Start of Tungsten Mine Project

17 March 2014

Wolf Minerals Limited

Ground-breaking marks start of Wolf's tungsten mine project

Specialty metals development company, Wolf Minerals Limited (ASX: WLF, AIM: WLFE) (Wolf, the Company) is pleased to announce that work to build the first new metal mine in the UK for 45 years is under way following the official ground-breaking ceremony at the site of the £123 million Hemerdon project, near Plymouth, Devon.

The event marks a major milestone in the project which, subject to finalisation of financing, will see the reopening of the historic mine by speciality metals company Wolf Minerals and its development as a world-class source of tungsten concentrate production.

The Hemerdon tungsten resource is the third largest in the world and is located in Devon's traditional mining heartland, to the south of Dartmoor, close to the area's ongoing major china clay operations. Production is expected to start in 2015 at the Hemerdon project and is scheduled to produce 3,450 tonnes of tungsten concentrate annually - equivalent to approximately 3.5 per cent of global forecast demand - providing security of supply for tungsten and valuable export revenue for the UK.

The project will generate approximately 300 direct and indirect jobs during the operational phase and provide a significant economic stimulus into the Plymouth, Devon and UK economies over the next decade.

The ground-breaking ceremony took place at the site of the mine's new £75 million processing plant and was carried out by representatives of the two planning authorities, John Hart, Leader of Devon County Council and Tudor Evans, Leader of Plymouth City Council; Gary Streeter, MP for South and West Devon; Anthony Cobbold, Chairman of the Hemerdon Mine Association; and Jeff Harrison, Operations Manager for Wolf Minerals at the site.

When complete the mine will feature an 850m x 450m open cast pit extending to a depth of 200m, together with a state-of-the-art processing plant and integrated mine waste facility. Initial site clearance and preparation works began in February and have included the building of new upgraded and re-routed bridleways to replace existing paths crossing the mine site.

Wolf Minerals will also shortly commence a major tree planting operation as part of an agreed package of mid- and long-term environmental measures which will see the eventual restoration of the mine site following production as a mix of heath and woodland.

Wolf Minerals managing director Russell Clark said:

"This is a very exciting moment for the project and one which puts us firmly on course to become the next globally significant producer of tungsten concentrate with production commencing in 2015. There is a huge amount of pride within the team for the work which has brought the project to this point and a determination to ensure we continue to hit our key milestones as we work to bring production on stream and create a valuable new industry for Devon and the UK."

ENDS

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Competent Persons Statement

The information in the report to which this statement is attached that relates to Exploration Results and Mineral Resources is based on information compiled by Phil Jankowski, who is a Member of the Australasian Institute of Mining and Metallurgy. Phil Jankowski is a full-time employee of SRK Consulting (Australasia) Pty Ltd ("SRK"), and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Phil Jankowski consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. This information was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

The Ore Reserve estimate is based on work completed by Mr Quinton de Klerk, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr de Klerk is a full time employee of Cube Consulting and has sufficient experience which is relevant to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr de Klerk consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. This information was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.

About Wolf Minerals

Wolf Minerals is a dual listed (ASX: WLF, AIM: WLFE) specialty metals company. With global demand for tungsten rising and future global production expected to be constrained, Wolf Minerals is developing the third largest global tungsten resource at its Hemerdon project, located in the South West of England (see Project location map). The Company has strong cornerstone investors and project finance and environmental permitting in place. Wolf has also secured all major contracts for the project, with GR Engineering appointed the EPC contractor and CA Blackwell being awarded the Mining contract. Offtake contracts are also in place.