Hemerdon Tungsten Project Construction Update

28 May 2014

Wolf Minerals Limited

Hemerdon Tungsten Project

Construction Update

Specialty metals exploration and development company, Wolf Minerals Limited (ASX: WLF, AIM: WLFE) ("Wolf" or "the Company") is pleased to provide an update on construction at its world class Hemerdon tungsten and tin project in Devon, in southwest England, following the successful completion of its £99.2m fundraise last week.

The project's Engineering-Procurement-Construction (EPC) contractor, GR Engineering Services Limited (ASX: GNG) (GRES), was formally authorised to commence the construction phase of the project in February, and a Ground Breaking ceremony was held at the project in March to mark the commencement of the project.

Wolf now advises that construction is well underway and is progressing on schedule. GRES is currently scheduled to finish the plant and hand it over to Wolf in the third quarter of 2015.

The Company's project management team, led by Project Manager Rupert McCracken and Operations Manager Jeff Harrison, is in place and there are currently more than 100 people working at the site.

The initial phase of construction activity at the project has been site preparation, which is now almost complete. Earthworks at the processing plant site are almost complete, and the site is being cleared and old plant infrastructure is being demolished. It is anticipated that that the site will be totally cleared by early June 2014. The first concrete pour for the project's processing plant took place in late May.

Wolf has also commenced an extensive tree-planting program at the Hemerdon site with over 40,000 trees planted.

The Company is currently working to complete construction of the mine access road, and the mine haul road, which will facilitate haulage of waste from the mine's open pit to the project's waste facility.

Construction of the project's mine waste facility is expected to commence in the near future. This will be one of the key components of the project and is one of the major undertakings in the project's construction phase.

Commenting on the progress of construction, Wolf Managing Director, Russell Clark said:

"We are delighted with the level of activity and progress achieved to date at the Hemerdon project site. The Company's project management team and our EPC contractor, GR Engineering, are working extremely well together and construction remains on schedule for the project to be completed on time and on budget in the third quarter of 2015. The next key steps will be further concrete pours at the processing plant and the commencement of the mine waste facility, and we look forward to reporting further updates on construction progress in due course."

A selection of images highlighting construction activity at the Hemerdon Project are available from the Company's website.

ENDS

Russell Clark

Managing Director

For further details, please contact:

Promotion and Marketing

The Company has a corporate video, which provides an update on the Hemerdon Project and it is available to view on the home page of the Wolf company website, at www.wolfminerals.com.au.

The Company's latest Investor Presentation is available, via the following link;

http://www.wolfminerals.com.au/asx-announcements/presentations