Woulfe Mining Secures Korea Zinc as Strategic Partner

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/23/10 -- Woulfe Mining Corp. (TSX VENTURE: WOF) ('Woulfe' or the 'Company') is pleased to announce it has entered into a Heads of Agreement (HoA) with Korea Zinc Co., Ltd. ('Korea Zinc'), one of the largest zinc/lead smelters in the world with a market capitalization of approximately US$5 billion which is listed on the Korea Stock Exchange in the Republic of Korea (South Korea). www.koreazinc.co.kr

The agreement is proposed on the following basis:

Initial Investment

--  Korea Zinc places CDN$10 million at CDN$0.30 per share into Woulfe
    resulting in 13.46% ownership of the common shares of the Company;
--  Korea Zinc will receive one seat on the board of Woulfe in a Non
    Executive capacity.

The deal is subject to TSX-V exchange approval, the approval of Woulfe shareholders at the scheduled AGM and extraordinary meetings on the 21st January 2011 and due diligence completion over the next 60 days.

Subsequent Investment

Woulfe 100% owned Sangdong Mining Corporation financing:

--  Korea Zinc will invest CDN$38 million of cash into Sangdong Mining
    Corporation;
--  Korea Zinc will arrange subsequent financing to complete the development
    of the Sangdong project on announcement of feasibility study due in
    2011.

In return, Korea Zinc will acquire 51% of the Woulfe subsidiary, Sangdong Mining Corporation.

Woulfe 100% owned Muguk Gold Corporation financing:

--  Korea Zinc will invest CDN$1.8 million into Muguk Gold Corporation to
    acquire 51% of the project.

Woulfe is pleased to welcome Korea Zinc as a strategic partner. Korea Zinc is an outstanding technologically advanced company having built its business core in zinc over the years to a US$5 billion market capitalization company with smelters in Korea and Australia and mining interests globally.

Korea Zinc is an ideal match for Woulfe to realize the potential of the Sangdong Tungsten/Molybdenum project and advance the Muguk Gold project as Korea Zinc has significant experience in mine and process plant development which will be invaluable to the Woulfe team in executing the Sangdong project.

The financing is sufficient to take the Sangdong project to production capitalizing on the recent tungsten price increases that have resulted in the tungsten price rising to US$300/mtu a growth of 57% this year.

Brian Wesson, President and CEO of Woulfe added, 'Woulfe could not wish for a better partner than Korea Zinc as they have a very impressive track record globally and bring immeasurable benefit to Woulfe and its shareholders. The financing package also allows the company to accelerate work at the Muguk Gold project.'

On Behalf of the Board of Directors

Woulfe Mining Corp.

Brian Wesson, 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.

About Korea Zinc Company

Korea Zinc is an integrated zinc and lead producer with over 30 years of history in smelting. It has two smelters in Korea and Australia. Smelting capacity of company's Korean Smelter('Onsan Smelter') is 500kt of zinc and 250kt of lead and Onsan smelter is expected to produce 460kt of zinc and 200kt of lead during this year. Its Townsville smelter in Australia has capacity of 220kt of zinc and is producing 200kt of zinc per annum. Korea Zinc is listed on Korea Stock Exchange and has its head office in Seoul, Korea. Korea Zinc has U$2.6 billion total assets and a market capitalization of approximately U$5 billion. Its expected and consolidated sales revenue in year 2010 is U$3.2 billion.

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.

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.

Contacts:

Woulfe Mining Corp.

Kevin Kartun

VP Business Development IR

Mobile phone: +61413806353
kevin.k@woulfe.com.au


Renmark Financial Communications

Barbara Komorowski

Mobile phone: +1 (514) 826-0157
bkomorowski@renmarkfinancial.com


Nicola Street Capital

Nick Smith

Mobile phone: +1 (415) 595-0865
nsmith@nicolastreetcapital.com


Woulfe Mining Corp.

Woulfe Administration Office

+1 604 684 6264

+1 604 684 6242 (FAX)
info@woulfe.com.au
www.woulfemining.com