Woulfe Mining Provides Update

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 28, 2013) - Woulfe Mining Corp. ("Woulfe" or the "Company") (TSX VENTURE:WOF)(OTCQX:WFEMF)(FRANKFURT:OZ4) provides the following corporate update.

As reported in the Company's press release dated May 17, 2013, the Company began a comprehensive review of the June 6, 2012 Feasibility Study prepared for the Sangdong Project as prepared by TetraTech WEI Inc. under the direction of previous management. This review has been completed by the Company with the assistance of its largest shareholder, Dundee Corporation, and has identified that considerable additional test work is necessary (the "work program") to bring the Sangdong Project to proper commercial and financing preparedness.

The new work program prescribed will include diamond drilling to better define the ore body, in particular, those areas of the resource that could potentially be mined in the early years of the mine's life. Additionally, further work must be completed on mine design, mining method selection, metallurgical process design, and much de-risking of other technical aspects of the Sangdong Project. It is estimated that this work program will cost approximately $6 million to complete.

Subject to financing, the proposed work program is expected to begin as soon as possible and will take approximately twelve months to complete. In addition to the funds required for the work program, the Company must also seek to raise sufficient capital to fund its working capital deficit and 2014 administrative costs. The total amount of the required financing has been determined to be approximately $9 million, including the costs of the work program as described above. The Company is in discussions with various parties to raise the necessary capital and will provide a further update as soon as it is able.

On Behalf of the Board of Directors

Woulfe Mining Corp.

Hubert Marleau, Interim Chief Executive Officer and Director

About Woulfe Mining Corp.

Woulfe Mining Corp., through its wholly-owned subsidiary, Sangdong Mining Corporation, is dedicated to 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 located outside of China.

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

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.