Woulfe Mining Corp.(TSXV:WOF) announced resource updates for its 100% owned Mugak project in South Korea. Woulfe employed AMC Consultants Pty Ltd to prepare the resource estimate for Mugak and have commissioned the company to undertake a scoping study early this year.
As quoted in the press release:
Woulfe is very encouraged with these initial results and has commissioned AMC to undertake a scoping study which is scheduled to be completed by early 2012. The study will be based on cut and fill mining of the Three Brothers Vein at a rate of 150,000 tonnes per annum, producing approximately 34,000 ounces of gold per annum assuming a mining grade of 7.5g/t gold and a metallurgical recovery of 93%.
Woulfe Mining, Brian Wesson, CEO & President, stated:
We are very pleased to be moving ahead with Muguk now that Sangdong is on track for development. Muguk is a very exciting gold project as it has a significant residual resource above 10g/t gold. With the gold price now more than six times the price when the mine closed, there is potential to increase this resource significantly using a lower cut-off grade. There are numerous secondary mineralised veins within the mining field which add to the potential upside.