Woulfe Mining to Drill Investigation Hole at Muguk Gold Deposit

Woulfe Mining Corp. will execute the drilling of a 520m exploration hole to investigate the possible extension of the Vein 2 lode at the Muguk Prospect. Vein 2 was historically the generator of around 75% of the gold production from the mine. Analysis of geological trends and historical underground sampling suggests that Vein 2 may extend to the North of the historically defined resource.

The hole is targeted to intersect the ore position at around 165m to the North of the last mine working on the level 12 (420m from surface) and 125m below an historical exploration drive on the level 8 (285m from surface). The most northerly historical underground sampling on the level 12 indicates the vein to be 2.1m true thickness at 10.7g/t gold. On level 8 immediately above the target area, historical sampling shows the vein to be 1.6m true thickness with grades varying from 5.8g/t to 14.7g/t. The drilling is scheduled to commence on the 15th of February.

The Muguk mine was the most productive gold mine in South Korea with a reported historical cut-off grade of 8g/t and a life of mine head grade of 11g/t with mill recovery rates reported as 96%. The mine ceased operation in 1997 due to very low gold prices with significant historical resource left insitu.

Brian Wesson, President, CEO and Director of Woulfe stated, “The Muguk gold mine has the potential to be a major asset in the Woulfe portfolio. We are committed to defining the resource to NI 43-101 standards. This hole will test the northern extension of the historic resource. If the mineralization continues, we will develop a plan which includes expanding the resource in addition to bringing it to current standards.”