Wolf Minerals Regulatory News (WLFE)

3 October 2013

Wolf Minerals Limited

("Wolf" or "the Company")(ASX: WLF AIM: WLFE)

Investor Update

ISSUE 14: October 2013

Welcome to the latest issue of the Wolf Minerals Investor Update newsletter.

Since our last Investor Update I am pleased report on another period of continued progress and development at our Hemerdon tungsten and tin project in Devon, in the UK.

The company is now well and truly in the transition phase from exploration to development and construction, and eventually production.

After finalising a major funding package for the Hemerdon project, we have moved quickly to put those funds to work.

As part of our planning permission to develop the project, the company is required to purchase a number of properties around the Hemerdon site. This purchase program is progressing well. We are also continuing with our program of archaeological work at Hemerdon. This is proceeding according to plan and outcomes of the program will be advised in due course.

In July, we awarded a major contract for the project, with the award of an £85 million Mining Services contract. This is one of the key contracts for the project, and comes after the £75 million EPC contract was commenced earlier in the year.

Also as part of our progression in to the construction phase at Hemerdon, we recently announced details of a number of new appointments to the Hemerdon project management team. I am delighted to welcome all new appointees to the company and wish them well in their new roles.

I would also like to welcome Ronald (Ronnie) Beevor to the Wolf board as an Independent Non-executive Director. Ronnie is a highly experienced and successful mining industry professional and the company looks forward to his input as we continue to advance the Hemerdon project towards production.

I trust you enjoy this issue of the Wolf Minerals Investor Update.

Humphrey Hale

Managing Director

MINING SERVICES CONTRACT AWARDED

In July the Company reported yet another significant milestone in the development of the Hemerdon Project when it awarded the project's Mining Services Contract.

The contract is worth £85 million (A$144.9 million) and is made up of two parts, as follows;

Phase 1: Mining pre-strip and Mine development and,

Phase 2: Mine production.

The contract term for Phase 1 is 11 months, and Phase 2 has a five year term from completion of Phase 1. It is currently anticipated that Phase 1 will commence in March 2014.

The Mining Services contract was awarded to CA Blackwell (Contracts) Limited, after a competitive tender process.

Wolf tendered the contract in the UK and internationally and received 11 quality bids. The bids were evaluated on quality and price.

The contract pricing reinforces the strength of the Hemerdon project's base case financial model, and compares very well with the project's Definitive Feasibility Study estimate (of May 2011) of £85.5 million (A$145.7 million).

The award of the Mining Contract comes after the £75 million (A$127.8 million) Engineering Procurement and Construction (EPC) Contract commenced in June.

About CA Blackwell (Contracts) Limited

CA Blackwell (Contracts) is part of the Blackwell group, which was established in 1956 and employs around 450 people in the UK. It undertakes multi-disciplined construction projects encompassing the entire project delivery chain from concept to design, procurement, construction, commissioning and maintenance.

NEW APPOINTMENTS TO THE TEAM

In line with its continuing transition from explorer to developer and emerging producer, the company recently made a number of new appointments to the Hemerdon management team. Following is a summary of the new management appointments.

· Mr Mike Lean, Commercial and Financial Manager. Mike has experience in the local extractive industry, with English China Clays, in Cornwall, and previous roles with Morrison Construction and UK-based international building materials company, Hanson PLC.

· Mr Barnaby Hudson, Environmental Manager. He has mining sector experience in Australia and Africa, and will work closely with relevant authorities, including Devon County Council and the Environment Agency, to ensure the Hemerdon project meets strict environmental controls.

· Mr John Briggs, Mineral Planning and Estates Manager. John has lived in Devon for 25 years and has extensive experience in the extractive and waste management industries, including Sibelco's Devon China Clay operations.

· Wolf has also appointed a Civil Superintendent, Construction Manager, Human Resources Manager and Plant and Infrastructure Manager at Hemerdon.

· In addition to the above positions, the following additional management roles have also been confirmed; Mr Andy Bond as Mines Manager, Mr David Howourth as Health and Safety Manager and Mr Charlie Northfield as Process Plant Manager.

WOLF WELCOMES NEW BOARD MEMBER

The company recently appointed experienced mining industry professional Ronald (Ronnie) Beevor as a Non-executive Director. He has prior experience with companies transitioning to construction and production, as Wolf is at the Hemerdon project. Ronnie has more than 30 years experience in investment banking, including Head of Investment Banking at NM Rothschild & Sons, Australia (1997-2002). He is a Director of Ampella Mining Ltd, Bullabulling Gold Ltd, Unity Mining Ltd and Chairman of Bannerman Resources Ltd and EMED Mining Public Ltd.

TUNGSTEN PRICE AT LONG-TERM HIGHS

The tungsten price is currently at long-term highs. Its standard unit of measurement, Ammonium ParaTungstate (APT), is trading close to US$400 per mtu and has risen nearly $100 per mtu since December 2012.

The strong tungsten price is a major positive for Wolf as it moves in to the development phase at Hemerdon, and makes the project's financial model even more robust.

The company believes the outlook for tungsten is positive. Tungsten is classified as one of 14 critical minerals by the EU and is essential in the production of hardened metals. Global tungsten demand is forecast to grow at 6-7% per annum, from 81,084t tungsten trioxide (WO3) in 2010 to 111,602t WO3 in 2015 (Roskill report April 11). The company expects that many potential new sources of supply may be constrained, and, as a result it is well positioned to benefit from a potential supply shortfall as Hemerdon comes into production in around 2015.

The Company continues to make significant progress on other key activities at the Hemerdon project. These include:

· Property acquisitions at Hemerdon Project site. Under the terms of the project's planning permission, a number of properties are required to be purchased around the Hemerdon site in order to develop the project. To date, the majority of properties have been purchased from the landowners. Wolf is continuing to seek to finalise purchase agreements with the last affected landowners.

· Archaeological work at the Hemerdon site ongoing. This is being conducted in line with a pre-approved plan agreed with the Devon County Council and English Heritage. This work has been designed so that clearance can be given for operational areas ahead of development. Outcomes of this program of work will be released as they become available.

NOTES: Currency conversions based on indicative exchange rates on 24 Sept 2013. A Metric Tonne Unit (mtu) is equal to ten kilograms and is a standard weight measure of the tungsten industry.

For further details, please contact:

Notes to Editors

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 released a positive Definitive Feasibility Study for the Hemerdon project in 2011, and it has updated planning permission for mining until 2021.