Woulfe Mining Corp Acquires Land for Development of Sangdong Processing Plant
November 07 2012 - 08:30AM
Marketwired
Woulfe Mining Corp. ("Woulfe" or the "Company") (TSX
VENTURE:WOF)(OTCQX:WFEMF)(FRANKFURT:OZ4) is pleased to announce it
has signed a purchase agreement to acquire 60,000m2 of land which
is adjacent to the Sangdong mine. The acquisition of this land from
a local contractor gives Woulfe the option to improve the layout of
the process plant and to increase stockpile capacity to around
30,000 tonnes (10 days mine production). The land acquisition is
required to allow Woulfe to apply for the final permit to local
government for the physical construction of the process plant.
The terms of the acquisition are:
-- Total land area is 60,208 square metres within six blocks.
-- Total purchase price is KRW1,300 million (approximately US$1.2 million),
equivalent to RW21,590 per square metre (approximately US$19.90 per
square metre).
-- Down payment of 10% upon signing (paid on October 23), with the balance
to be paid within 30 days of signing.
-- Transfer of ownership to take place upon the payment of the remaining
90%.
Brian Wesson CEO and President commented; "The acquisition of
the land provides twice the area for the process plant, which will
improve operations and access, reduce costs and provide increased
fine ore storage. The milling and flotation plants will now all be
sited next to one another on flat ground."
On Behalf of the Board of Directors
Woulfe Mining Corp.
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.
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: +1 (415)
595-0865nsmith@nicolastreetcapital.com