Assay results for the fourth batch of nine batches of samples associated with the now completed drill program at Woulfe Mining’s Sangdong Tungsten Project offer significant encouragement to the company.

The program targeted the unmined mineralization 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 1200 metres along strike and 1500 metres down dip.

The work program is focused on upgrading part of the current NI 43-101 compliant inferred resource to indicated status that in turn has sufficient confidence to be converted to a mineral reserve as part of the feasibility study to be completed later in the year.

The four batches have returned very encouraging grades of tungsten and molybdenum. The best Main Zone results are 45.5 metres from 4.5 metres @ 0.61% tungsten and 0.06% moly, including 6.5 metres from 4.5 metres @ 1.89% tungsten and 0.05% moly; 10 metres from 0 metres @ 0.65% tungsten and 0.06% moly, including 6 metres from 4 metres @ 0.86% tungsten and 0.08% moly; an 6.5 metres from 16.5 metres @ 0.41% tungsten and 0.12% moly.

The best Hangingwall Zone results are 11 metres from 39 metres @ 0.23% tungsten and 0.1% moly; and 5.5 metres from 157.5 metres @ 0.65% tungsten and 0.14% moly. The best Footwall Zone result is 33 metres from 41.5 metres @ 0.26% tungsten; and 0.01% moly, including 4.5 metres from 41.5 metres @ 0.52% tungsten and 0,01% moly, and 8.5 metres from 66 metres @ 0.32% tungsten and 0.03% moly.

The updated NI 43-101 resource estimate is targeted for release at the end of June 2011. Woulfe has commissioned Wardrop Engineering, a Tetra Tech company, to produce the new resource estimate and complete the feasibility study, and has also engaged AMC Mining Consultants (Canada) as geological advisors.

The 2010 March Wardrop scoping study produced an inferred resource of 103.6 million tonnes at 0.35% tungsten and 0.04% molybdenum.

This resource modelled the group of Footwall mineralized zones as a combined unit and the Hangingwall Zone as another unit. Any remaining mineralization from the Main Zone was not included. This resource was classified as inferred primarily because of reliance on the historical underground drilling.

The initial drilling program has been completed. The reopening of the levels above One Level, that is the area targeted for initial mine production, has identified large areas that have not been drilled in the Main and Hangingwall Zones. A second drilling program is now planned to explore the potential of these areas.

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