Woulfe Mining (TSXV:WOF,OTCQX:WFEMF,FWB:OZ4) has acquired 60,000m2 of land adjacent to the Sangdong mine.
As quoted in the press release:
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%.
Woulfe Mining CEO and President Brian Wesson said:
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.