Woulfe Mining Reports Drill Results for the Sangdong Drilling Program
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/02/12 -- Woulfe Mining Corp. ("Woulfe" or the "Company") (TSX VENTURE: WOF)(OTCQX: WFEMF)(FRANKFURT: OZ4) is pleased to announce assay results for samples associated with the drilling program at Sangdong. Drilling from underground locations at Sangdong is continuing and the results will be used to progressively update the Resource estimate.
This batch of assay results comprises 16 holes, comprising three holes drilled from Sangdong Level and 13 holes drilled from -1 Level. Most of the -1 Level holes were 20-50 metres in length and targeted the Footwall Zones. The Sangdong Level holes were located towards the western end of the orebody and were 50-80 metres in length. Two of the holes targeted the Hangingwall Zone and two were collared within the Main Zone.
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True
Interval Length Width Grade Grade
Hole (m) (m) (m) (%WO3) (%MoS2) Zone
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Footwall Zones
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WSDD0122 Collar 4111574N, 485019E, Azimuth 22, Dip +43, Depth 32m, Target
F/W zones
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Intersection 2.5-15.0 12.5 11.7 0.52 0.01 F2
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Includes 3.5-5.0 1.5 1.4 0.89 0.01 F2
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Includes 9.0-11.0 2.0 1.9 1.80 0.01 F2
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WSDD0126 Collar 4111710N, 484884E, Azimuth 22, Dip +40, Depth 34m, Target
F/W zones
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Intersection 3.0-7.0 4.0 3.7 0.74 0.06 F2
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WSDD0136 Collar 4111498N, 485168E, Azimuth 105, Dip +21, Depth 30m,
Target F/W zones
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Intersection 3.0-11.0 8.0 4.2 0.59 0.03 F2
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Includes 9.0-11.0 2.0 1.1 1.00 0.06 F2
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WSDD0124 Collar 4111671N, 484886E, Azimuth 27, Dip +38, Depth 20m, Target
All zones
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Intersection 0.0-2.5 2.5 2.3 0.85 0.02 F2
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Intersection 12.0-14.0 2.0 1.9 0.85 0.03 F2
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Main Zone
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WSDD0143 Collar 4111951N, 484356E, Azimuth 21, Dip +46, Depth 54m, Target
Main and H/W zones
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Intersection 0.5-9.0 8.5 8.5 0.37 0.07 Main
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Includes 1.5-3.0 1.5 1.5 0.56 0.05 Main
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Hangingwall Zone
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WSDD0153 Collar 4111623N, 485220E, Azimuth 7, Dip +46, Depth 41m, Target
Main and H/W zones
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Intersection 28.0-35.0 7.0 7.0 0.40 0.09 H/W
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Includes 31.0-35.0 4.0 4.0 0.49 0.13 H/W
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Significant Footwall Zone intersections include 11.7 metres true width at 0.52% WO3 (WSDD0122), 3.7 metres true width at 0.74% WO3 (WSDD0126), and 4.2 metres true width at 0.59% WO3 including 1.1 metres true width at 1.00% WO3, (WSDD0136).
The significant drilling results are summarised as below:
Significant drill intercepts, defined as any mineralisation of 1 metre lengths or longer, are presented in the tables above. A cut-off of 0.15% WO3 was used for the intersection calculations.
The drilling program is targeting the unmined mineralisation in the upper section of the mine above the current water level for mine planning and feasibility reserve estimation purposes. The resource for this section of the mine was re-estimated following the completion of 90 holes in the current drilling program, resulting in an Indicated Resource of 16.4 million tonnes at 0.45% WO3, 0.04% MoS2 and an Inferred Resource of 19.4 million tonnes at 0.44% WO3, 0.05% MoS2 at a cut-off of 0.15% WO3. The resource below the valley floor is 34.519 million tonnes at 0.47% WO3, 0.07% MoS2 cut off 0.15% WO3.
The samples are prepared on-site in Korea to appropriate industry standards and sent to SGS Perth, Australia for analysis. Samples are analysed by Inductively Coupled Plasma Mass Spectrometry (ICP) and for ore-grade quantities of specific elements by aqua regia or 4-acid digestion followed by ICP analysis. Molybdenum is analysed by X-ray fluorescence. The QA/QC protocol comprises insertion of one standard, one blank (crushed glass) and one pulp duplicate in every batch of 20 samples. No QA/QC results are available as yet.
This news release has been reviewed and approved in the form and context in which it appears by Mr Paul Gribble FIMMM, C.Eng, of Tetra Tech Wardrop, who is working with Woulfe on the Sangdong studies. Mr Gribble has appropriate qualifications and sufficient relevant experience to qualify as a Qualified Person for the reporting of exploration results and Mineral Resources for the Sangdong deposit.
On Behalf of the Board of Directors
Brian Wesson (FAusIMM), President, CEO 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.
Administration Office
+1 604 684 6264
+1 604 684 6242 (FAX)
info@woulfe.com.au
www.woulfemining.com
Nicola Street Capital
Nick Smith
Mobile phone: +1 415 595 0865
nsmith@nicolastreetcapital.com