Wolfden Resources Corporation that the Maine Land Use Planning Commission (LUPC) has deemed its application complete for processing in order to re-zone a 374 acre parcel of Wolfden's wholly owned 7,135 acre Pickett Mountain Project land holdings in Northern Maine, from a General Management (M-GN) designation to Planned Development (D-PD) in T6 R6 WELS. The proposed purpose of the D-PD rezoning is to allow for the construction, operation and reclamation of a state of the art, small foot print underground metallic mineral mine in a manner that is fully protective of the environment. The Project, a 1200 tonne per day underground mining operation with a 10-15 year mine life, is located several miles off of State Route 11, in an area of very low population density, north of the Town of Patten.

The mine and other supporting infrastructure will require a steady-state work force of roughly 272 direct employees and contractors. The mined ore, rich in zinc, copper, lead, silver and gold and will be processed at a different location (not in T6 R6) and therefore is outside of the scope of the application. Moreover, the technical analysis for each component of the Project and each aspect for the protection of natural resources, demonstrate that the Project is feasible and consistent with the values prioritized by the LUPC.

The Project represents a significant opportunity for new economic growth in an area of the State where much of the economy is based on timber harvesting. Wolfden has been working with residents and businesses in the region to ensure that the Project is responsive to the needs of the region and will benefit the people who live and work there. The Project will be developed, operated, and reclaimed in accordance with regulations that ensure protection of the surrounding environment.

The re-zoning application is subject to and will be reviewed under the Commission's Chapter 10 and Chapter 12 rules. Chapter 12 requires a public hearing to be held by the Commission in the area of the project before a final decision on the application. Metal prices used for the estimate: USD 1.20/lb Zn, USD 2.50/lb Cu, USD 1.00/lb Pb, USD 16.00/oz Ag, and USD 1,200/oz/Au, using a 7% cutoff grade that equates to an approximate NSR cut-off of USD 139/tonne at the same metal prices.

An average recovery of 75% for all metals was assumed based on preliminary metallurgical testing. The deposit remains open at depth and into the footwall (north) where continued expansion and infill diamond drilling has the potential to further upgrade and expand the mineral resource.