RARE EARTHS, SPECIALITY & MINOR METALS INVESTMENT SUMMIT

THE LONDON CHAMBER OF COMMERCE AND INDUSTRY ● THURSDAY, 18 MARCH 2010www.ObjectiveCapitalConferences.com

Investment Conferences

3.20 – 3.45 Overview of the Tungsten Market and the challenges of (re)opening the world’s next tungsten mineBrian Wesson – CEO, Woulfe Mining

REBIRTH OF THE KOREANMINING INDUSTRY

Brian Wesson, CEO and PresidentMarch 2010

Statements in this presentation other than purely historical information, including statements relating toWoulfe 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 anduncertainties inherent in Woulfe Mining’s business, including risks inherent in mineral exploration anddevelopment. As a result, actual results may vary materially from those described in the forward-lookingstatements. 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 mineralresources. The issuer is not treating the historical estimates as current mineral resources and thehistorical estimates should not be relied upon.

This PowerPoint presentation was prepared to assist interested parties in making their own assessment ofWoulfe Mining and its mineral properties, and does not purport to contain all of the information that aprospective investor may desire. In all cases, interested parties should conduct their own investigationand analysis of the Company, its assets and the information provided in this presentation. Any and allstatements, forecasts, projections and estimates contained in this presentation are based onmanagement’s current knowledge and no representation or warranty is made as to their accuracy and/orreliability.

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

Disclaimer

Tungsten is 71% heavier than lead, durable,

Tungsten melts at over 3422 degrees Celsius and boils at the temperature of the sun 5700 C

Resists oxidation

High tensile strength (411 Gpa)

Low thermal expansion

Brinell Hardness 2570

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Tungsten minor metal or “super metal”

80% market controlled by China

60% of tungsten demand is tungsten carbide for cutting and boring tools

20% as steel alloys

15% wear products

5% other

Wonder metal used in innovation such as nuclear industry, aerospace, renewable energy.

Expensive not toxic replacement for lead.

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The Market

• China announced this week that no new tungsten mine development licences will be issued till mid next year

• 2008 China imposed export controls and taxes on all tungsten products (indicating the reserves may be not what we think)

• China is a net importer of tungsten, buying concentrate to feed the hungry APT plants that have an over capacity.

• China are becoming involved in most tungsten projects outside of China

• 2002 China withdrew from selling concentrates as it makes no sense to sell concentrates.

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Market dynamics China dominates APT

10000

15000

20000

25000

30000

35000

US$

per

Ton

ne

Value of Tungsten standardised to 100%

Carbide Oxide APT Concentrate

133%

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Challenge and down stream processing

67%

41%69%

88

Tungsten Market

Applications – Metal-cutting tools, drill bits, high temperature alloys, military use and chemical applications.

Consumers – 1. China(largest growth), 2. Europe, 3. North America. India has an emerging demand.

Production - 81,200 tonnes Tungsten per annum, Forecast - 109,328 tonnes by 2012. (2% growth per year, 2190 t/y) Woulfe sees APT prices reaching US$250 in 18 months and higher

in the medium term , easing on the long term

Woulfe the worlds next operating tungsten/ molybdenum mine

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10

Projects

Core Projects

1. Sangdong TungstenOperated for 40 years one of the worlds great mines closed 1992

2. Muguk Gold Project Koreas largest Gold mine closed 1997

Pipe Line of Projects

1. Yeonwha Base Metals significant historical targets

2. Uranium Vanadium Ogchon Greenfields

3. Chongyang TungstenExisting closed mine

Seoul

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Sangdong Cross Section

250m

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Sangdong Scoping Study March 2010

(Note scoping is to an accuracy ±30% and inferred resources)

Wardrop Engineering completed a positive Preliminary Economic Assessment (Scoping Study) based on: Inferred resources in the foot wall only (57.4 Mt at 0.35% WO3 and 0.04 MoS2 ) Resource reduced by 15% dilution at zero grade and a 95% extraction factor.. Mining 2.5 million tonnes per annum from footwall zone, main zone pillars and hanging wall zone not included. Underground mining – cut-off grade of 0.1% WO3, and long term price forecasts of US$250/mtu APT and US$15/lb Mo

Production APT 815,357 mtu (each unit 10Kg ) 8,154 Tonnes APT per annum

Model based on foot wall zone and 15 years production.

Key project parameters are: Capital US$289 million including contingency of 15% of Direct Mining Cost, 10% of Other Direct Costs

26.5% IRR 3.4 years payback on capital Direct cash operating costs of US$32.60/t processed, (Cash margin $22.64 per tonne ore milled) NPV of US$463M pre-tax @ 8% real discount rate,

Break even 0 NPV at 8% at APT price US$163 mtu cash margin

Resources base 103.2 million tonnes at 0.35 WO3

Overall recovery Tungsten 79% , Moly 80%

Processing – crushing, grinding, gravity separation, regrind and flotation. Concentrate feed to APT (Ammonium Paratungstate(NH4)[H2W12O42])

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Sangdong Project

Historic database of ~800 holes drilled underground into skarn horizons, with 90 holes drilled 2007-2008:

25 Km of underground development, vertical shaft and ventilation shafts in place

Existing infrastructure, town, roads, water and power

Application for the Phase 1 mine development license to be submitted in April to access the mine for drilling and trial mining. Trial mining will supply bulk metallurgical samples.

Budgeted for 20,000m drilling to drill approximately 200 holes to upgrade resources to reserve for feasibility.

Dewatering as we move down

Feasibility study to be completed by early 2011

Phase 2 license for development approval

Project financing to be finalised by mid 2011

Projected operations in 2013

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Muguk Gold Project

Located in historic Muguk Gold Field

Bounded to the south by operating Yuil Gold Mine Summit Gold Mine to the south east currently on care-and-maintenance

Sporadically mined from 1913 to 1990’s

Comprises 5 mining rights covering 573ha: Detailed “reserves and resources” provided in a 1994 report by KORES prior to cessation of

mining: “reserves” of 714,000t grading 14.5g/t gold and 83g/t silver

(non NI 43-101 compliant), and “inferred resources” of 705,000t grading 12.5g/t gold and 62g/t silver

(non NI 43-101 compliant)

Total contained metal of approximately 620,000oz gold and 3.3Moz silver

Review of over 1000 face samples taken by Kores prior to mine closure has a mean grade of 30 g/t over an average width of 1.15 metres which is a significant target

Drill rig moving on site to drill the Kores “reserve areas” to verify the historical sampling

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Muguk Gold Project

Description

Mineralisation occurs in steeply dipping, en echelon quartz veins within Jurassic granodiorite: Veins fill numerous N-NW trending fractures dipping at 70-85° to E-NE; Veins extend discontinuously along strike for 400-2,000m on surface; and Veins extend down dip to depths of up to 800m.

Historic mining restricted to few veins: Samhyungje, and to a lesser extent Keumryong and No’s 2, 7 and 8

KORES resource largely restricted to Samhyungje Vein below 400m depth Secondary veins and depth extensions to be evaluated

Significant development in place to 600m depth Historic adits/shafts to be assessed for mine access

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Muguk Gold Project

Muguk Mining Titles Historic Mine Workings Plan

A

A1

Mineralisation Dip 75 degrees ENE

Muguk Mining Titles Historic Mine Workings Plan

A

A1

A

A1

A

A1

Mineralisation Dip 75 degrees ENE

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Muguk Gold Project

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

Kores delineated reserve of 620,000 ounces in 1992 which is not NI43-101 compliant and can not be relied on

Strike of veins 2200 metres

Lodes open at depth

600 metre depth

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Management

Brian Wesson CEO/ President –Engineer with 30 years’ experience, has an MBA and Fellow of the Australian Institute of Mining and Metallurgy and Fellow of Australian Institute of Company Directors. Brian has extensive experience in the operation, design and construction of mines and process plants. Having worked for Rand Mines South Africa for 17 years on Harmony Gold, Durban Deep, ERPM and moved to Asia Pacific in 1993. Executive of Emperor mines prior to forming Westech International Sydney, working with small to medium mining companies resolving technical and operational problems and in the development, design and constructions of mine projects. Westech purchased the Emperor Mine Fiji that was closed in 2006 and reopened and put it back into production prior to listing in London and handing it to River Diamonds now Vatukoula Gold.

Amelia Wesson Director/ VP Admin and Corporate- 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.

Bill Kable VP Technical (CGeol, BEcon, BComm, MAusIMM, SIA(Aff), MPESA) is an economic geologist with over 30 years experience in the minerals, oil and gas and broking industries. His specialisation is valuation and due diligence studies for public reports, corporate mergers, acquisitions and company floats. He has wide experience of projects throughout Australasia, Africa and South America. Mr Kable is the Principal of the mineral consulting firm Kable Resource Associates Pty Ltd (KRA) based in Sydney Australia, and is an Associate Consultant to the international consulting group Behre Dolbear Australia.

Mr Shin Chief Operating Officer Korea – 25 year career in Korean Tungsten Corporation rising to an executive position in domestic and international marketing of Tungsten, based out of Europe. Mr Shin knows the mine the market and Tungsten making him a excellent manager. Mr Shin has access to all the technical staff that built the upgraded Korean Tungsten mine and APT plant. Having these skills available in Korea makes the redevelopment of Sangdong a very achievable task.

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Woulfe listed TSX-V “WOF”

Issued Shares : Warrants : Options :

Fully Diluted :

Previous raising :

Previous basis:

183,408,49358,875,0007,450,000249,733,493

C$6.6 million

8 cents , ½ warrant at 12 cents

Board changed control 18th Dec 09

Board reduced 8 to 5 with 3 new Directors

CEO/ President Brian Wesson FAusIMM

C$0.21

C$38.5M

Commonwealth Bank , Colonial First State (15.8%)

Resinco (13.8%) Sim Jae Youl (11.3%) Vendor of project in Korea

Current share price:

Current market cap:

Major Shareholders:

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Why Woulfe

– Large asset with minimum of 15 years life.

– Market cap C$38 million, 21 cents per share

– Scoping study indicates a value at an 8% discount of NPV 462 million.

– 183 million shares , equates to $2.50 per share, some 12 times the current share price. Noting that the

resources are inferred and the scoping is typically within 30% the value still remains substantial.

– Scoping only considered 45% of the inferred resource and diluted it by 15% at zero grade.

– Scoping assumed new mine infrastructure and ignored all existing underground infrastructure

– Current resource grades are considered conservative, drilling and block modelling has a potential

produce an upgrade in grade as the level of confidence is improved.

– Tungsten markets are tightening as China has restricted exports and imposed taxes. APT demand is

increasing and the supply side has barriers to development. Sangdong is well positioned to be the

worlds next large tungsten mine as it has infrastructure and underground development in place.

– Sangdong is well placed to be commissioned in 2013 which will coincide with the high tungsten prices

as market friction and barriers that other projects have to development.

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Value

Growth

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Diversified mining development company with exploration “blue sky” potential

Experienced management team

South Korea focus

Portfolio of quality assets:

Development stage Sangdong tungsten-molybdenum mine;

Development stage Muguk gold mine; AND

Exploration stage base metal and uranium properties.

Low operational risk

Low country risk

Investment Case

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Fundraising

Woulfe is seeking to raise up to C$10m with a potential greenshoe of up to C$5m

The proceeds of the fundraising will be used for: 20,000 m drilling programme at Sangdong Environmental Impact Statement well progressed and will be completed for Sangdong Assess the condition of the Sangdong underground accesses and old workings Conduct any dewatering, installation of services and stabilising works required @ Sangdong Complete the Sangdong mine block model Conduct trial mining and metallurgical test work @ Sangdong Complete a Feasibility Study @ Sangdong 1,400 m drilling programme @ Muguk Exploratory drilling to meet minimum work commitments to maintain its other licenses

The Fundraising is anticipated to close in late March / early April

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www.woulfemining.com