Positive Results At Muguk Gold Prospect 

VANCOUVER, BC - Woulfe Mining Corp. reported positive results from its first hole into the Muguk gold prospect in South Korea. The purpose of diamond drill hole MG-1 was to verify the position of Vein No.7 outlined by historical drilling from the 1980's. The Woulfe Mining hole intersected six metres of the No. 7 quartz vein from a depth of 414.3m in the exact position predicted by the historical data. The true width of the vein is estimated at around 3m.

Samples were located on the eastern margin of the vein and represent a horizontal thickness of 1m with an average grade of 5.5g/t gold and 26g/t silver. The hole continued to a depth of 700m in order to define better the geological setting of the deposit. A second diamond drill hole has commenced to test an area of Vein No.7 at 100m to the north and 80m higher than diamond drill hole MG-1. This hole has a planned depth of 450m and results are expected to be announced in early August. The company's address is 1430, 800 West Pender Street, Vancouver, BC V6C 2V6, 604-681-5755, fax: 604-684-2990, email: [email protected] .