Woulfe Mining Corp WFEMF

Monthly Report

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As below, 12 month work program only started in April... Provide a general overview and discussion of the activities of management. As announced in the Company’s news release dated October 28, 2013, the Company completed its comprehensive review of its June 6, 2012 feasibility study prepared for the Sangdong project as prepared by TetraTech WEI Inc. under the direction of previous management. This review was completed by the Company with the assistance of its largest shareholder, Dundee Corp., and has identified that considerable additional testwork is necessary to bring the Sangdong project to proper commercial and financial preparedness (the “work program”). The new work program will include diamond drilling to better define the orebody – in particular, those areas of the resource that could potentially be mined in the early years of the mine’s life. Additionally, further work must be completed on mine design, mining method selection, metallurgical process design and much derisking of other technical aspects of the Sangdong project. It is estimated that this work program will cost approximately $6-million and take twelve months to complete.