Woulfe Mining Corp. Moving Forward in South Korea
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/17/12 -- Woulfe Mining Corp. ("Woulfe" or the "Company") (TSX VENTURE: WOF)(OTCQX: WFEMF)(FRANKFURT: OZ4) update to shareholders.
-- Feasibility study is on schedule for release on Tuesday 24th April 2012.
-- Sangdong is in discussion with prospective banks to obtain project
financing. The debt financing is intended to provide all the necessary
capital through the production with no dilution to existing
shareholders.
-- The detail design drawings for the process plant have been completed and
will be submitted to the appropriate Korean government authorities for
final construction approval.
-- Woulfe welcomes Brian Burdett, Project Manager on site in Korea. Brian
is a Metallurgist by training with an extensive 47 years background in
tungsten and resources globally.
-- Sangdong has paid its contribution for the installation of two 10MW
power feeds to the mine site from different regional substations to
allow for security of supply. The plan released by Korea Electric Power
Corporation indicates the installation of the first 10MW by October 2012
and the second 10MW by December 2012.
-- Paste fill disposition and plant design was completed for reaching
feasibility. The paste filling is important as it disposes of all
tailings into the new and old voids behind mining of virgin blocks and
reclamation and stabilizes the mining areas which will be mined through
a cut and fill method.
-- Resource drilling is continuing in the western block of the ore body
1200 metres on strike from the main mine entrance. The eastern area of
the upper section will be mined for the initial 12 years of operations.
-- Moody's upgraded South Korea from A1 to AA3 credit rating this month.
-- The ruling party in Korea has been re-elected with a vast majority in
congressional election held on the 1st April 2012. This is important for
Woulfe as the government departments have worked with the company to
move the project forward, visiting site and understanding all the
parameters of mining.
Brian Wesson, CEO of Woulfe added, "We are now in a development phase and detail design is nearing completion at the Sangdong Project. Woulfe is unique as we are completing our construction drawings in parallel with the feasibility study which allows us to move directly to construction. The Company is well positioned with physical advantage in a low risk, OECD country and we believe production from Sangdong in 2013 will bridge the current gap in the tungsten market. Woulfe is poised to move forward having a good asset and a large strategic partner that provides us with a great platform for success in our drive to be the world's largest tungsten producer outside China."
Background
Sangdong is one of the world's largest tungsten deposits with the longest history of supplying high grade tungsten globally. Woulfe is bringing the project back to life using modern mining and processing technology. The project is unique as it will produce concentrates but also have a refinery to value add the product to be directly used by the tungsten manufacturing industry. Our strategic partner IMC brings a strong balance sheet, process technology and a fixed market for 90% of concentrate and refined product. It has taken Woulfe two years to bring the plan to final execution for shareholders when tungsten is above $40,000 per tonne.
On Behalf of the Board of Directors
Brian Wesson (FAusIMM), President, CEO and Director
About Woulfe Mining Corp.
Woulfe Mining Corp. is a TSX-V listed company with a diversified portfolio of mining licenses for tungsten, molybdenum, gold, base metals and uranium-vanadium in South Korea.
The company's current projects include the Sangdong tungsten-molybdenum mine, historically, one of the largest tungsten mines in the world; the Muguk gold-silver mine, formerly South Korea's largest gold mine, as well as a number of other properties with significant known mineralization and excellent regional exploration potential.
Woulfe has high expectations for near-term, low-cost production. The Company has assembled a highly skilled, in-country, bilingual technical team and a board of directors with an outstanding track record of success.
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 satifsy 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:
Nicola Street Capital
Nick Smith
Mobile phone: +1 (415) 595-0865
nsmith@nicolastreetcapital.com
Renmark Financial Communications
Barbara Komorowski
Office phone: +1 (514) 939-3989
bkomorowski@renmarkfinancial.com
Woulfe Mining Corp.
Administration Office
+1 (604) 684-6264
+1 (604) 684-6242 (FAX)
info@woulfe.au
www.woulfemining.com