[Seoul, Korea& VANCOUVER, BRITISH COLUMBIA=Whowired] May 2, 2012 -- Woulfe Mining Corp. ("Woulfe" or the "Company") (TSX VENTURE:WOF)(OTCQX:WFEMF)(FRANKFURT:OZ4) is pleased to update shareholders regarding developments within Korea that impact its 100% owned Sangdong Project.

As an extension of its agreements signed with Woulfe Mining on February 29, 2012, IMC, a Warren Buffett company, entered into a Memorandum of Understanding with municipal governments in charge. The MOU executed on Wednesday 25rd April among the representative of IMC, the Governor of Gangwon Province and the Mayor of Yeongwol County stipulates "close cooperation between IMC and relevant government authorities for the successful development of the Sangdong Minie project (the "Project")".

According to the MOU, IMC will invest CAD70 million to acquire 25% stake of Sangdong Mine and to build an APT plant.

Gangwon Province and Yeongwol County stated in the MOU that "In order for earlier recognition of IMC's investment effect, government authorities will fully support the Project in the areas of permits, designation of Foreign Direct Investment Zone, building of roads and other infrastructure as well as tax exemption and will continue to attract corporations related to the Project.

Comment from Brian Wesson, CEO of Woulfe:

"This MOU between IMC and the relevant government authorities is of significant importance to us. It was following the Definitive Feasibility Study released by Tetra Tech Company a few days ago in which the NPV of Sangdong Mine for the first 11.5 years was assessed to be $400.5 million or 46% IRR. In addition to the IMC's investment, undivided support from relevant governments will assure the successful completion of the Sangdong Project and will help us achieve the targeted production of tungsten concentrate and APTs in mid-2013."

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; failure to complete the strategic arrangement described in this release, including because of the failure to satifsy 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.

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.

Contact Information

Nicola Street Capital

Nick Smith

Mobile: +1 (415) 595-0865

nsmith@nicolastreetcapital.com

Renmark Financial Communications

Barbara Komorowski

Office: +1 (514) 939-3989

bkomorowski@renmarkfinancial.com

Woulfe Mining Corp.

Administration Office

+1 604 684 6264

+1 604 684 6242 (FAX)

info@woulfe.com.au

www.woulfemining.com