Research Pit

[Jagman]

Goldcorp to acquire major interest in Wolfden

(WLF at $2.95 Cdn, trading halted on news)

Monday November 28, 9:15 am ET


Shares Issued: 55,122,878
THUNDER BAY, ON, Nov. 28 /CNW/ - WOLFDEN RESOURCES INC. ("Wolfden") (TSX:WLF - News) is pleased to announce that it has signed a letter of intent with GOLDCORP INC. (G:TSX, GG:NYSE) pursuant to which Goldcorp will acquire 6 Million Shares of Wolfden. Goldcorp will also assist Wolfden in arranging financing for the development of its High Lake Project and the companies will endeavor to identify potential mutually beneficial acquisition opportunities.

Goldcorp has agreed to acquire from Wolfden, by way of private placement, three Million Common Shares and three Million Flow-Through Common Shares at a price of $3.60 per share, for total gross proceeds of $21.6 Million. Upon completion of the Offering on or about December 20, 2005, Goldcorp will own approximately 9.82% of the then outstanding common shares of Wolfden. Wolfden plans to use the proceeds from the sale of the Flow-Through Common Shares for exploration programs to be conducted on its Canadian properties. The proceeds from the sale of the Common Shares will be used for working capital purposes. The completion of the Offering is subject to certain conditions and the receipt of all necessary regulatory approvals.

Upon completion of the Offering, Goldcorp has agreed to provide assistance to Wolfden in identifying and arranging for financing in the respect of the development of its 100% owned High Lake Project. Wolfden is in the process of completing pre-feasibility and environmental baseline work in advance of submitting its Environmental Impact Study (EIS) for the permitting of High Lake for production. Wolfden's 2003 West Zone discovery at High Lake is one of the largest and highest-grade poly-metallic (copper, zinc, silver and gold) discoveries that has been made in North America in the last decade.

Additionally, Wolfden and Goldcorp have agreed that, upon completion of the Offering, the companies will work together to identify mutually beneficial mineral projects for acquisition.

Wolfden holds several advanced-stage gold projects in Canada including two in the Red Lake gold camp where Goldcorp operates its Red Lake Gold Mine which are as follows: (i) The Bonanza Gold Project (100% owned), where Wolfden currently has three drills testing a new gold discovery (drill intercepts up to 8.66g/t Au across 22.0 meters) which is located approximately 3.5km to the east of the Red Lake Mine; and, (ii) the East Bay deposit (Wolfden 50%) which is located in the north part of the Red Lake greenstone belt.

"The alliance with Goldcorp offers an excellent opportunity for Wolfden to accelerate growth," stated Ewan Downie, President of Wolfden. "Goldcorp is one of the world's premier mining companies and has an aggressive growth strategy, similar to that of Wolfden. This alliance will allow both companies to pursue further project opportunities and will assist Wolfden in reaching its goal of becoming a significant metals producer".

WOLFDEN is a Canadian based mineral exploration and development company with a diversified portfolio of advanced stage properties and several ongoing exploration programs in Canada. Wolfden is debt free and has a strong treasury.


The statements made in this Press Release may contain forward-looking
statements that may involve a number of risks and uncertainties.
Actual events or results could differ materially from the Company's
expectations and projections.


For further information

Ewan Downie, President, Phone: [phone], Fax: [phone], e-mail: [e-mail], Web Site: www.wolfdenresources.com