GLOBAL MININGINVESTMENT CONFERENCE 2010

STATIONERS’ HALL ● CITY OF LONDON ● TUESDAY-WEDNESDAY, 28-29 SEP 2010

www.ObjectiveCapitalConferences.com

Investment Conferences

Outlook for TungstenBrian Wesson – CEO, Woulfe Mining

DAY 1 – SESSION 1: STRATEGIC METALS AND THE CLEAN-TECH REVOLUTION ?

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GLOBAL MININGINVESTMENT CONFERENCE 2010

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WOULFE TSX-V“WOF”REBIRTH OF THE KOREAN

MINING INDUSTRY

Brian Wesson, CEO and PresidentSeptember 2010

WOULFE TSX-V“WOF”

Statements in this presentation other than purely historical information, including statements relating to Woulfe Mining’s future plans, objectives or expected results, constitute forward-looking statements. 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 PowerPoint 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.

Disclaimer

WOULFE TSX-V“WOF”

Korea ..... Open for investment

• Developed economy

• Safe destination with daily flights from most capital cities around the word.

• Advanced financial and legal system.

• Security of title

• 100% foreign ownership and directors

• 10 year write down of capital

• No government royalties

• Corporate tax rate 20%

• Strong banking sector with moderate rates.

• Located in heart of economic Asia

World’s 11th largest economy, low credit risk rated by Moody as A1, IMF forecast economic growth 6.1%

WOULFE TSX-V“WOF”

Woulfe Mining.... Near term diversified miner

Core Projects• Sangdong tungsten-molybdenum mine,

historically, one of the largest tungsten mines in the world. Focus of Scoping study March 2009

• Sangdong molybdenum stock-work, virgin lodes identified to have high grade veins at 5 to 10 times the molybdenum grade in main lode.

• Muguk gold-silver mine, historically South Korea's largest gold mine mines at 11 grams.

Growth Projects • Uranium, vanadium exploration• Lead, zinc founding mine Korea Zinc

developed• Tungsten project, historical u/g mine

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Tungsten.... Driven by world expansion

60% demand for tool tips used in manufacture

Wear resistant materials

High tech applications in nuclear and fusion applications

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Why invest in Tungsten?

30% price increase

Moly has been over $40/lb APT has been to US$600 mtu in 2010 terms

Supply Tightening with changes in China•Traditionally produced 80% of the world’s tungsten products.

•Strategic metal under quota.•Buying on the open market forcing prices up.

•Taxing export and wages rising•Buying projects and refineries

Source Roskill/ Wolfram

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Why ..Woulfe (TSX-V WOF)?

Issued Shares : 214,292,250

Warrants : 60,638,000

Options : 7,525,000

Fully Diluted : 282,455,250

Liquidity – Ave Vol (3M) 540K

Strong Institutional Shareholders:

• Colonial First State 16%

• Resinco Capital Partners 12%

• US Global 9.9%

• Se Woo Mining Korea 9.9% (Vendor)

Current share price : C$ 0.11 cents

Current Cash position: C$3.5 million

Debt: none

Management – holds warrants and options

Company valued : C$23 million market cap. vs Sangdong scoping NPV C$480 million, IRR

26.6% DCF 8%. Objective Capital values Woulfe C$0.90 to C$1.90/share

Strategically placed in market with no affiliation giving large optionality

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Key Results March Scoping Study Wardrop Eng

Base case assumptions

• Tungsten - Ammonium Paratungstate (APT) Price US$250 /mtu – Current price US$243/mtu

(US$24,300/tonne)

• Molybdenum – US$15.00 per pound

• 2.5 million tonnes milled per annum

• Production APT 6000 tonnes per annum: (Gross US$146 million/annum)

• Mine life 15 years mining with resources base sufficient for 40 years.

• Resource based on foot wall vein, dilution 15% and 95% extraction factor

• Assumes all new infrastructure

Scoping results

• C$480 million Net Present Value (NPV) at 8% discount rate.

• 26.4% Internal Rate of Return (IRR)

• 3.4 years payback on US$ 289 M capital

• Scoping study break even at an APT price US$167/mtu

• Direct operating costs of $ 32.50 /t processed

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Woulfe’s Advantage in Market

• China, becoming net importer and Woulfe has a strategic position, price rising.

• Woulfe is the most feasible project our only large competitor of similar size is North American Tungsten in the ice

with high build cost

• Large skarn deposits are more economic than vein deposits.

• Short development cycle due to extensive existing infrastructure ( mine development ,roads, water, power and

established mine town.

• Known mineralization, mine-ability and metallurgy

• Woulfe has a Mine Development License and has reopened the mine.

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Sangdong is the world’s No. 1 tungsten deposit outside of China

Close on 900 drill holes in the project with 40 years of underground mining of main vein

Sangdong Molybdenum StockInferred Resource-March 2010Cut off 0.16% MoS2

Zone M.Tonnes MoS2 %

Below Skarn 7.1 0.18

1,000 m strike each vein about 7 metres thick Focus of scoping study

900 drill holes

40 drill holes

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Sangdong Mine Crossection• Site offices established• Site accommodation secured• Re-establish Sangdong level

progressing well• Drilling machine to be on site

next month for definitive mine planning

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Sangdong Project Development Time Table

June - appointment of Wardrop engineers for full phase 2 bankable feasibility

June - Mine Development Licence approved by state government

June – Underground mine reopened and first access for 18 years

July – setup site facilities offices accommodation and secured mine equipment

First half - delivery of full bankable feasibility study or go to build

2010

TO PRODUCTION

August – re-opening Sangdong mine main level and prepare for drilling

September – Reserve drilling areas above valley floor approx 3600m

September – Development plan focusing of mining 600,000 tonnes at a target grade of 0.6% W03 and 0.04% MoS2 and expanding to 1.25 million in year 3

December took control, secured assets and cleaned companyJanuary-April deliver positive independent scoping study C$480 million NPV

Evaluation of full development 2013 or Phase 1 in 2011

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Sangdong = Long Term Value

The scoping study by Wardrop proved that this is a long life economic project that has robust economics and is approaching development.

• Strong project economics and long life asset

• Low technical risk

• Low capital requirements

• Short time to production

• Ease of build

• Supportive modern government

• Market on our doorstep

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Muguk Gold Project

What makes this an exciting project?

• Life-of-mine head grade 11 g/t producing 250 t of gold at a cut off of 10g/t leaving sub 10 g/t in situ

• Historical target below 400 m in developed mine and open down dip.

• Large goldfield over 2 km strike with 9 veins.

• Over 1,000 historic face grades were sampled in 1994 at better than an ounce.

• Current mine plans have been located and are being modeled.

• Recent drilling located the No 7 Vein, substantiating the old data at grades consistent with what was expected. Historical grades vary from zero to 384 g/t.

o Sample 1327 414.3m to 415.3m-3.3 g/t gold, 14 g/t silvero Sample 1328 415.3m to 416.3m-7.8g/t gold , 38g/t silver

Korea’s largest historical gold deposit. In 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. (historical resource non compliant JORC and NI43-101)

*non NI43-101 compliant and cannot be relied on

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Muguk Gold ...Korea’s largest gold mine

Yuil operating small mine

Current drill site collar drilling Vein 7 & Vein 8

Projected vein being drilled

Historical resource area

being modelled

A A1

Mined Areas at closure (1994)

Resource Defined by KORES (1994)(non NI43-101 compliant)

Muguk Longitudinal SectionA A1

Mined Areas at closure (1994)

Resource Defined by KORES (1994)(non NI43-101 compliant)

A A1

Mined Areas at closure (1994)

Resource Defined by KORES (1994)(non NI43-101 compliant)

A A1

Mined Areas at closure (1994)

Resource Defined by KORES (1994)(non NI43-101 compliant)

Muguk Longitudinal Section

Lodes open at depth

600 metre depth

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Woulfe’s Experienced Team

Brian Wesson CEO/ President FAusIMM, FAICD, MBA

Mark Gelmon CFO

Amelia Wesson Director/ VP Admin. Corporate

Bill Kable VP Technical

Dr Kevin Kartun VP Business Development IR

Mr Wan Shin Chief Operating Officer Korea ex Marketing Manager

who was based in Zurich

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

Advisor Mr Bog-Gon Kim 30 years service Korean Tungsten at Sangdong, becoming GM

Advisor Kwan-Yi Jeong 5 years as GM Muguk Gold to closure 1997.

Colin Lutherborrow MAusIMM Resource geologist

Alind Nand Geologist MSc Tasmania 15 years Emperor Mines Tech. Service Manager

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Value Creating Board Members

•Brian Wesson CEO/ President, Representative Director Korea –Engineer with 30 years’ experience South Africa and Asia Pacific managing and building mines. Westech International took over the Emperor mine assets in Fiji restarting the mine and listing 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- 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.

•John Icke Director over 12% shareholder , John has over 25 years’ global management experience in both the private and public sector. Currently CEO of Resinco Capital Partners Woulfe’s second largest shareholder.

•Hubert Marleau, Director 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.

•Dr Kevin Kartun, Director and now to VP Business Development IR. Kevin holds a PhD in geology and has 30 years experience in the mining industry and extensive experience as a broker and in investor relations.

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What makes Sangdong so attractive?

– Undervalued M cap C$23 million @ C$0.11 per share, against Scoping NPV C$480 million or C$2 per share

– Robust long life project > 15 years life.

– Low risk as mineralisation known, mined and metal recovered.

– Scoping study is considered conservative .

– Mining Licence approved, underground was accessed in reasonable condition

– Opportunity to accelerate development

– Feasibility underway

– Tungsten market resilient and tightening

– APT prices , 30% in last 12 months.

– Sangdong is well positioned to return as the world’s largest low cost tungsten mine

– Sangdong has potential to be commissioned in 2012

– Upside in Molybdenum and by products bismuth, gold and potential for fluorite.

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Value

Growth

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Investment Case..

• Undervalued – C$23 million market cap vs NPV C$480 million on skarn project, with near term development opportunities in tungsten, molybdenum, bismuth and gold.

• Low Ownership Risk-Security of title, 100% owned projects/ foreign ownership/ foreign directors, sophisticated country which outgrew China last year

• Experienced Management Team in mine development and operation complimented by experienced professionals from former Korean Tungsten team

• Aggressive Development schedule to optimise return

• Low Project Risk mine was mined and metals recovered

• Strong pipeline of diversified advanced projects with known mineralisation

• Close to markets and in heart of world’s economic power house

• Strategic play with institutional shareholders and no off take or affiliation

• Strong market fundamentals across all of target metals, tungsten, gold and molybdenum

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Contact details

Brian Wesson President /CEObrian.w@woulfe.com.auMob +61414406611

For more information Kevin Kartun VP Business Development IRkevin.k@woulfe.com.au Mob +61413806353

www.woulfemining.com Corporate office CanadaMarion McGrath Corporate Secretary408-837, West Hastings Street,Vancouver, BC, V6C 3N6, Canada.Tel +1 604 684 6264Fax +1 604 684 6242

BOOTH 7

Other sponsors & participating organisations:

GLOBAL MININGINVESTMENT CONFERENCE 2010

Lead sponsors:

Media partners: