PEA For The Pickett Mt. Project In Maine

THUNDER BAY, ON – Wolfden Resources Corporation reported positive results of an independent Preliminary Economic Assessment (PEA) for its wholly owned Pickett Mountain high-grade polymetallic project in Northeastern Maine.

The PEA financial model used consensus metal prices assumptions of $1.15/lb Zinc, $1.00/lb Lead, $3.00/lb Copper, $18.00/oz Silver and $1,500/oz Gold. Full details of the Preliminary Economic Assessment in the form of a technical report for the purposes of NI 43-101.

“The PEA underscores our belief that the solid economics of the Pickett Mt. Project and its resource are still largely unrecognized by investors and not reflected in the current market capitalization of the company,” stated Ron Little President and CEO of Wolfden. “With base metal prices moving higher, these results reaffirm our commitment to increase and upgrade the mineral resources through aggressive exploration and to further de-risk the project with our ongoing pre-permitting efforts and additional technical and baseline studies.”

“The Pickett Mountain deposit represents one of North America’s highest-grade undeveloped polymetallic deposits with fundamentals that are indicative of a top quartile project, including one of the lowest C1 Costs $0.38/lb zinc (Net Direct Cash Cost) in our sector,” stated Jeremy Ouellette Vice President of Project Development. “With this kind of a break-even zinc price, the project can sustain metal price market declines that have not been seen in decades. In addition, the project is extremely well located close to infrastructure and services yet is far enough removed from the nearby towns (10 miles) with a site location that exhibits very low environmental and social impacts. The project is expected to generate over 100 full time jobs and add significantly to the local and state economies.”