Wolfden Resources Corp V.WLF

Effective Date for Premier Gold Mines

[scissors14]

Wolfden Announces Effective Date for Premier Gold Mines Limited Transaction THUNDER BAY, ON, Aug. 17, 2006 (Canada NewsWire via COMTEX News Network) -- Shares Issued: 74,647,878 WOLFDEN RESOURCES INC. (TSX:WLF) is pleased to announce that the arrangement (the "Arrangement") involving Premier Gold Mines Limited ("Premier"), which was approved by the shareholders of Wolfden on June 28, 2006, was approved by an order of the Ontario Superior Court of Justice and is expected to become effective on August 18, 2006. Pursuant to the Arrangement, each shareholder of Wolfden will ultimately receive one new common share of Wolfden and 0.70 of a common share of Premier in exchange for each common share of Wolfden held by such shareholder immediately prior to the effective time of the Arrangement and Premier will acquire the interest of Wolfden in the Bonanza and East Bay Projects as well as certain other mineral property interests of Wolfden in Ontario together with $2,000,000 in cash. It is expected that the new common shares of Wolfden and the common shares of Premier will commence trading on the Toronto Stock Exchange ("TSX") on Tuesday, August 22, 2006 under the symbol WLF and PG respectively. Upon the Arrangement becoming effective, it is expected that approximately 74,647,878 new common shares of Wolfden will be outstanding and approximately 52,253,514 common shares of Premier will be outstanding. Trades in the current common shares of Wolfden on the TSX prior to the anticipated effective date of the Arrangement (being August 18, 2006) that are to settle on or after Monday, August 21, 2006 will be settled with new common shares of Wolfden and common shares of Premier on the basis of one new common share of Wolfden and 0.70 of a common share of Premier for each common share of Wolfden. Premier expects to resume drilling on its 100% owned Bonanza Gold Project where drilling has intersected gold mineralization in several zones over a minimum strike length of approximately 500 meters. Mineralization is open along strike to the southwest and at depth. This drilling will be following up on high-grade mineralization intersected at the southwest end of the Bonanza deposit and will include drilling on the west boundary of the property with GOLDCORP INC. (G:TSX, GG:NYSE). The Bonanza discovery, made in late 2004, is located approximately 3 kilometres west from Goldcorp's Red Lake and Campbell gold mines. Previous drilling (2005) performed by Wolfden on the Bonanza Property intersected significant gold mineralization including 13.27g/t Au across 19.00 meters in hole 05WB-69, 8.66g/t Au across 22.00 meters in hole 05WB-27 and 20.3g/t Au across 3.00 meters in hole 05WB-38 (western-most section). Gold mineralization at Bonanza occurs along the main Red Lake "Mine Trend" in a major east-west shear/alteration zone. Red Lake is world renowned for high-grade gold, with Goldcorp's Campbell and Red Lake Mines being two of the highest grade gold mines in the world. Core at Bonanza has been split, with half sent to Accurassay Laboratories for fire assay. Mr. Matt Long, P.Geo., is the qualified person for the information contained in this press release and is a Qualified Person within the meaning of National Instrument 43-101. WOLFDEN is a Canadian based mineral exploration and development company with a diversified portfolio of advanced stage properties in Canada. Wolfden is debt free and has a strong treasury. The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. %SEDAR: 00010215E SOURCE: Wolfden Resources Inc. John Seaman, CFO, Phone: [phone], Fax: [phone], e-mail: [e-mail], Web Site: www.wolfdenresources.com Copyright (C) 2006 CNW Group. All rights reserved.