Woulfe Mining Announces Revised Capital Cost for Sangdong

Woulfe Mining Corp. ("Woulfe" or the "Company") (TSX VENTURE:WOF)(OTCQX:WFEMF)
is pleased to provide an updated capital cost estimate for the development of
the Sangdong tungsten-molybdenum project in South Korea. The new capital cost
estimate is US$135 million for construction of a 1.2 million tonne per annum
("Mta") operation. Woulfe is fast tracking the Sangdong project as previously
announced. In order to understand the costs associated with building the project
for valuation and funding purposes, Woulfe requested the design engineers PT
Contromation Energy Services (Engineering division) of Jakarta, Indonesia
("Contromation") to put together a price estimate to a level of accuracy of plus
or minus 20%.


Brian Wesson, CEO/President of Woulfe, commented, "Woulfe is moving forward
rapidly as the tungsten market is very strong and molybdenum is expected to
strengthen over coming months. The cost estimate allows the company to fully
appreciate the value scenario and economics of the project. The costs will be
benchmarked in Korea later this month as Woulfe has gone out for pricing to
reputable engineering construction companies in Korea for the crushing and
grinding."


The new estimate of US$135 million considers the construction of a 1.2 Mta
process plant and a bulk underground drift and fill mining operation focused on
the top 25% of the deposit which is mostly above the valley floor on the eastern
side of the mine. The updated resource statement released on July 18th focused
on this area and suggests that there are sufficient Indicated resources to
support a 5 year mining operation at the 1.2 Mta production rate. There is good
potential to expand the Indicated resource base in the near future with the
current drilling programme. Costs are different to the Scoping as it's a whole
new plan with ventilation via the existing incline shaft and most of the mining
is above the valley floor with minimal dewatering of the old mine as it is
self-draining below 1 level. 


Some 78% of the capital cost is associated with the construction of the process
plant consisting of crushing, grinding, concentration and refining into Ammonia
Paratungstate ("APT"). Contromation is a multi-disciplined engineering and
construction group with extensive experience in providing outsourcing services
to projects particularly in Asia.


The Sangdong Project has changed dramatically from the Scoping study last year
which considered a 2.4 Mta process plant and mine on a greenfields basis. The
capital assumed that a ring road would be developed to mine the footwall zone at
depth. Cost estimates were benchmarked against North American costs for the deep
underground mine at twice the production rate and 15% less grade. The Scoping
study required two ventilation shafts and a substantial amount of development
and did not take into account any existing infrastructure. The Scoping study was
carried out prior to Woulfe reopening the underground mine and developing a
detailed model of the mine for licensing. The scoping study capital cost
estimate was US$289 million for the 2.4 Mta operation.


Contromation were contracted by Woulfe to carry out the definitive design of the
process plant. The primary crushing equipment was purchased last year and the
design of the crushing and grinding areas has been completed to a high level of
accuracy that would be expected after feasibility. This was necessary to move
the project ahead and ensure that the capital costs to be used in the Wardrop, A
Tetra Tech Company, ("Wardrop") Prefeasibility due out September are based on
quotations in Asia. 


The capital cost estimate will be further refined as part of the Prefeasibility
(September 2011) and Feasibility Study to be undertaken by Wardrop. Economic
viability of the project will remain uncertain until completion of at least the
Prefeasibility Study.


This news release has been reviewed and approved in the form and context in
which it appears by Brian Wesson. Mr. Wesson is an Engineer with 30 years'
experience, an MBA and is a Fellow of the Australian Institute of Mining and
Metallurgy and the Australian Institute of Company Directors. Mr. Wesson has
appropriate qualifications and sufficient relevant experience to qualify as a
Qualified Person for the reporting of the information in this release.


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 is focused on the development of the Sangdong tungsten mine (one of
the world's largest and most renowned tungsten mine's for 40 years) a property
that we believe has substantial value for our shareholders. The outcome of the
scoping study in March 2010 determined that the project NPV was US$467 million
at a commodity price of $25,000 per tonne Ammonium Paratungstate (APT). Today,
the APT price is over US$45,000 per tonne. Woulfe has accelerated the project
due to the robust project and market. The company's target is to move to
production at the end of 2012. In the last 18 months the company has focused on
building the Sangdong tungsten mine team and reopening the mine. The project is
well staffed with professionals and is moving forward rapidly. 


Woulfe Corporate has now turned its focus to the Muguk gold project,
historically Korea's largest producing gold mine. In 1998, Muguk was reported by
Korea Resources Corporation (KORES) to contain a combined resource of 1,418,980
tonnes @ 13.5 g/t gold, 72.8 g/t silver (615,956 oz gold and 3,321,599 oz
silver). Woulfe cautions that a Qualified Person has not done sufficient work to
classify the historical estimate as current, that it is not treating the
historical estimate as current and that the historical estimate should not be
relied upon. A drill campaign is starting drilling the down dip extensions of
the Three Brothers Vein in June 2011. Wolfe's other projects will be considered
once these two projects are moving to production, in order to unlock value for
shareholders and to move the company to a positive cash flow as quickly as
possible.


Mineral resources that are not mineral reserves do not have demonstrated
economic viability.


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.