Woulfe Mining Corp fka WOF

[SPARK]

Woulfe Mining Buys Out Royalty and Moves to 100% Ownership of Sangdong Project


VANCOUVER, BRITISH COLUMBIA - November 17, 2011 - Woulfe Mining Corp. (TSX-V: WOF, OTCQX: WFEMF, Frankfurt: OZ4) ("Woulfe" or the "Company") is pleased to announce that it has negotiated the purchase of the 2% net smelter royalty retained on the Sangdong tungsten-molybedenum project in South Korea from the vendor, Se Woo Mining Co. Ltd., for CDN$3.5 million, of which $500,000 was paid on execution of the agreement and the balance of which is payable by December 19, 2011. In addition, the Company negotiated an amendment to the acquisition agreement originally dated October 9, 2006 in respect of the Sangdong project, such that the final outstanding 30% interest in the mining titles shall vest to the Company immediately as part of the completion of the payments noted above. As a result of the foregoing, the Company will hold a 100% interest in the Sangdong project. Woulfe will make the payments from working capital.

"The agreement with Se Woo concludes all remaining obligations under the purchase agreement for the Sangdong mine and more significantly buying the 2% NSR (Net Smelter Royalty) is beneficial for shareholders. As the company is focused on development next year, it is important to secure as much value from the project for our shareholders," stated Brian Wesson, President, CEO and Director of Woulfe. "Woulfe's board and management agreed that consolidation of all aspects of the title are particularly important at this time. Based on forward projections of the NSR, we have been able to negotiate a very fair purchase based on cooperation from Se Woo Mining."


On Behalf of the Board of Directors
Woulfe Mining Corp.

"Brian Wesson"

Brian Wesson (FAusIMM)
President, CEO and Director