Woulfe Mining (Wolfram, Molybden, Gold)

Under the Rights Plan, a bidder making a Permitted Bid (as defined in the Rights Plan) for the common shares of the Company may not take up any shares before the close of business on the 60th day after the date of the bid and unless at least 50% of the Company's common shares not beneficially owned by the person making the bid and certain related parties are deposited, in which case the bid must be extended for 10 business days on the same terms to allow other shareholders to deposit to the bid. The Rights Plan will encourage an offeror to proceed by way of Permitted Bid or to approach the Board with a view to negotiation by creating the potential for substantial dilution of the offeror's position if a non-Permitted Bid is attempted. The Permitted Bid provisions of the Rights Plan are designed to ensure that, in any take-over bid, all shareholders are treated equally, receive the maximum available value for their investment and are given adequate time to properly assess the bid on a fully informed basis.

The Rights Plan is not being proposed in response to, or in anticipation of, any acquisition or take-over offer and is not intended to prevent a take-over of the Company, to secure continuance of current management or the directors in office or to deter fair offers for the common shares of the Company. The Rights Plan does not affect in any way the financial condition of the Company. The initial issuance of the rights pursuant to the Rights Plan is not dilutive and will not affect reported earnings per share or cash flow per share until the rights separate from the underlying common shares and become exercisable.

The Rights Plan is subject to the approval of TSX Venture Exchange and the approval of the shareholders. Shareholders should refer to the Information Circular for the Annual General Meeting when available for further details.

Mineralisation therefore extends from MG -1 (1.4 metres true thickness at 5.6g/t gold) to historical hole No. 85.3 which intersected a true thickness of 5.4 metres at 7.0g/t gold, including 1.2 metres at 16.9g/t gold and 1.2 metres at 14.8g/t gold, separated by a 3.0 metre unsampled interval.
"These results confirm our expectations at Muguk, historically Korea’s largest producing gold mine," stated Brian Wesson, CEO and President of Woulfe. "The ongoing work at Muguk will define and potentially expand the historic, non-NI 43-101 compliant resource. Our main focus remains the Sandong Project where we have several financial partners exploring strategic relationships in South Korea to fast track production.”

www.woulfemining.com/irm/Company/...CPID=1046&EID=81554828