Woulfe Mining Announces Close of $10 Million Equity Financing With Korea Zinc

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/05/11 -- Woulfe Mining Corp. (TSX VENTURE: WOF) ('Woulfe' or the 'Company') is pleased to announce that it has closed a non-brokered private placement (the 'Private Placement') raising $10,000,000. This financing will be 100% subscribed by Korea Zinc Co. Ltd. ('Korea Zinc') as announced by the Company on November 23, 2010. The funds from this financing will be used to identify and progress new projects and as general working capital.

The financing will consist of 33,333,334 units (the 'Units') at a price of $0.30 per Unit. Each Unit will consist of one common share of the Company.

In conjunction with this financing, Korea Zinc will invest $38,000,000 directly into the Woulfe subsidiary Sangdong Mining Co. Ltd. ('SMCL'). As a result of this investment, Korea Zinc will own 51% of SMCL with Woulfe retaining ownership of the remaining 49%. These funds will be used to progress the Sangdong Project through the Feasibility Study, due in 2011. Upon completion of a positive Feasibility Study, Korea Zinc will provide debt financing for all subsequent development of the Sangdong project without further dilution to SMCL.

Additionally, Korea Zinc will invest $1,800,000 into the Woulfe subsidiary Muguk Gold Mining Co. Ltd. (MGMCL). As a result of this investment, Korea Zinc will own 51% of MGMCL. Korea Zinc will also invest $200,000 into the Woulfe subsidiary Chongyang Mining Co. Ltd. (CMCL) resulting in Korea Zinc owning 51% of CMCL.

'Korea Zinc investing $50 million into Woulfe and our subsidiaries is a very significant milestone for our team and our shareholders,' stated Brian Wesson, President and CEO of Woulfe. 'The direct investment into Sangdong will allow that project to progress without further dilution either to the subsidiary or Woulfe directly. The investment into Woulfe will allow us to develop other assets in our portfolio with Korea Zinc as a potential partner for anything we may identify with economic potential.'

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, uranium and 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 producing mine, as well as a number of other properties with significant known mineralization and excellent regional 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.

On Behalf of the Board of Directors Woulfe Mining Corp.

Brian Wesson, President, CEO and Director

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 Montreal

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 Administration Office

408-837, West Hastings Street

Vancouver, BC, V6C 3N6, Canada

1 (604) 684-6264

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