Woulfe Mining Announces First Blast of Production Portal at Sangdong Project
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/09/12 -- Woulfe Mining Corp. ("Woulfe" or the "Company") (TSX VENTURE: WOF)(OTCQX: WFEMF)(FRANKFURT: OZ4) is pleased to announce that the first blast took place as scheduled on October 8th, 2012 at the Sangdong tungsten/ molybdenum project in South Korea. The new portal has been named the "Woulfe drive", after the parent company.
The initial production area is only 50 metres from the current portal position. The development of the six metre square access drive, will take 60 days to reach the initial mining area.
Having all mining permits in place, Woulfe is able to focus on mining the high grade eastern section of the main and footwall mineralization, over the next 12 months. Run of mine ore will be stockpiled on surface pending the completion of the crushing plant mid next year. The ore will then be crushed to passing 10mm, and then stockpiled until the mill and flotation plant are completed in the latter part of 2013.
Woulfe currently has 68 staff on site, mining and preparing the site for construction. Trial mining and exploration has yielded over ten thousand (10,000) tonnes currently stockpiled on surface.
Brian Wesson, CEO & President commented: "Having lost time completing Woulfe's strategic agreements with IMC, we are now completely focused on bringing Sangdong to production and achieving positive cash flow."
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 flagship 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