WOF Woulfe Mining Corp.

Woulfe Mining Corp. ("Woulfe" or the "Company") (TSX
VENTURE:WOF)(OTCQX:WFEMF)(FRANKFURT:OZ4) has arranged a brokered public offering
on a commercially reasonable "best-efforts" basis of $20 million in principal
amount of convertible unsecured senior debentures (the "Offering") at a price of
$1,000 per debenture and having an interest rate of 10% per year, with interest
payable quarterly in arrears on the last day of March, June, September and
December. The debentures will mature and be repayable on June 30, 2017. 


Each $1,000 principal amount of the debentures will be convertible at the option
of the holder into 3,509 common shares of Woulfe, representing a conversion
price of $0.285 per share. 


Each $1,000 debenture shall also include 714 common share purchase warrants of
the Company. Each warrant shall entitle the holder thereof to acquire one common
share of the Company at a price of $0.35 per common share for a period of 24
months from the closing of the Offering. 


The Offering is being made through a syndicate of agents led by Euro Pacific
Canada Inc. as sole book-runner and co-led with Byron Capital Markets Ltd. (the
"Agents") 


The Company shall have the option to redeem up to an aggregate of $7.5 million
of the debentures, on a pro-rata basis, by paying 110% of the face value plus
accrued interest of the debentures redeemed. 


The Company has also granted the Agents an option to distribute up to $3 million
principal amount of additional debentures at a price of $1,000 per debenture to
cover overallotments, exercisable in whole or in part any time up to 30 days
following closing of the Offering. 


The Company intends to use the net proceeds of the Offering for the ordering of
long lead time capital equipment items and advancement of its mineral
properties, including the Sangdong tungsten project, and for general corporate
purposes. The closure of the Offering will enable the Company to maintain its
momentum toward opening the Sangdong tungsten mine in South Korea as scheduled
in 2013. 


The Offering is subject to normal regulatory approvals, including approval of
the TSX Venture Exchange. 


Brian Wesson, President and CEO of the Company, commented "Securing this
Offering enables the Company to maintain, if not accelerate, its aggressive
business development program. Over the course of the remainder of 2012, there
will be many objectives we have to deliver in order to open the Sangdong
tungsten mine, and having funds available on the balance sheet ready to be
deployed is a positive endorsement of our plan." 


On Behalf of the Board of Directors 

Woulfe Mining Corp. 

Brian Wesson (FAusIMM), President, CEO and Director

About Woulfe Mining Corp. 

In partnership with IMC, Woulfe is developing the Sangdong tungsten-molybdenum
mine which was historically, one of the largest tungsten mines in the world and
one of the few long life, high grade tungsten deposits outside of China. The
Company has assembled a highly skilled, in-country, bilingual technical team and
a board of directors with an outstanding track record of success. 


Woulfe Mining Corp. is a TSX-V listed company. 

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; failure to complete the
strategic arrangement described in this release, including because of the
failure to satisfy the conditions to closing of the transaction, 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.

Woulfe Mining Corp. (TSXV:WOF)
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