Wolfden Submits Re-Zoning Application for a Mine at the Pickett Mt. Project in Maine

Mining Update

Thunder Bay – Mining- Wolfden Resources Corporation (WLF.V)(“Wolfden” or the “Company”) is pleased to announce that its wholly owned subsidiary Wolfden Mt. Chase LLC, has submitted an application to the Maine Land Use Planning Commission (LUPC) in order to re-zone a 374 acre parcel of its 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 is located several miles off of State Route 11, in an area of very low population density, north of the Town of Patten and includes a 1200 tonne per day underground mining operation with a 10-15 year mine life.  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.

“We are very pleased to submit this application where the technical studies to date indicate the operation will be fully protective of the surrounding natural resources and associated recreational activities, the neighboring communities and the State of Maine,” stated, Jeremy Ouellette, VP Project Development.  “In addition, we have hosted public meetings and information sessions in many of the surrounding towns that have resulted in growing community interest as members appreciate the protective nature of Maine’s Chapter 200 mining regulations and their right to be heard in the mine permitting process.”  Several neighboring towns have passed ordinances or resolutions, by public vote, in support of the Project, subject to the prerequisite regulatory approvals.

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.

A copy of the petition and more information about the process is available for download from the LUPC project-specific webpage and the Company’s website.

Pickett Mountain Mineral Resource Estimate

Category Tonnes % Zn % Pb % Cu g/t Ag g/t Au Density % ZnEq
Indicated 2,724,000 8.91 3.83 1.22 97.2 0.8 3.84 17.72
Inferred 3,593,600 9.27 3.83 1.00 105.4 0.7 3.81 17.65

Metal prices used for the estimate: US$1.20/lb Zn, $2.50/lb Cu, $1.00/lb Pb, $16.00/oz Ag, and $1,200/oz/Au, using a 7% cutoff grade that equates to an approximate NSR cut-off of $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.

About Wolfden

Wolfden is an exploration and development company focused on high-margin metallic mineral deposits including base, precious and strategic metals.  Its wholly owned Pickett Mountain Project is one of the highest-grade polymetallic projects in North America (Zn, Pb, Cu, Ag, Au) and its two nickel sulphide deposits in Manitoba represent significant development projects with the potential to be domestic sources of ethically produced base and critical metals for the expansion of renewable energy in North America.

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