Woulfe Mining Corp fka WOF

[Sultan]

Attended Vancouver Resource Conference ..

Nick and Meredith (IR) were present.. Lots of traffic at the booth.. Quite encouraging.. Had a long chat with Brian W., CEO as well.. Here is what I remember..

- Resource update news release in couple of days per Nick..

- Feasibility Study in 60-90 days - Part of the delay is due to lab work that was moved from Canada to China.. Chinese have the skills since they are the main Tungsten players at this point.. Bankable Feasibility Study is important if we take the debt finaning route..

- Financing and Off take discussions are on going with multiple parties - Capital cost # is still around $130m - Debt financing being considered as well.. Korean Zinc may not be one of the parties staying with their current stake..

- Management looking for best deal for share holders with minimum dilution. Deal along the lines of Korean Zinc from last year are around but WOF has comes a long way from then so no reason to sign such a deal.

- Responses to RFPs are in.. Top notch player with competitive bids.

- Lead time for mills etc. means order must be placed by March, 2012.. So in that sense we are getting near crunch time.. TIght if one considers debt financing, and feasibility study milestone..

- Very strong local support for the project..

- Insider trade of 2m shares by the CEO was a favour to a friend who wanted in on the project.. Reason it is at .35 is because deal was made last year when the price had moved up around that range..

- Remaining payment for 30% buyback with 2% royalty will be in February.. Minor interest cost for that per news release when the deal was announced..

- Cash on hand around $2m

So every thing is moving along but at the same time, we are getting to crunch time.. Finaning news / Offtake agreement is the key news that is required to move the share price as well as raise every one's comfort level so hopefully, we will get that sooner then later..

FWIW..