the next tungsten producer

RARE EARTHS, SPECIALITY& STRATEGIC METALSINVESTMENT SUMMIT

IRONMONGERS’ HALL, CITY OF LONDON ● THURSDAY, 17 MAR 2011www.ObjectiveCapitalConferences.com

The next tungsten producerNick Smith – Investor Relations, Woulfe Mining

WoulfeON THE MOVE

SANGDONG 2012Nick Smith

Investor RelationsMarch 2011

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Disclaimer

Statements in this presentation, excludes all historical information, constitute forward-looking statements relating to Woulfe Mining’s future plans, objectives or expected results. Forward-looking statements are based on numerous assumptions and are subject to the risks and uncertainties inherent in Woulfe Mining’s business, including risks inherent in mineral exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements. Note that Woulfe Mining refers to historical resource estimates in this presentation. Source, date, relevance, reliability and explanations on categories are presented with the historical estimates.

A qualified person has not done sufficient work to classify the historical resources as current mineral resources. The issuer is not treating the historical estimates as current mineral resources and the historical estimates should not be relied upon.

This presentation was prepared to assist interested parties in making their own assessment of Woulfe Mining and its mineral properties, and does not purport to contain all of the information that a prospective investor may desire. In all

cases, interested parties should conduct their own investigation and analysis of the Company, its assets and the information provided in this presentation. Any and all statements, forecasts, projections and estimates contained in this presentation are based on management’s current knowledge and no representation or warranty is made as to their accuracy and/or reliability.

Unless otherwise stated, all resource and reserve estimates in the document are historical in nature and do not comply with the current NI 43-101 reporting standards.

This presentation does not constitute an offer to sell or a solicitation to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (“the U.S. Securities Act”) or any state securities law and may not be offered or sold in the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

| Woulfe on the move ̶̶ February 11 | 03WOULFE TSX-V “WOF”

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Woulfe Mining Philosophy

FocusWoulfe is in the business of generating returns for its shareholders, as a growth stock, then moving to cash flow and dividends.

ThroughLocating and developing projects that have known mineralisation in countries that provide security of title and respect capitalism.

ProvisoEnvironment, safety and respect of cultures is paramount to our business.


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► 11th largest economy► 7th largest trading country► Major Korean success stories

include:Samsung, Hyundai, Kia, LG,independent nuclear power generation,worlds largest ship builder,POSCO.

► Population of 50 million people ► Moody’s A1 credit rating► Robust stock market► OECD country, BRIC “K”s

South Korea: The country


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South Korea Open for Business

► Highly educated and motivated people► Sophisticated infrastructure► World’s fastest internet backbone► Local market for all Woulfe’s commodities► Globally competitive construction, civil

engineering skills► Allows 100% foreign ownership of

businesses► 20% corporate tax rate, tax incentives► No royalties or export tax► Supportive, business driven government► “Resource Priority Policy” by incumbent

Government


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Investment Hightlights

Woulfe, a compelling investment story:► Proven Track Records

• Marginal risks of mineralisation or grade as attested by Korea Tungsten/Korea Resource Corp after 900+ drill holes

• Reopening of the world’s largest tungsten mine at US$340+ APT/MTU, which was closed when APT price was US$40 MTU

► Full Support from Government and Community• Special decree on rehabilitation of closed mines• Current regime’s Resource Priority Policy• Swift & fast track environmental permits – PERS in several months

► Growing Demand & Continued Pressure on Price• China declared lowering export quotas with respect to soaring domestic demand;

appreciation of Rmb• A few tungsten mines in the world to be developed to counter China restricting exports• Off-take agreements are available to be entered

► Investment Commitment Secured• Korea Zinc is an investor, board member and is providing local assistance• Company has CDN$11 million in the bank and warrants and options in the money


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Fundamentals of Tungsten

Market► 60% of tungsten used for machine tools

► Demand driven by world economic expansion

► China supplies 84% of tungsten products

► China has declared tungsten a strategic metal and implemented controls on exports

► No new mines expected to open in China until Quarter 3 2011

Metal Properties► Highest Melting point of all metals – 3422 Co

► Wear resistant – 100 times longer then steel in conditions including abrasion, erosion and galling

► Expansion – lowest of all metals


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Tungsten Price – 2010 US Dollars Tungsten APT FOB PRC

Tungsten Markets Tightening


Source: www.metal-pages.com

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New management

Initial raising free trading

European debt crisis / Announce start of feasibility Study / Receive mining approval

Scoping study released

5000 m drilling program

Secure crushing plant

Announce deal Korea Zinc

KZ $10 million placement

TSX-V Trading


Trading Shares 265,106,833 Major shareholders over 10%

Warrants 45,156,750 (0.12c) exp Dec 12 No 1 Colonial First State (Commonwealth Bank Aus

Options 12,325,000 No 2 Korea Zinc Co, Ltd

Fully Diluted 322,588,583 Current cash position CDN$11 million

Liquidity Ave Volume 1 million per day Current Market Cap CDN$60 million

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Sangdong Project Comparison

WO3 Resource in million mtu

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Sangdong Resources

Moly stockwork ► Historical drilling suggests grades of 0.3

to 0.4% MoS2, indicating a target of over 15 Mt.

► MoS2 Wardrop NI43-101 wire frame inferred resource of 7.1 MT @0.18% MoS2

► Cut-off 0.16%

| Woulfe on the move ̶̶ February 11 | WOULFE TSX-V “WOF” 12

Sangdong Inferred Resources – March 2010

Zone M.Tonnes WO3%* MoS2%**

Hanging Wall 45.8 0.32 00.5

Foot wall 57.4 0.37 0.04

Totals 103.2 0.35 0.04

* Cut-off grade 0.1% WO3** NI-43-101 compliant

Close on 900 holes have been drilled to define tungsten resources

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Unmined Ore Zones Discovered

► Hanging and foot wall veins mainly unmined

► Main high-grade lode unmined on margins

► Target 11 million tonnes of better-than resource grade

► The hanging wall and foot wall lodes 103.6 Mt inferred resource

► Scoping based on foot wall only

Going Forward► Drilling of the unmined areas above 1 level to define

reserve for initial 10 years

► Update resource

► Mine plan focused on mining 1.2 million tonnes over 10 years that recoups the capital within two years

► Final permitting for production, extended area

► Feasibility Study and Environmental Impact Assessment

► Definitive mine design

► Finalise funding and construction decision


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Sangdong Project Development TimetableTarget date to commission Sangdong Mine end of 2012

Q4 2009 ► New Board and Management.► KPMG review of property

Q1 2010 ► Scoping study C$480 million NPV at US$250/mtu APT, resource 103.6 million tonnes @0.35%WO3

Q2 2010► Mine Development License approved► Underground mine reopened and first access for 18 years► Wardrop Engineers appointed for feasibility study

Q3 2010► Established site accommodation offices and services► Digitised mine plans► Opened main access and restore first 900 metres► Discovery of large unmined areas above valley floor

Q4 2010

► Drilling started underground Sangdong 5000 metres► Crusher plant secured for process plant► Mine site and plant layout completed► Optimum process size 1.2 million tonnes per annum producing 400,000 mtu WO3 and 500,000 lb MoS2► First pass mine plan completed

2011

► Korea Zinc closed C$10 million equity at 30 cents► Mine development layout completed► 21st Jan at AGM Korea Zinc appointed to Woulfe Mining Board of Directors► Electric power supply for underground established with new surface substation.► Resource drilling accelerated due to delays with two surface and two underground diamond drill rigs.

► Definitive process plant design underway► Off-take contracts ► Upgrade resource statement.► Secure major pieces of equipment, crusher already secured► Surface drilling to compliment underground drilling► Complete all approvals for extended mine area and production


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Muguk Historically Korea’s Largest Gold Mine

► Korea’s largest historical gold deposit.

► 8 parallel veins, 2.2 km strike known to extend 600 m on dip and are open on strike

► Historically produced 8 million ounces gold

► 1994 KORES calculated a historical non- NI 43-101 compliant *620,000 oz at a gold grade of 13.5 g/t and 3.3 Moz at a silver grade 78.6 g/t at a 10 g/t cut-off

► Mine closed in 1997, due to gold price

► Mining Lease 567 hectares

► Woulfe has a planned drilling program at the Muguk property


* Historical estimate does not comply with Canadian National Instrument 43-101 and can not be relied on by investors.

Yuil Gold Mine

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Muguk Drilling


Historic Mine Working Plan

Planned Drill holeThree Brothers vein was the source of 80% historical ounces.

Exploration hole 11 metre @3.3 g/t gold, 14 g/t silver and 0.3 m @7.8g/t gold , 38g/t silver

Exploration hole 20.3 m @ 16.7 g/t gold, 16 g/t silver

MineralisationDip 75 degrees ENE

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Uranium Projects

► Korea is a uranium friendly country with more than 50% of their power generated from nuclear sources

► Korea is an emerging nuclear power station builder

► 7 uranium/vanadium mining leases granted with 4 in final application

► Miwok and Glean areas seen to be the most prospective areas. KORES has carried out drilling along side one of the properties finding grades of 0.04% uranium, however, vanadium runs as high as 0.3%

► Uranium mineralisation is stratabound, hosted in 200m thick Guryongsan Slate

► Woulfe has purchased an XRF unit and ground geochemical analysis during the year has been instrumental in an increase in licensed areas and sets the ground work for NI 43-101


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Executive Management

► Brian Wesson – CEO/President FAusIMM, MBA

► Mark Gelmon – CFO

► Amelia Wesson Director – VP Admin/Corporate

► Bill Kable – VP Technical MAusIMM

Korea Subsidiary

► Tiger Kim – CEO/President Sangdong with 28 years in investment banking, numerous base metal companies, M&A’s, IPOs, operations and restructuring

Woulfe Technical

► Don Smith Manager Geology

► Dr Kun-Joo Moon, PhD from Tasmania worked on the Sangdong deposit

► Kwan-Yi Jeong Mining Engineer 5 years as GM Muguk Gold

► Bog-Gon Kim Geologist 30 years service at Sangdong Mine

► Colin Lutherborrow MAusIMM Resource Geologist

► Peter Gilligan Mining Engineer 30 years experience in metalliferous and coal

► Mat Bolu – Mineral Process Engineering 30 years experience in tungsten industry

► Arne Rahnel - Manager Projects 35 years experience In design

► Alind Nand – Geologist MSc Aus 15 years experience as Technical Service Manager

The Woulfe Team


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Board of Directors


John Icke, Director► John is a major shareholder and has over 25 years’ global management experience in both the private and public sector. Currently CEO of

Resinco Capital Partners Woulfe’s third largest shareholder.

Hubert Marleau, Director ► Hubert is Chairman, Co-Founder and Director of Palos Capital Corporation. With over 30 years of experience in the business and financial

community, Hubert has been Governor of the Toronto, Montreal and Vancouver Stock Exchanges, and a director of the Investment Dealer

Association of Canada.

Brian Wesson CEO / President, Representative Director Korea► Brian is an engineer with 30 years’ experience in South Africa and the Asia Pacific managing and building mines. Westech International

took over the Emperor mine assets in Fiji restarting the mine and listing the company on AIM London. Brian has

an MBA, Fellow of the Australian Institute of Mining and Metallurgy and Fellow of Australian Institute of Company Directors.

Amelia Wesson, Vice President Administration and Director Korea► Amelia is a Principal of Westech who was instrumental in working with governments and staff to restructure the Vatukoula

Mine from 2,200 staff to 700 and induct and retrain the staff. Amelia previously worked in companies servicing the large mines in South

Africa giving her an excellent understanding of personnel and administration.

David Constable, Director► David is a geologist with over 40 years exploration and development experience in Canada and internationally. David holds BSc

(Hons.) and MBA, chartered director having worked as an executive of mining companies such as Normandy Mining Limited FNX

Mining Company Inc.

Mr Yun Choi, Director► Mr. Yun Choi holds a Juris Doctorate degree from the US and is an executive director of Korea Zinc. He is currently serving as a

Chief Executive Officer of ICM Pachapaqui S.A.C in Peru and Vice-president of Pan Pacific Metal Mining Corporation in Canada.

ICM Pachapaqui and Pan Pacific Metal Mining Corporation are wholly-owned subsidiaries of Korea Zinc.

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Risk Mitigation

Finance options► Company has CDN$11 million in the bank

and warrants and options in the money.

► The Korea Zinc HoA suggests a furtherCDN$40million in equity to be placed into the Woulfe subsidiaries.

► On completion of feasibility study Korea Zinc will then arrange the residual finance of approximately CDN$75 million or what is required to complete development of the Sangdong Project.

Technical► Sangdong Project was mined producing tungsten,

molybdenum and bismuth for 40 years.

► Known technology to be installed by globaland local experts.

► Power and infrastructure on site.

► Focus on tungsten, molybdenum, gold, bismuth, uranium, zinc and lead all growth metals.

Licensing► Mine development license was approved

in June 2010, currently applied to expand land holding.

► The mine footprint is small and the old mine site is owned by the county.

► Final mine and process development will be submitted to state and county authorities for construction approval.

Country► Stable government, 20% tax, 10 years tax losses,

5 years tax exemption and no royalties, or export tax.

► Strong rule of law.

► North Korea situation is not seen to be relevant as it has existed for years.

► Provincial, County and people of Sangdong support the project.


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Woulfe Mining and Korea Zinc Signing

The Team

Congratulations

The Signingf


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Investing in Woulfe

Sangdong Value► Drilling underway to define historical reserves

and support feasibility study.

► The unmined area around infrastructure above level one to provide first 10 years mining.

► Main lodes mostly unmined around infrastructure.

► Mine design focused on 1.2 Mt/a and 400,000 Mtu WO3.

► Feasibility underway, scoping study confirmed project economics at US$250 /Mtu tungsten APT.

► Metal prices have remained strong, up over 70% in 12 months and 37% on scoping study.

► Resource suggests a mine life of 50 years.

► Korea Zinc is committed to assisting Woulfe in moving project forward.

Other Projects Value ► High grade molybdenum stock work not included

in study.

► Muguk Gold, initial two drill holes last year, confirmed historical data on vein 7. Plan to drill Three Brothers vein which was the largest vein on the field.

► Uranium/vanadium mining lease increased from 7 to 11, made slow start last year to evaluate the areas.

► Yeonwha lead/zinc previously operating mine was secured last year. No work carried out to date.

► Chongyang tungsten mine was secured last year.


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Woulfe Mining Corp Unlocking Value


Brian Wesson President/CEO [email protected] +61 4144 06611

Nick Smith, San [email protected] +1 (415) 829-7865

Barbara Komorowski Renmark Financial [email protected] +1 (514) 939-3989

Dr Eva Reuter [email protected] +49 (0) 251 980 1560

Corporate office CanadaMarion McGrath Corporate [email protected] West Hastings Street,Vancouver, BC, V6C 3N6, CanadaP +1 604 684 6264F +1 604 684 6242

www.woulfemining.com