Woulfe Mining Corp.

Woulfe Mining Corp.

June 28, 2011 12:12 ET

Woulfe Mining Update on Progress at Sangdong Project as It Moves Towards Production in 2012

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 28, 2011) -Woulfe Mining Corp. ("Woulfe" or the "Company") (TSX VENTURE:WOF)(OTCQX:WFEMF) is pleased to announce the completion of major milestones towards bringing the Sangdong tungsten and molybdenum project into production in 2012. Woulfe's aggressive timeline to have the mine commissioned and in production in 2012 requires many initiatives to be worked on in parallel by multiple teams.

Brian Wesson CEO/President of Woulfe added, "The APT price has been increased substantially over the past 6 months so we are working as hard and fast as possible to get Sangdong back into production. The recent drilling confirms the historical data and the results have all been above resource grade. We are pushing ahead with the pre-feasibility and full feasibility in parallel with an updated resource estimate coming shortly. We look forward to updating the market as we achieve these goals."

Woulfe has successfully completed a 19 hole geotechnical drill program focused on testing the characteristics of the plant site. This site investigation will finalise the process plant layout and allow the detailed civil engineering to move forward.

Following the satisfactory completion of the geotech drilling, the application for land lease and purchase of the plant site was submitted to the county on June 7, 2011. The construction application will be submitted to the county promptly following the grant of permit on the land lease and purchase. Woulfe expects the submissions to be considered favourably by the county as we have been working closely with the county officials to move the project forward as quickly as possible.

In addition the application for land lease for new production six metre portal and decline to ore was submitted on June 7. Woulfe expects the permit on the land lease for new adit to be granted by the end of June.

Mr. Wesson added, "I believe the team we have assembled has the ability to achieve the aggressive plan and goals as outlined. We continue to drive this project forward to achieve maximum value for Woulfe Mining shareholders."

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 producing 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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