Shares Issued: 74,637,878 THUNDER BAY, ON, April 24 /CNW/ - WOLFDEN RESOURCES INC. (TSX:WLF) is pleased to announce that it has initiated an underground exploration program of the Ulu gold deposit. It has also completed its diligence of the Lupin Gold Mine and is in the process of preparing the Definitive Agreement to acquire this Project from Kinross Gold Corporation. (TSX:K). An assessment of the potential to re-start the Lupin Gold Mine has commenced. Both Ulu and Lupin are located in the Slave Region of Nunavut, Canada. ULU GOLD DEPOSIT ---------------- Crews have been mobilized to initiate 400m of underground development, to test vein and grade continuity of the 3 largest gold-bearing quartz veins comprising the Ulu gold deposit. According to Mr. George Wahl, a qualified person for the purposes of National Instrument 43-101, these 3 veins host 71 per cent of Ulu's gold resource. Mr. Wahl has concluded that the Ulu deposit has a contained indicated/inferred mineral resource of 1,130,000 million tonnes grading 11.34 g/t gold (373,748 oz). In the current assessment of Ulu, it is contemplated that a gold milling circuit will be built into the High Lake mill. However, with the acquisition of the Lupin Gold Mine, and given positive results at Ulu, Wolfden intends to complete a feasibility study to determine if the Ulu ore can be economically processed at the Lupin Mine, possibly as early as the first quarter of 2007. The Lupin Mine is located approximately 155 km south of the Ulu property. In 2006 Wolfden intends to submit an application to the Nunavut Regulators to re-establish the winter road Echo Bay Mines Ltd. had constructed between Lupin and Ulu in 1996-1997. Echo Bay had established the winter road with the intent on trucking the Ulu ore to Lupin for processing and for re-supply purposes. Furthermore, the re-establishment of this winter road will facilitate the handling of supplies and fuel from Yellowknife to Ulu and High Lake during the winter of 2006-2007 and beyond. LUPIN GOLD MINE ----------------- Having completed the due diligence, Wolfden is in the process of preparing the Agreement to acquire the Lupin Gold Mine from Kinross. Wolfden has also commenced a geological assessment of the Lupin Mine that was closed in February 2005, when gold was in the US$400-$450 range. As part of this assessment, the corporation intends to update the ore reserve/resource estimate for the Lupin gold deposit using current gold prices. Between 1982 and 2005, the Lupin Mine produced more than 3 million ounces of gold at an average grade of +9.0 g/t gold. In January 2005, B.H. Martin Consultants Ltd. performed the last reserve-resource estimate at Lupin for Kinross using a gold price of $US350 for reserves and $US400 for resources. B.H. Martin concluded the Lupin Mine had a combined reserve-resource estimate of 803,000 tonnes grading 8.68 g/t gold (203,293 oz). It is uncertain if these resources were estimated in a way that conformed with National Instrument 43-101. As such, the reader should be cautioned that the resource estimates in this release have not been verified by Wolfden's qualified person and should not be relied upon. However, Wolfden considers the estimates to be relevant, reliable and consistent with CIM definitions. "Wolfden is initiating aggressive exploration and development programs at its Nunavut Projects with the goal of becoming a near-term gold producer in advance of the start up of its two base metal mines," stated Ewan Downie, President of Wolfden. "This work could result in more than 100,000 ounces of annual gold production during the development period of the company's major Izok and High Lake deposits, all located in the same region." David B. Stevenson, P. Geo., Exploration Manager, Ulu is the qualified person responsible for this press release. 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. Wolfden is debt free and has a strong treasury. The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. %SEDAR: 00010215E