Wolfden completes acquisition of Lupin Gold Mine

    Shares Issued: 88,647,878

    THUNDER BAY, ON, March 2 /CNW/ - Wolfden Resources Inc. (TSX:WLF) is
pleased to announce that it has completed the Lupin transaction with Kinross
Gold Corporation (TSX:K) (NYSE:  KGC). Wolfden is now the 100% owner of the
historic Lupin Mine that is strategically located proximal to several of
Wolfden's core projects in Nunavut, Canada.
    As has been previously announced, Wolfden entered into an agreement with
Kinross on June 16 2006 to acquire the Lupin Mine, subject to certain terms
and conditions. The final outstanding condition, the posting of a reclamation
bond in the amount of C$25.5 million to the appropriate government entity in
Nunavut, has now been completed. This bond has now been posted. A Canadian
Schedule I Bank assisted Wolfden by providing a C$30 million non-revolving
term facility. The secured facility contains certain terms and conditions,
including among others (1) the requirement that any outstanding letters of
credit under the facility be cash collateralized within 6 months of the date
of the facility, (2) restrictive covenants including in respect of
acquisitions, mandatory application of any financing proceeds and restrictions
on exploration and capital expenses and (3) specifying events of default in
certain circumstances, including a change of control.
    Between 1982 and 2005, the Lupin Mine produced more than 3.37 million
ounces of gold at an average grade of 0.259 oz/ton Au. At the time of closure
in January 2005, reserves were being estimated using a gold price of US$350
per ounce and resources at US $400 per ounce. Wolfden is currently assessing
the Lupin Mine geology and mineralogy and plans an exploration program for
later in 2007.
    Mining at the Lupin Mine was carried out almost entirely north of the
main shaft. Though the "West Zone" mineralized horizon was known to continue
south of the shaft (the "SOS Zone"), limited development and/or exploration
was carried out on the southern extension. Recent compilation of this horizon
suggests that the SOS Zone has the potential to host considerable
mineralization starting at surface. Additionally, the McPherson Zones, and the
on-strike continuation of this horizon that was found late in the mine's
history, remains wide open up dip, down dip and along strike.
    Following the completion of this assessment, Wolfden intends to begin an
underground drill program with the goal of defining mineral resources and
complete a study regarding the potential to re-start the operation. Following
the drill program a scoping analysis will be conducted to determine the
economic potential of the mineralization. The Lupin Mine and Mill complex are
operationally ready with very little capital required to put it back into
    "Lupin has the potential to become the cornerstone in the development of
several of our deposits in the Kitikmeot Region, which would ultimately allow
the company to make the transition from explorer to producer in the near-term.
Lupin, and its major infrastructure, is expected to provide the back-bone for
the development of our other high-grade polymetallic deposits in the region"
stated Ewan Downie, President & CEO of Wolfden.
    Mr. John F. Cook, P Eng., and Chairman of Wolfden has reviewed the
contents of this press release and is the qualified person under National
Instrument 43-101.

    WOLFDEN is a Canadian based mineral exploration and development company
with a diversified portfolio of advanced stage properties and several ongoing
exploration programs in Canada.

    Some of the statements contained in this press release are
forward-looking statements. Forward-looking statements are not historical
facts and are subject to a number of risks and uncertainties beyond the
Wolfden's control, and may include statements regarding resource estimates,
potential mineralization, exploration results, completion of work programs and
studies, and future plans and objectives. Resource exploration, development
and operations are highly speculative, characterized by a number of
significant risks, which even a combination of careful evaluation, experience
and knowledge may not eliminate, including, among other things, unprofitable
efforts resulting not only from the failure to discover mineral resources but
from finding mineral deposits which, though present, are insufficient in
quantity and quality to return a profit from production. There can be no
assurance that such statements will prove to be accurate and actual results
could differ materially from those suggested by any forward-looking

    %SEDAR: 00010215E

For further information:

For further information: Ewan Downie, President & CEO, Phone: (807)
346-1668, Fax: (807) 345-0284, e-mail: Info@wolfdenresources.com, Web Site:

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