WOF Woulfe Mining Corp.

Woulfe Mining Corp. ("Woulfe" or the "Company") (TSX
VENTURE:WOF)(OTCQX:WFEMF)(FRANKFURT:OZ4) provides the following corporate
update.


Following the resignation of the former executive management team (See News
Release dated February 27, 2013), the Board and the interim CEO have initiated a
comprehensive investigation into the Company and its subsidiaries to ensure
business continuity. Following an extensive internal and external assessment of
the Company and its subsidiaries, the Board and interim CEO have identified
issues relating to liquidity and the ability of the Company and its
subsidiaries, including Sangdong Mining Corp., to meet various payables beyond
the next few months.


The Board and interim CEO recognize the seriousness of these issues, including
the potential ability to advance its key Sangdong Tungsten Project located in
South Korea in the manner and timing anticipated in earlier corporate
communications. 


Currently, the Board and Interim CEO have initiated an internal review to
further preserve cash, reduce costs and enhance corporate efficiencies. In
addition, the Company continues negotiations with various parties to provide a
short-term financing solution to meet its obligations and to provide funds to
advance the Company's flagship Sangdong Tungsten Project, although there is no
guarantee that such financing may be available. Longer term, the Company, with
the considerable assistance of its largest shareholder, Dundee Corporation,
continues its ongoing discussions with IMC International Metal Working Companies
B.V. in order to reach a successful completion of the strategic transactions
announced in February 2012. 


The current Board review also investigated, with the assistance of Dundee
Corporation, the technical aspects of the Sangdong Tungsten Project and
identified considerable additional test work necessary to bring the project to
commercial preparedness. This will require additional funding to complete.
Meanwhile, a full complement of staff and employees remain on site at the
Sangdong Tungsten Project planning further technical work and assessment.


On Behalf of the Board of Directors

Woulfe Mining Corp.

Hubert Marleau, Interim Chief Executive Officer and Director

About Woulfe Mining Corp "Unearthing Global Assets"

Woulfe Mining Corp is focused on 'Unearthing Global Assets' through the
recognition and development of undervalued natural resource projects. Woulfe
differentiates itself by boasting significant technical expertise in the design,
development and operation of mining projects.


Our flag ship project is the Sangdong tungsten mine in South Korea, historically
the world's largest tungsten mine for over 40 years. Sangdong is expected to
return to production by Q4 of 2013. Woulfe has entered into strategic agreements
with International Metalworking Companies B.V. ('IMC'), part of the Berkshire
Hathaway group of companies. This partnership brings strategic advantage given
Woulfe's mining and processing technical abilities and IMC's downstream
manufacturing skills, high level of innovation and quality of products sold into
the global tungsten market. Woulfe Mining Corp. is a Canadian TSX-V listed
company. Further information can be found on Woulfe's website
www.woulfemining.com or on info@woulfe.com.au.


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; failure to complete the
strategic arrangement described in this release, including because of the
failure to satisfy the conditions to closing of the transaction, 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Woulfe Mining Corp.
Hubert Marleau
Interim Chief Executive Officer and Director
343-370-1943


Woulfe Mining Corp.
Administration Office
+1 604 684 6264
+1 604 684 6242 (FAX)
info@woulfe.com.au
www.woulfemining.com

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