GLOBAL RESOURCESINVESTMENT CONFERENCE

STATIONERS’ HALL, CITY OF LONDON ● TUESDAY-WEDNESDAY, 27-28 SEP 2011

www.ObjectiveCapitalConferences.com

South Korea: vying with China for access to 'strategic metals' Brian Wesson – Woulfe Mining

Other sponsors & participating organisations:

GLOBAL RESOURCESINVESTMENT CONFERENCE 2011

Lead sponsor:

Media partners:

@Objectivelive

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Objective Capital LondonSeptember 2011

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DisclaimerStatements 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.

This presentation/powerpoint 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.

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South Korea - The Country

– 50M people (15M in Greater

Seoul)

– In the heart of world growth

– 11th largest economy

– Member of WTO, OECD, G-20– Success stories - Samsung,

Hyundai, Kia, LG, POSCO

– Moody’s ‘A1’; S&P ‘A’

– Educated work force 98% literacy

and 93% pass high school

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South Korea - Open for Business

– 100% foreign ownership of business

– Tax incentives for foreign companies

– No royalties or export tax on Woulfe Resources

– Transportation advantage, close to market and supply chain

– Developed country with superior technology, skills, power, roads and infrastructure

– “Resource Priority” policy by incumbent government

Seoul

SANGDONG TUNGSTEN-MOLYBDENUM MINE

MUGUK GOLD MINE

SOUTH KOREA

Lead/Zinc

Uranium/Vanadium

Tungsten

Daegu

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Woulfe Mining Corp. (TSX-V:WOF)

Muguk Gold Corp

Yeonwha Mining Corp

Sangdong Mining Corp

100% 100%100%

Major Shareholders (September 2011)

Commonwealth Bank of Australia

Korea Zinc

Resinco Capital Partners

Sewoo Mining

36,996,000

33,333,333

25,792,353

20,459,207

13.7%

10.2%

9.6%

7.6%

Listed on TSX (Toronto Stock Exchange) – Venture

Shares Issued & Outstanding

268,456,833

Warrants O/S 42,656,750

Options O/S 13,075,000

Fully Diluted 324,188,583

Market Cap.C$64.4 million (Sept.1, 2011)

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Fundamentals of Tungsten

• Market– “Strategic Metal”– Demand driven by world economic

expansion & industrialization– China supplies 80%+ of tungsten products– China has implemented controls on

exports (Ban on new tungsten mines to end 2012)

– 60% of tungsten used for machine tools– New growth applications in high tech

electronics, LCD & LED panels, space industry, medical instruments, etc.

• Metal Properties – Highest melting point of all metals : 3,422

C°– Wear resistant : 100 times of steel

including abrasion and erosion– Expansion : lowest of all metals

Tungsten Markets – Demand & Supply

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0

20

40

60

80

100

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020kMT

China Non-China

Case BCase A

Widening gap between demand & supply

Source: Mitsui Co., Ltd.

- Case A: Total demand to increase by 5% p.a. after 2010- Case B: Demand for automobile to decrease by 5% p.a. after 2015 　　

Tungsten Markets Tightening

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Global Financial Crisis

Short to medium term hikes expected

Tungsten price to stabilize around

$400

Source: Roskill forecast - Tungsten Market Study (2010. November)

Price increases on

fundamentals

Resilient to economic volatility

Forecast tungsten price APT (US$/mtu)

2010 245

2011 415

2012 475

2013 400

2014 370

2015 395

Woulfe is developing its tungsten/ Molybdenum mine and have started unlocking value of the high grade gold/ silver Muguk mine.

Sangdong Mineral Resources…

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Sangdong Resources – August 2011

Class Zone TONNES WO3(%) MOS2 (%)

Indicated Hanging 1,143,000 0.38 0.07

Indicated Main 2,076,000 0.47 0.03

Indicated Foot 2,749,000 0.41 0.03

Indicated Tot 5,968,000 0.42 0.04

Inferred Hanging 6,073,000 0.38 0.06

Inferred Main 9,002,000 0.5 0.04

Inferred Foot 3,497,000 0.46 0.04

Inferred Tot 18,572,000 0.45 0.05

Sangdong Entire Resources – March 2010

Class Zone TONNES WO3(%) MOS2 (%)

Inferred Hanging 45,800,000 0.32 0.05

Main 0 0 0

Inferred Foot 57,400,000 0.35 0.04

Indicated Tot

103,200,000 0.35 0.04

Historical resource0.4% MoS2 ,16 Mt

Valuation

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Date Consultant Cost (U$M)

March 2010 Wardrop Engineers Scoping Study US$25,000 per tonne US$462

August 2011 Ross Glanville & Associates Ltd before feasibility current valuation range US$200 toUS$ 400 million

US$ 306(pre feasibility)

US$575 (on feasibility)

September 2011 Pricewaterhouse Coopers review and current valuation (confidential report) US$345 to US$390

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Timetable2H 2009 ► New Board and Management.

1H 2010

► Wardrop Scoping Study U$462 million NPV at U$250/mtu APT, resource 103.6 m tons @ 0.35% WO3► Mine Development License obtained► Underground mine reopened and first access for 18 years► Wardrop Engineers appointed for feasibility study

2H 2010

► Establish site accommodation offices and services► Digitize mine plans► Discovered unmined large areas above valley floor► Crusher secured for process plant► Optimum process size of 1.2 million tonnes per annum producing 400,000 mtu WO3 and 500,000 lb MoS2

1H 2011

► Korea Zinc closed C$10 million equity at 30 cents (Jan)► Mine development and plant layout complete (April)► 5,000m drilling (Phase 1) completed (May)► Phase 2 drilling program (Ongoing)

Q3 2011

► Upper section resource numbers released by Wardrop

► Permit for production decline ► Off-take contracts to be signed

► Complete detailed design of dump, storage, crushing and grinding

► Complete floatation layout► Application for construction

Q4 2011

► Cash investment to be secured ► Secure major equipment(mill and jumbo)► Break ground, start earth works and

foundations

► Lease / purchase of land for plant site► Feasibility Study to be completed with

update of resources

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Management• Woulfe Management

– Brian Wesson – CEO / President FAusIMM, MBA

– Amelia Wesson – VP Admin / Corporate

– Bill Kable – VP Technical, MAusIMM– Mark Gelmon – CFO, CA Canada

• Sangdong Mining– Tiger Kim – CEO / President with 28

years in investment banking and corporate restructuring in Korea and Hong Kong

• External Advisors– Wardrop Engineers UK– AMC Vancouver– Frontline Business Korea

• Technical– Alind Nand BSc Aus – Chief Geologist

20 years international experience– Arne Rahnel – Project Manager 35

years experience in plant design– Dr. Kun-Joo Moon PhD – Achieved

PhD from Tasmania working on the Sangdong deposit

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

– Matt Bolu P.Eng – Metallurgist 30 years experience in tungsten industry

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Historical Reserve, 1994, some mining took place 1994 to 1997

Hatched areas, mined

Appendix - Muguk Gold

– Muguk gold and silver project, formerly Korea’s largest gold mine

– Historically produced 580,000 ounces at average 11 g/t – 1.4Mt at 13.5 g/t Au (approx 620,000 oz) and 72.8 g/t Ag (approx

3,322,000 oz) at 10 g/t cutoff (historical high-grade resource not NI 43-101 compliant)

– Free milling ore– AMC Minerals completed 3D model– AMC Appointed to review data and update NI43-101 on basis of 3 g/t

cutoff– Drilling in progress to prove down dip extensions

Fundamentals of investment

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Secure title and recourse

Minerals in the ground

Market fundamentals & competitiveness

Position on cost curve

►Korea is OECD country with German legal system

► Known mineralization; mined and processed 40 years► Grade up 25%, 80 years of resources, 25 M drill spacing

► Easy mining above valley floor► Strong cash flow, quick return on capital► Tax advantage► Inputs to production low cost from Asia

► Twice grade of China with no tax► Tungsten has large ore body, mechanised mined► Gold 13.5 grams per tonne and silver 72.8 g/t

Woulfe Mining Corp Contacts

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Brian Wesson brian.w@woulfe.com.au

P +61 4144 06611

IR Woulfe Mining Corp

Nick Smith, San Francisconsmith@nicolastreetcapital.comP +1 (415) 829-7865

East Coast North America

Barbara Komorowski Renmark

Financial communicationsbkomorowski@renmarkfinancial.comP +1 (514) 939-3989

Edison Investment Research

Lincoln House, 296-302 High Holborn, London, WC1V 7JHTel: +44 (0)20 3077 5700

Corporate office Canada

Marion McGrath Corporate Secretarymcgrath@iocorporate.com408-837 West Hastings Street,Vancouver, BC, V6C 3N6, CanadaP +1 604 684 6264F +1 604 684 6242

www.woulfemining.com

Germany

Value Relations GmbH

P +49 (69) 959246

E-Mail: Info@vrir.de

Christoph Brüning Korea

Tiger Kimtigerkim@woulfe.co.krP +82 10-9128-8881 Objective Capital London

gabriel@objectivecapital.com

+448700802965