Debt package for the Hemerdon project

3 September 2012

Wolf Minerals Limited

Wolf to simplify debt package for the Hemerdon project

Wolf Minerals Limited (ASX: WLF) (AIM: WLFE) ("Wolf") the specialty metal exploration and development company is pleased to announce that it has mandated UniCredit Bank AG (UniCredit Corporate & Investment Banking), ING Bank N.V. and Caterpillar Financial SARL to seek a revised credit approval to provide senior debt finance facilities totalling £75 million (AU$114 million) to fund the commercial development of the Hemerdon tungsten and tin project in Southwest England.

During the completion of the documentation process of the previous senior debt facility and offer of subordinated debt funding from offtakers, an opportunity to simplify the financing structure was identified. This has resulted in the existing senior debt providers seeking to expand their position from £55 million to £75 million. Wolf therefore proposes to finalise the offtake agreements without the requirement for subordinated debt. Wolf has ceased to progress the existing credit approved offer of £55 million of senior debt and has mandated the Company's existing banking syndicate to seek credit approval for an expanded and simplified funding package.

This simplified funding solution will support the planned construction of the Hemerdon project, based on the Definitive Feasibility Study completed in May 2011.

Provision of the senior debt finance facility is subject to completion of the project finance documentation and the usual credit approvals and conditions precedent customary for a financing of this nature.

The current timetable is for the lenders to obtain a credit approval for the revised funding facility by mid October 2012.

Commenting on the revised proposal from the debt financing providers Wolf Managing Director, Humphrey Hale, said:

"It is a significant vote of confidence in the project that the banking syndicate wished to expand their facility. Wolf and its banking partners have cemented a strong working relationship and we look forward to their continued support as we develop the project."

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About Wolf Minerals

Wolf Mineral is an ASX listed and AIM listed specialty metals company focused on developing the world class Hemerdon Tungsten and Tin Project, in Devon, in the south-west of the UK. The Company holds an option over 100% of the Hemerdon project, which the Directors consider to be one of the largest undeveloped tungsten and tin resources in the western world. It is ranked as the fourth largest tungsten deposit in the world in terms of contained tungsten metal, by The British Geological Survey. The Company aims to develop the project into a large scale, open pit mining operation, which will position it as a world class tungsten and tin producer. Wolf recently released a positive Definitive Feasibility Study for the Hemerdon project, and it has updated planning permission for mining until 2021.