Woulfe Mining Corp.

Woulfe Mining Corp.

February 04, 2011 09:00 ET

Woulfe Mining to Drill Investigation Hole at Muguk Gold Deposit

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 4, 2011) - Woulfe Mining Corp. (TSX VENTURE:WOF) ("Woulfe" or the "Company") will execute the drilling of a 520m exploration hole to investigate the possible extension of the Vein 2 lode at the Muguk Prospect. Vein 2 was historically the generator of around 75% of the gold production from the mine. Analysis of geological trends and historical underground sampling suggests that Vein 2 may extend to the North of the historically defined resource.

The hole is targeted to intersect the ore position at around 165m to the North of the last mine working on the level 12 (420m from surface) and 125m below an historical exploration drive on the level 8 (285m from surface). The most northerly historical underground sampling on the level 12 indicates the vein to be 2.1m true thickness at 10.7g/t gold. On level 8 immediately above the target area, historical sampling shows the vein to be 1.6m true thickness with grades varying from 5.8g/t to 14.7g/t. The drilling is scheduled to commence on the 15th of February.

The Muguk mine was the most productive gold mine in South Korea with a reported historical cut-off grade of 8g/t and a life of mine head grade of 11g/t with mill recovery rates reported as 96%. The mine ceased operation in 1997 due to very low gold prices with significant historical resource left insitu.

Brian Wesson, President, CEO and Director of Woulfe stated, "The Muguk gold mine has the potential to be a major asset in the Woulfe portfolio. We are committed to defining the resource to NI 43-101 standards. This hole will test the northern extension of the historic resource. If the mineralization continues, we will develop a plan which includes expanding the resource in addition to bringing it to current standards."

The information described in this news release, has been reviewed and approved by Colin Lutherborrow, a Qualified Person under National Instrument 43-101.

On Behalf of the Board of Directors

Woulfe Mining Corp.

Brian Wesson, 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 statements 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; and 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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