Wolfden Resources Inc. extends exclusivity period with Zinifex Limited

    Shares Issued: 88,647,878

    THUNDER BAY, ON, March 8 /CNW/ - Wolfden Resources Inc. (TSX:WLF)
announces that it and Zinifex Limited ("Zinifex") have agreed to amend the
terms of their previously announced exclusivity agreement.
    That agreement, dated February 19, 2007 (the "Exclusivity Letter"), had
provided Zinifex with an initial period in which to complete due diligence and
during such time Wolfden agreed not to solicit other proposals, subject to the
exercise by the Wolfden board of directors of its fiduciary duties. The
Exclusivity Letter also provided that this initial period could be extended to
March 16, 2007 if Zinifex: a) waived or satisfied the condition that its due
diligence be completed; b) confirmed there would be no reduction in the price
per Wolfden common share to be offered in the transaction; and c) confirmed
there would be no adverse change in bid terms as set out in the non-binding
and conditional letter of interest between Wolfden and Zinifex dated February
19, 2007.
    The price per share proposed to be offered by Zinifex has been reduced to
$3.81. Zinifex has waived its condition as to the completion of due diligence
and has confirmed no change in the other bid terms set forth in the
conditional letter of interest. Notwithstanding this reduction in price per
share proposed to be offered, the exclusivity period has been extended to
5:00 pm (Toronto time) March, 16, 2007.
    The parties anticipate commencing negotiations in respect of definitive
transaction documentation shortly. Shareholders are cautioned that no
definitive agreements have yet been reached, other than the Exclusivity
Letter, as amended. There can be no assurances that any transaction will
result, or as to the terms thereof.
    BMO Capital Markets is acting as financial advisor to Wolfden and the
special committee of its board of directors.

    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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