 metre lengths or longer, are presented in the table above. The full sample and assay results from which the above intercepts have been calculated are available on the Company web site. As noted, this table also includes the infill samples from previously reported holes within the unmineralised zones between the mineralised zones.

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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