Woulfe Mining Shareholders Rights Plan to be Implemented at Annual General Meeting
"We are still in the early stages of developing our mineral properties," notes Brian Wesson, Woulfe's president and CEO. "We firmly believe that the value of our mineral properties, especially the Sangdong property, could far exceed the current, relatively small market capitalization of our company. To protect and maximize the value held by our stakeholders we are implementing a shareholders' rights plan."
Under the Rights Plan, a bidder making a Permitted Bid (as defined in the Rights Plan) for the common shares of the Company may not take up any shares before the close of business on the 60th day after the date of the bid and unless at least 50% of the Company's common shares not beneficially owned by the person making the bid and certain related parties are deposited, in which case the bid must be extended for 10 business days on the same terms to allow other shareholders to deposit to the bid. The Rights Plan will encourage an offeror to proceed by way of Permitted Bid or to approach the Board with a view to negotiation by creating the potential for substantial dilution of the offeror's position if a non-Permitted Bid is attempted. The Permitted Bid provisions of the Rights Plan are designed to ensure that, in any take-over bid, all shareholders are treated equally, receive the maximum available value for their investment and are given adequate time to properly assess the bid on a fully informed basis.
The Rights Plan is not being proposed in response to, or in anticipation of, any acquisition or take-over offer and is not intended to prevent a take-over of the Company, to secure continuance of current management or the directors in office or to deter fair offers for the common shares of the Company. The Rights Plan does not affect in any way the financial condition of the Company. The initial issuance of the rights pursuant to the Rights Plan is not dilutive and will not affect reported earnings per share or cash flow per share until the rights separate from the underlying common shares and become exercisable.
The Rights Plan is subject to the approval of TSX Venture Exchange and the approval of the shareholders. Shareholders should refer to the Information Circular for the Annual General Meeting when available for further details.
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, 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"
Brian Wesson
President, CEO and Director
"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."
For further information, please contact
Woulfe Mining Corp.
Ms. Amelia Wesson
Director, Vice President Administration and Investor Relations
Tel.: 6141-602-7449
Amelia.w@woulfe.com.au
or
Nick Smith
NSmith@nicolastreetcapital.com
Tel.: (415) 829-7865
NSmith@nicolastreetcapital.com
Or
info@woulfe.com.au
www.woulfemining.com
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.
Teslin River Arranges Short Term Debt Financing
The funds from the Loan will be used for general working capital.
About Teslin River Resources Corp.
Teslin River Resources Corp. holds the Rand Claims located approximately 7 kilometres southeast of Horsefly in the Cariboo region of central British Columbia. Based on the reported work and drilling by surrounding operators, the area is considered prospective for a large copper-gold porphyry body. Neighboring properties held by Fjordland Exploration Inc. (FEX:TSX-V) and Cariboo Resources Ltd. (CRB:TSX-V) are currently the subject of significant exploration including drilling by Gold Fields Limited (GFI:NYSE) under an option agreement.
ON BEHALF OF THE BOARD
"Michael Sweatman"
Michael Sweatman,
President and CEO
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.
Woulfe Mining Corp. Gold Results Confirm Historic Information
Historical sampling of Vein No.7 at Muguk suggested the mineralisation within the vein is variable with historical 1m assays varying from below detection limit to 384 g/t. There were two significant assays encountered within the vein in diamond drill hole MG-1.
Sample 1327 414.3m to 415.3m 3.3 g/t gold 14 g/t silver
Sample 1328 415.3m to 416.3m 7.8g/t gold 38g/t silver
These samples were located on the eastern margin of the vein and represent a horizontal thickness of 1m with an average grade of 5.5g/t gold and 26g/t silver. The hole continued to a depth of 700m in order to define better the geological setting of the deposit.
A second diamond drill hole has commenced to test an area of Vein No.7 at 100m to the north and 80m higher than diamond drill hole MG-1. This hole has a planned depth of 450m and results are expected to be announced in early August.
Colin Lutherborrow MAusIMM is a geologist who has 30 years experience in underground mines and the delineation of resources and reserves. Mr. Lutherborrow is a Qualified Person as defined in the Canadian National Instrument 43-101 and has read and approved this release.
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, 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 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"
Brian Wesson
President, CEO and Director
For further information, please contact
Woulfe Mining Corp.
Ms. Amelia Wesson
Director, Vice President Administration and Investor Relations
Tel.: 6141-602-7449
Amelia.w@woulfe.com.au
or
Nick Smith
NSmith@nicolastreetcapital.com
Tel.: (415) 829-7865
info@woulfe.com.au
www.woulfemining.com
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. 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.
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.
Teslin River Announces $1,100,000 Private Placement
Each Unit will consist of a common share of the Company and one share purchase warrant. Each share purchase warrant will entitle the holder to purchase a common share of the Company at a price of $0.10 for a period of 12 months from the close of the transaction.
Each FT Unit will consist of a flow-through common share of the Company and one half of one share purchase warrant. Each whole share purchase warrant will entitle the holder to purchase a common share of the Company at a price of $0.10 for a period of 12 months from the close of the transaction.
A finder's fee may be payable on some or all of the units placed. Proceeds are to be used for working capital purposes.
About Teslin River Resources Corp.
Teslin River Resources Corp. holds the Rand Claims located approximately 7 kilometres southeast of Horsefly in the Cariboo region of central British Columbia. Based on the reported work and drilling by surrounding operators, the area is considered prospective for a large copper-gold porphyry body. Neighboring properties held by Fjordland Exploration Inc. (FEX:TSX-V) and Cariboo Resources Ltd. (CRB:TSX-V) are currently the subject of significant exploration including drilling by Gold Fields Limited (GFI:NYSE) under an option agreement.
ON BEHALF OF THE BOARD
"Michael Sweatman"
Michael Sweatman,
President and CEO
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.
Teslin River Acquires Second Copper-Gold Target in British Columbia
The Kenny Dam Property is located in the Vanderhoof area of central British Columbia. As with the Tagai Property acquisition, announced June 7, 2010, the Kenny Dam Property has been acquired from Strategic Metals Ltd. ("Strategic") by paying $50,000 on conclusion of the acquisition, $75,000 on the first year anniversary of the closing of the acquisition. Strategic completed prospecting and soil geochemical surveys on Kenny Dam in 2007. Geochemical anomalies and showings identified during 2007 were followed up with property-wide helicopter-borne VTEM and magnetic surveys in 2008. Strategic conducted deep auger soil sampling in geochemically and geophysically prospective areas on both properties in September 2009. This sampling returned strong copper anomalies, some of which are accompanied by high gold values, on both properties. Teslin is currently reviewing data from both Kenny Dam and Tagai properties in order to develop and execute an exploration program. It is expected that details of this program will be announced in the near future.
As part of the acquisition of Kenny Dam and Tagai, Teslin is required to incur exploration expenditures of $3,000,000 by January 31, 2013. Additional payments totaling $1,000,000 by the end of March 2013 are also required to acquire 75% title to the properties. A net smelter royalty of 2% is held by a third party, half of which can be purchased for $1,000,000 for either property.
"The acquisition of Kenny Dam gives Teslin another property prospective for copper and gold," stated Michael Sweatman, President and CEO of Teslin. "I am continuing to work with the board to reach out to our collective network to identify and acquire additional copper and gold assets in North and South America."
About Teslin River Resources Corp.
Teslin River Resources Corp. holds the Rand Claims located approximately 7 kilometres southeast of Horsefly in the Cariboo region of central British Columbia. Based on the reported work and drilling by surrounding operators, the area is considered prospective for a large copper-gold porphyry body. Neighboring properties held by Fjordland Exploration Inc. (FEX:TSX-V) and Cariboo Resources Ltd. (CRB:TSX-V) are currently the subject of significant exploration including drilling by Gold Fields Limited (GFI:NYSE) under an option agreement.
ON BEHALF OF THE BOARD
"Michael Sweatman"
Michael Sweatman,
President and CEO
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.