Woulfe Mining (Wolfram, Molybden, Gold)

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 8, 2012) -                   Woulfe Mining Corp. ("Woulfe" or the "Company") (TSX VENTURE:WOF)(OTCQX:WFEMF)(FRANKFURT:OZ4)  is pleased to provide an update regarding the feasibility study, and  the project manager at the 100% owned Sangdong Tungsten Molybdenum  Project.

Brian Wesson CEO and President of Woulfe Mining  commented, "We have advanced the project significantly in the last two  years and delaying the feasibility study was a hard decision as we  understand how important it is to the market. It was appropriate to  change the test work to China as it is strongly believed that higher  recoveries and simpler flow sheet can be achieved against the historical  process that produced APT (Tungsten) for 40 years from Sangdong. The  appointment of Hanmi Global is a big step as it brings strong Korean  project management still and knowhow to the project to complement our  international design team."

Feasibility

Woulfe stated last year that the feasibility for  Sangdong will be completed by year end and released early in the first  quarter. Unfortunately the drilling ran a month late and the updated  indicated and inferred resources for above level 2 was released in  mid-January. The main delay in the feasibility has been metallurgical  test work that was moved from Canada as laboratories were busy and do  not have the technology developed in China as the world's largest  producer of tungsten for the last 20 years. Korea Tungsten achieved a  recovery of above 70% for the 40 years of operation and given the modern  technologies available Woulfe believes that the Chinese test work has  the potential for higher recoveries in Flotation.

The test results are expected at the end of February  and the completion of feasibility at the end of March 2012. The delay  was to get the optimum flow sheet for the flotation plant design. The  company has bulk samples in China and Australia for a bulk test once the  flow sheet has been finalised in the feasibility study. The delay in  feasibility is not expected to adversely impact on the construction  schedule.

Appointment of Project Manager

Woulfe is pleased to announce the engagement of Hanmi  Global Co., Ltd, formerly known as HanmiParsons Co., Ltd. ("Hanmi") as  the project manager for the Sangdong Tungstun and Molybdenum Mine.  Established in 1996, Hanmi was the first Korean construction and project  management company in Korea and has become a prominent global project  management firm, currently engaged in 120 projects in 40 countries  amounting to over US$3 billion. The engagement of experienced  construction management company will allow Woulfe to accelerate the  tendering and appointment of contractors and will contribute to building  the mine and processing plants on a cost competitive and time efficient  manner. Two of senior officers of Hanmi were already dispatched to and  started working at the mine site as of February 7, 2012.

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; 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.