Portfolio News
| June 04, 2010 Woulfe Applies to Reopen Underground Mining at Sangdong Tungsten Moly Project | |
| Woulfe Mining Corp, (TSX-V: WOF) ("Woulfe" or, the "Company") has submitted its Sangdong mine development plan for approval by the provincial government in South Korea. If accepted, the Company will receive a development license which will allow the Company to redevelop the mine and process ore to produce concentrates of tungsten and molybdenum with by-products of bismuth and gold. The Company holds a 25 year mining licence and the development plan approval is required before the mine commercialization can proceed. The Company also requires the licence to facilitate the creation of a bankable feasibility study. The Company intends to gain underground access through this application for the purposes of: • assessing condition of existing access and ore zone; • geotechnical analysis; • trial mining to test bulk mining methods; • bulk sampling for metallurgical testing, and; • verification drilling and face sampling. "This application is a significant milestone for Woulfe. If approved it provides the company with the permission to mine and process ore, de-risking the project prior to feasibility," said Brian Wesson, CEO and President of Woulfe. "Management has put in many hours working with a very professional provincial government to lodge the mine development plan. Korea is an ideal investment location with business conscious, friendly people who demand high standards and get the job done." Woulfe is pleased to announce that it has granted in the aggregate 1,750,000 options at a price of $0.11 per share to certain Officers and/or Directors of the Company. The options are exercisable for a five year period from the date of grant. About Woulfe Mining Woulfe is a TSX-V listed company with a diversified portfolio of mining licences for tungsten, molybdenum, gold, base metals, uranium and 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 producing mine, as well as a number of other properties with significant known mineralization and excellent regional 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. On Behalf of the Board of Directors Woulfe Mining Corp. Brian Wesson President, CEO and Director For further information, please contact Ms. Amelia Wesson (Director), Vice President Admin and Investor Relations (+61416027449) or Nick Smith NSmith@nicolastreetcapital.com Telephone: +1.415.829.7865 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; 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. | |
