Woulfe Mining Reports Continued Strong Drill Results from the Ongoing Sangdong Drilling Program
Vancouver, BC, Canada – May 3rd 2012 – Woulfe Mining Corp. ("Woulfe” or the “Company”) (TSX-V: WOF)
is pleased to announce assay results for samples associated with the drilling program at Sangdong.
Drilling from underground locations at Sangdong is continuing and the results will be used to
progressively update the Resource estimate.
This batch of assay results comprises 16 holes, of which
nine were drilled from Sangdong Level and seven were drilled from raises between Sangdong and 1 Levels.
Most were short holes of 30-50 metres length targeting the Footwall Zones between 1 Level and Taebaek
Level. Two were longer holes to test all three zones, however both terminated at the Main Zone after
intersecting stoped out areas.
Significant Footwall Zone intersections include 13.1 metres true
width at 0.60% WO3 (WSDD0096), including 4.5 metres true width at 0.85% WO3, and 6.9 metres true width
at 0.52% WO3 (WSDD0105). One hole intersected the Hangingwall Zone with an intersection was 7.3 metres
true width at 0.35% WO3 (WSDD0100).
The significant drilling results are summarised as below:
view the entire news release including tables, please follow the
Significant drill intercepts,
defined as any mineralisation of 1 metre lengths or longer, are presented in the tables above. A cut-off
of 0.15% WO3 was used for the intersection calculations.
The drilling program is targeting the
unmined mineralisation in the upper sectionof the mine above the current water level for mine planning
and feasibility reserve estimation purposes. The resource for this section of the mine was re-estimated
following the completion of 90 holes in the current drilling program, resulting in an Indicated Resource
of 16.4 million tonnes at 0.45% WO3, 0.04% MoS2 and an Inferred Resource of 19.4 million tonnes at 0.44%
WO3, 0.05% MoS2 at a cut-off of 0.15% WO3. The resource below the valley floor is 34.519 million tonnes
at 0.47% WO3, 0.07% MoS2 cut off 0.15% WO3.
The samples are prepared on-site in Korea to appropriate
industry standards and sent to SGS Perth, Australia for analysis. Samples are analysed by Inductively
Coupled Plasma Mass Spectrometry (ICP) and for ore-grade quantities of specific elements by aqua regia
or 4-acid digestion followed by ICP analysis. Molybdenum is analysed by X-ray fluorescence. The QA/QC
protocol comprises insertion of one standard, one blank (crushed glass) and one pulp duplicate in every
batch of 20 samples. No QA/QC results are available as yet.
This news release has been reviewed and
approved in the form and context in which it appears by Mr Paul Gribble FIMMM, C.Eng, of Tetra Tech
Wardrop, who is working with Woulfe on the Sangdong studies. Mr Gribble has appropriate qualifications
and sufficient relevant experience to qualify as a Qualified Person for the reporting of exploration
results and Mineral Resources for the Sangdong deposit.
On Behalf of the Board of Directors
Brian Wesson (FAusIMM) President,
CEO and Director
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.
For more information, please contact -
Mobile phone +1 (415) 595-0865
Office phone +1 (514)
Woulfe Mining Corp.
+1 604 684
+1 604 684 6242 (FAX)
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