The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Marketwire

Woulfe Mining Corp Acquires Land for Development of Sangdong Processing Plant

Wednesday, November 07, 2012

Woulfe Mining Corp Acquires Land for Development of Sangdong Processing Plant08:30 EST Wednesday, November 07, 2012VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 7, 2012) - 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 DirectorAbout 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.FOR FURTHER INFORMATION PLEASE CONTACT: 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. Contact Information: Woulfe Mining Corp.Administration Office+1 604 684 6264+1 604 684 6242 (FAX)info@woulfe.com.auwww.woulfemining.comNicola Street CapitalNick SmithMobile: +1 (415) 595-0865nsmith@nicolastreetcapital.com