Woulfe Mining Provides Update
VANCOUVER, CANADA -- (Marketwired) -- 05/17/13 -- Woulfe Mining Corp. ("Woulfe" or the "Company") (TSX VENTURE: WOF)(OTCQX: WFEMF)(FRANKFURT: OZ4) provides the following corporate update.
Following the resignation of the former executive management team (See News Release dated February 27, 2013), the Board and the interim CEO have initiated a comprehensive investigation into the Company and its subsidiaries to ensure business continuity. Following an extensive internal and external assessment of the Company and its subsidiaries, the Board and interim CEO have identified issues relating to liquidity and the ability of the Company and its subsidiaries, including Sangdong Mining Corp., to meet various payables beyond the next few months.
The Board and interim CEO recognize the seriousness of these issues, including the potential ability to advance its key Sangdong Tungsten Project located in South Korea in the manner and timing anticipated in earlier corporate communications.
Currently, the Board and Interim CEO have initiated an internal review to further preserve cash, reduce costs and enhance corporate efficiencies. In addition, the Company continues negotiations with various parties to provide a short-term financing solution to meet its obligations and to provide funds to advance the Company's flagship Sangdong Tungsten Project, although there is no guarantee that such financing may be available. Longer term, the Company, with the considerable assistance of its largest shareholder, Dundee Corporation, continues its ongoing discussions with IMC International Metal Working Companies B.V. in order to reach a successful completion of the strategic transactions announced in February 2012.
The current Board review also investigated, with the assistance of Dundee Corporation, the technical aspects of the Sangdong Tungsten Project and identified considerable additional test work necessary to bring the project to commercial preparedness. This will require additional funding to complete. Meanwhile, a full complement of staff and employees remain on site at the Sangdong Tungsten Project planning further technical work and assessment.
On Behalf of the Board of Directors
Hubert Marleau, Interim Chief Executive Officer and Director
About Woulfe Mining Corp "Unearthing Global Assets"
Woulfe Mining Corp is focused on 'Unearthing Global Assets' through the recognition and development of undervalued natural resource projects. Woulfe differentiates itself by boasting significant technical expertise in the design, development and operation of mining projects.
Our flag ship project is the Sangdong tungsten mine in South Korea, historically the world's largest tungsten mine for over 40 years. Sangdong is expected to return to production by Q4 of 2013. Woulfe has entered into strategic agreements with International Metalworking Companies B.V. ('IMC'), part of the Berkshire Hathaway group of companies. This partnership brings strategic advantage given Woulfe's mining and processing technical abilities and IMC's downstream manufacturing skills, high level of innovation and quality of products sold into the global tungsten market. Woulfe Mining Corp. is a Canadian TSX-V listed company. Further information can be found on Woulfe's website www.woulfemining.com or on info@woulfe.com.au.
Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. We have made certain assumptions about the forward-looking statements and information and even though our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statement or information will prove to be accurate. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors include, among others, the following: commodity price volatility; discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries; mining operational and development risk; litigation risks; regulatory restrictions, including environmental regulatory restrictions and liability; failure to complete the strategic arrangement described in this release, including because of the failure to satisfy the conditions to closing of the transaction, risks of sovereign investment; currency fluctuations; speculative nature of mineral exploration; global economic climate; dilution; share price volatility; competition; loss of key employees; additional funding requirements.
There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change and you are referred to the full discussion of the Company's business contained in the Company's reports filed with the appropriate regulatory authorities.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Woulfe Mining Corp.
Hubert Marleau
Interim Chief Executive Officer and Director
343-370-1943
Woulfe Mining Corp.
Administration Office
+1 604 684 6264
+1 604 684 6242 (FAX)
info@woulfe.com.au
www.woulfemining.com